London, 20th September 2016: Contego, the multi-source fraud reduction platform, today announced that Luup, a leading provider of merchant services for internet and e-commerce businesses, specialising in cross-border payments, has selected Contego’s platform to carry out checks on companies and individuals based in the UK, Europe and North America to help ensure compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements.
Growing FinTech companies like Luup need a flexible, effective and efficient approach to due diligence and compliance; enabling them to onboard customers quickly and scale. By putting the correct, automated processes in place, Luup will be able to develop its products and services, assure their banking and e-commerce customers that they are committed to providing a robust and secure service and avoid running the risk of encountering costly and resource-intensive limitations over time.
Luup carried out due diligence on a number of identity verification providers and found that Contego’s fraud reduction platform, is the only platform able to solve its complex checking requirements. To comply with AML regulation, Luup has to understand the firms it works with: verifying the entity exists, understanding the ownership structure and tracing the company hierarchy to identify beneficial owners. Furthermore as part of Luup’s KYC obligations it has to run checks on individuals: identity verification, identity documents, PEP and sanction lists and negative watchlists. Contego worked with Luup to create a bespoke risk scorecard to manage the complexity of onboarding and monitoring customers, checking both people and companies simultaneously, combining results from multiple sources accurately, all delivered in real-time via a single API.
By working with a wide range of commercial data suppliers and law enforcement agencies, Contego is able to provide a comprehensive, holistic view of people, companies and ID Documents, unlike any other individual provider.
Stewart Lochrie, CEO, Luup said: “We talked to a number of identity verification providers and found that Contego is the only platform that can support our regulatory requirements. It is the most cost effective solution and we have been impressed by the breadth and depth of the international verification data. Contego are able to combine individual identity verification with company checks and and negative media checks, which we couldn’t find anywhere else. As we work towards achieving the FCA licence and developing new products, we have to be confident that we are fully compliant with Anti-Money Laundering regulation.”
Adrian Black, CEO, Contego added: “We are very happy to welcome Luup to our expanding client base. Our aim is to simplify and improve Luup’s customer onboarding process and take the pain out of the regulatory background checks, making onboarding as frictionless as possible as Luup works towards the FCA licence and building new services.”
Sarah Durrani / Robert Pinto-Fernandes, Streets Consulting
Tel: 020 7959 2235
Launched in 2011, Contego is the only comprehensive risk scoring platform that can handle complex multi-source fraud detection and compliance checks at high speed, delivered in a single view, through one easily-integrated API.
For the past five years, Contego’s team of fraud and technology experts has helped the banking, FinTech and property sectors to reduce the risk of fraud and make compliance checks and processes, such as AML (Anti Money Laundering) and KYC (Know Your Customer), as frictionless as possible.
Contego delivers a comprehensive and holistic view of both people and companies, so that banks, FinTech and property firms can instantly make crucial, data-driven decisions about how and with whom they do business.
To find out more, please go to: www.contego.com or follow us on Twitter @Contego.
About Adrian Black, Founder & Chief Executive Officer, Contego
As Founder and Chief Executive Officer, Adrian is the driving force behind Contego, working hard to reduce the risk of fraud and compliance costs in the banking, FinTech and property sectors. Contego provides a comprehensive risk scoring platform that can handle complex multi-source fraud detection and compliance checks at high speed, and deliver a single view via an easily integrated API.
Adrian has built a strong leadership team of business development, operational and technology experts, and has secured partnerships with a number of well known, household brands including: Regus, LendInvest and Westfield Shopping Centre.
LUUP is a leading provider of merchant services for internet and e-commerce businesses, specialising in cross-border payments, dedicated to creating fast, simple and super efficient payment experiences for merchants and buyers.” pair merchants with banking partners.