AI technology streamlines customer screening at AJ Bell, reducing alert volumes by 82%, all while maintaining strict regulatory compliance.

In the fast-paced world of investment platforms, staying compliant with Anti-Money Laundering (AML) regulations is crucial. For one of the UK's largest and best-known investment platforms, AJ Bell, this challenge has been met head-on with the help of ComplyAdvantage.

AJ Bell, with over 593,000 customers, faces high risk exposure and intensive regulatory obligations due to its status. To tackle these challenges, the company has turned to ComplyAdvantage for AI-based solutions for customer screening and ongoing monitoring.

ComplyAdvantage's screening platform uses fuzzy matching and machine learning to adapt to linguistic variations, providing a thorough approach to model risk management. This adaptability helps AJ Bell in its quest for a strong framework for AML compliance without affecting growth.

One of the key benefits of working with ComplyAdvantage is the real-time updates to risk data, customizable rulesets, and consolidated customer profiles. Stakeholders have mentioned the dynamic of working together for the same outcome as a significant efficiency benefit.

AJ Bell's legacy AML compliance setup was fragmented and caused delays. However, with ComplyAdvantage's solutions, the platform supports a streamlined process, improving entity resolution and reducing false positives. As a result, AJ Bell has managed to reduce its alert volume by 82 percent.

Laura Lehane, Head of Financial Crime & MLRO at AJ Bell, highly recommends working with ComplyAdvantage. She considers the relationship as an absolute pleasure and has found the proactive support, involving frequent check-ins, an important factor in continuing the relationship between the two companies.

In addition to the screening and monitoring solutions, AJ Bell is exploring using agentic AI, powered by ComplyAdvantage's proprietary risk intelligence, for streamlined case remediation. This would further enhance AJ Bell's AML compliance efforts.

Moreover, ComplyAdvantage's platform offers data dashboards and analytics for insight into screening performance, as well as fully explainable feedback loops and automated audit trails. This transparency allows AJ Bell's compliance team to demonstrate how ComplyAdvantage's AI systems make decisions to regulators.

In conclusion, the ongoing cross-team collaboration between AJ Bell and ComplyAdvantage has allowed for continuous optimization of screening and monitoring solutions, ensuring AJ Bell remains at the forefront of AML compliance in the investment platform industry.

AI technology streamlines customer screening at AJ Bell, reducing alert volumes by 82%, all while maintaining strict regulatory compliance.