Real estate crowdfunding platform Bricksave has selected Contego’s platform to carry out international checks on individuals to ensure compliance with anti-money laundering (AML) and know your customer (KYC) requirements.
The property sector is an increasingly regulated market and complying with AML and KYC legislation is a top priority. Regulators are conducting proactive investigations and firms like Bricksave need to ensure they are fully compliant and exhibiting best practice.
Firms that cannot prove adherence to the rigorous regulation will be levied with large fines, which, in turn can have a real and negative impact on their market reputation and ability to compete.
Bricksave selected Contego’s fraud detection platform to help solve its global, checking requirements, which include Politically Exposed Persons (PEP) and sanctions checks in addition to AML and KYC.
Contego has deployed a bespoke risk scoring capability, flexible enough to analyse data from different geographies, combining results from multiple sources accurately, all delivered in real-time via a single API. It works with a wide range of commercial data suppliers and law enforcement agencies.
With Contego’s platform, Bricksave is able to perform complex, multi-source checks on individuals at high speed, to allow it to rapidly onboard new customers and improve the overall engagement experience.
Tom de Lucy, chief executive of Bricksave, says: “After looking into various fraud detection providers, we have chosen Contego because the platform is the only one that provides access to all the data sources we need in order to meet our regulatory requirements. We have a global customer base and need a platform that can handle international checks quickly and securely, to enable us to make timely and informed decisions about our customers and onboard them quickly. Our crowdfunding platform gives our customers the opportunity to invest in Triple A properties located in the most exclusive, most influential and desirable locations in the world and we don’t want them to miss investment opportunities because of inefficient onboarding processes.”
Adrian Black, chief executive of Contego, adds: “We are very excited to welcome Bricksave to our expanding client base of property and FinTech customers. Our aim is to simplify and improve Bricksave’s customer onboarding process by taking the pain out of the regulatory background checks and making them as frictionless as possible. We look forward to working with Bricksave to ensure they fulfil all their regulatory obligations with confidence in our rigorous and comprehensive approach.”
