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  • Embedded finance provider HUBUC bolsters its compliance capabilities by partnering with ComplyAdvantage to benefit from its global, fast and up-to-date screening of entities and transactions.
  • Compliance is a key part of HUBUC’s platform offering – saving its business clients the cost and time associated with managing in-house.
  • The partnership will provide compliance and security functions, including transaction monitoring, payment screening, politically exposed persons (PEP) and adverse media screening.
  • Compliance is an increasingly important (and costly) issue for businesses globally - with non-compliance associated costs around 2.71 times higher than the cost of compliance.

Wednesday 5 May 2021 – Next generation banking-as-a-service platform, HUBUC, has partnered with the hyper-scale Anti-Money Laundering (AML) and risk detection provider  ComplyAdvantage to integrate its innovative compliance and security screening technology.

HUBUC is an embedded financial services provider that enables businesses to integrate multiple payment capabilities from a single platform.

A key feature of HUBUC’s offering is managing all regulatory compliance on behalf of its customers - saving them the investment in time, implementation and resourcing. The long-term savings are significant as, according to the Ponemon Institute1, the cost to a business of not meeting compliance standards (including fines settlements, business disruption, productivity loss, and revenue loss) is around 2.71 times higher than the cost of compliance.

The partnership will enable businesses using HUBUC’s platform to seamlessly benefit from ComplyAdvantage’s innovative global sanctions screening technology.

This uses real-time proprietary AML data and sophisticated, configurable matching technology to track companies or entities and ensure businesses are measuring risk against the latest available information and are therefore protected.

As HUBUC has a wide international footprint facilitating payments across 58 territories, the partnership will help bolster its clients’ international compliance processes - with real-time access to the latest information, watch lists and regulation.

Justine Gilder, Head of Compliance, HUBUC commented:

“Offering complete compliance management for our business customers is one of the unique, core and most in-demand features on our platform, so we needed a partner that is at the top of its game."

She also shared that:

"Our customers come to us for a suite of payment capabilities that they can use on an international scale, so it’s important to both us and them that we provide it in the most safe and secure way. ComplyAdvantage is one of only a small number of proprietary global AML data providers in the world, making it the perfect fit for HUBUC and our customers.”

“HUBUC is a great example of a fintech that’s enabling companies to accelerate new embedded finance services to market using their powerful API technology and unified platform,”

said Charles Delingpole founder and CEO of ComplyAdvantage.

“Which is why we are excited to be working with their team by providing access to our award-winning hyper-scale AML and risk detection solutions. Together we can reduce the threat of financial crimes so businesses can transact with trust and grow with confidence.

ComplyAdvantage Webinar:

Building an AML Framework for Fintechs in EMEA

Fintechs and digital-first financial service businesses have benefited from increased investment and customer growth in recent years. However, operating a regulated business brings great responsibility and when it comes to financial crime, the key elements of success are knowing your obligations and truly understanding your risks.

ComplyAdvantage has recently hosted a webinar with the top speakers from the compliance and fintech regulatory space:

There we've covered:

  • The core fundamentals of financial crime responsibilities for AML programs following the international standard-setter Financial Action Task Force (FATF);
  • The framework for taking a ‘Risk-Based Approach’ to these responsibilities and the principles and actions that should guide it
  • The set of principles and actions which can help shape a flexible and robust framework.

👉 Check it out here!


1 Ponemon Institute report: The True Cost of Compliance with Data Protection Regulations

Notes to Editors

For media enquiries, please contact [email protected]

About HUBUC

HUBUC is an embedded financial services provider that allows businesses to access all services through one platform, with the ability to go live within weeks. HUBUC enables clients to embed the financial services they need to grow their business, including card issuance, five-minute bank account opening and KYC processes in 54 countries, IBAN / VAN issuance, money transfer, FX services, dynamic spending controls and real-time notifications. HUBUC also manages full regulatory compliance and on-boarding complexities on behalf of its business partners. It can onboard customers within days - significantly reducing additional time and cost investments required and enabling them to bring payment capabilities to market faster.

For more information see https://www.hubuc.com/ or follow us on social LinkedIn, Twitter and YouTube.

HUBUC is working with card issuer, Transact Payments Limited (TPL), to provide physical cards to its business clients.

To learn more please contact [email protected]

About ComplyAdvantage

ComplyAdvantage is the financial industry’s leading source of AI-driven financial crime risk data and detection technology. ComplyAdvantage’s mission is to neutralize the risk of money laundering, terrorist financing, corruption, and other financial crime. More than 500 enterprises in 75 countries rely on ComplyAdvantage to understand the risk of who they’re doing business with through the world's only global, real-time database of people and companies. The company actively identifies tens of thousands of risk events from millions of structured and unstructured data points every single day.

ComplyAdvantage has four global hubs located in New York, London, Singapore and Cluj-Napoca and is backed by Ontario Teachers’, Index Ventures and Balderton Capital. Learn more at complyadvantage.com.


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