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A powerful new RegTech platform designed to help SMBs around the globe satisfy anti-money laundering compliance regulations has just been launched. 

Developed by Kiwi-based software and technology partner Propellerhead, Avid AML has its sights set firmly on emerging markets, where businesses face even greater compliance challenges, as well as the local trans-Tasman region. 

Founded and created by Kiwis Daniel Rogers and Andrew Weston (pictured), Avid AML’s focus extends to North Africa, the Middle East and South East Asia, which are not only less mature in AML compliance but also have less available compliance expertise.   

Co-founder Daniel Rogers, who has a background in banking and finance, says, “Anti-money laundering is a reality across the globe, but some markets are better equipped to keep up with compliance regulations in order to protect themselves than others. Avid AML is unique in that it has been designed to support small-to-medium businesses in more developed markets, like New Zealand and Australia, as well as these emerging markets with less access to critical expertise.” 

Avid AML is partnering with DataZoo, a leading provider of electronic verification for compliance with international AML, counter terrorism (CT), know your customer (KYC), age verification and fraud detection in the APAC region. This, combined with Avid AML’s risk and fraud detection technology, enables instantaneous customer profile building and transaction monitoring to govern and manage risk. 

Avid AML is also partnering with Transformation Professionals, a regional partner supporting the Middle East and Pakistan markets. This partnership provides Avid AML with access to regulators, fraud and risk management expertise and a full sales and service team in the region. Avid AML will be one of the first external companies to have access to Pakistan National Database & Registration Authority (NADRA) identity date. 

Avid AML provides businesses with a ‘one customer’ view encompassing realtime verification, watchlist screening, nature and purpose of relationship, and transaction monitoring to inform decision making and assist with managing a company’s risk. 

Co-founder Andrew Weston, whose background is in delivering software solutions, talks about the platform’s design. “An important focus for us with Avid AML has been the adoption of modern architecture, creating a lean and flexible solution enabling rapid growth, and performance at scale. 

“The platform’s architecture is built with the user in mind, enabling fast feature turnaround and an almost unlimited ability to scale to meet demand. It integrates securely with data from any source, in any format and analyses, guides and visualizes in real-time to provide the user with actionable insights. We’re very proud of what we have created but know there is potential to help more businesses, as long as we have the right partners on board.”   

Rogers and Weston are undertaking a capital raising programme to enable Avid AML to scale up quickly by leveraging partnerships so it can rapidly break into new markets.  

“We are very lucky to have the partners we do, and without them we would not have been able to develop the solution that we have for the markets that we have,” says Rogers. “This is just the beginning, and we welcome conversations with future potential partners who can provide the capital as well as the expertise we need to support more small-to-medium businesses tackle the challenges presented by fraud and AML compliance regulations. As well as expertise, the funding from any capital partner will allow us to scale to deliver new features at pace and will enhance scale service delivery.”

Glenn Baker

Glenn is a professional writer/editor with 50-plus years’ experience across radio, television and magazine publishing.


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