Contego, the multi-source identity verification and risk-scoring platform, today has been appointed by Kuflink, the peer-to-peer lending platform, where loans are secured against UK based property, to carry out checks on individuals to help ensure compliance with Anti-Money Laundering (AML) regulation.
As the P2P and property markets are experiencing ever greater regulatory scrutiny, implementing effective fraud mitigation and risk management is crucial for Kuflink in a highly competitive market. For Kuflink, complying with AML regulation is a top priority.
Kuflink selected Contego’s identity verification and risk-scoring platform, to support its complex, checking requirements as part of its lender onboarding process. To comply with AML regulation, Kuflink has to verify the identity of its lenders, screening against PEP and sanction lists, and checking identity documents. Contego is working with Kuflink to create a bespoke risk scorecard to manage the complexity of onboarding, checking both people and companies simultaneously, combining results from multiple sources accurately – all delivered in real-time via a single API.
Kuflink is also able to perform AML checks quickly and efficiently to rapidly onboard new lenders and improve the overall engagement experience. Strong growth in the sector is based on lenders completing property deals quickly and easily to avoid missing out on investment opportunities.
Tarlochan Singh Garcha, CEO, Kuflink said: “After looking into various identity verification providers, we have chosen Contego because the platform is the only one that provides comprehensive access to all the data sources we need, delivered via a single platform to meet our regulatory requirements. Contego’s platform enables us to make timely and informed decisions about who we do business with and onboard them quickly.”
He added: “Contego’s platform is working really well for us as we are gaining reliable lenders. Contego has been exceptionally responsive from day one. Implementation of the platform has been seamless and technical support is always first-class, allowing us to concentrate on continuing to grow our strong P2P platform.”
Adrian Black, CEO, Contego, said: “We are very excited about the partnership with Kuflink. Our goal is to help Kuflink embed customer onboarding processes efficiently, making them as straightforward as possible – reducing costs, whilst ensuring Kuflink fulfils its regulatory obligations.”