Kuflink has appointed the company to ensure compliance with anti-money laundering (AML) regulation at a time when peer-to-peer lending is under great scrutiny.
Contego’s identity verification and risk-scoring platform will allow Kuflink to verify the identity of its lenders and screen them against politically exposed person and sanction lists.
Kuflink is working with Contego to develop a bespoke risk scorecard that will use multiple sources to check both people and companies all through one API.
Tarlochan Singh Garcha, CEO at 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.
“[The] 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 of 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, while ensuring Kuflink fulfils its regulatory obligations.”
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