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Launched in 2023, Complytek specialises in anti-money laundering (AML) solutions. But its founders have been familiar figures in the AML space since 2007 and have a robust understanding of the current environment. 

ComplyTek uses AI and machine learning to detect fraud patterns and anomalies in financial transactions. Recently, the company officially started on working on AI analytics on their groundbreaking AML Agentic Platform, and their software helps banks and financial institutions comply with regulations and prevent illegal activities like money laundering and terrorism financing.

We caught up with them to find out more.

Why did you decide to launch an AML solution – what prompted the decision?

Christos: We launched our IT solutions firm, I-Spiral, back in 2007 with the goal of modernising Cyprus’s various growing sectors. About 15 years into our progress, we started receiving requests from different financial services firms in Cyprus, and soon after, from outside of Cyprus, to develop AML and Risk Management tools for their Compliance teams. 

Anastasios: 15 years after Christos asked me to join him at i-Spiral, we immediately realised that the various projects had come together to form a powerful AML solution. By all measures we had achieved product-market fit. After quite a bit of thought, we then decided to formally launch Complytek in early 2023 and have not looked back!

What are the benefits of launching a company with a close family member?  

Christos: There are a lot of benefits! 

Firstly, there wasn’t a need for a learning phase where we had to figure out each other’s communication styles and preferences. We were already aligned in how we preferred to discuss key matters, improvements, tough decisions, pivots, and much more. Often, conversations that can take hours with other individuals are reduced to just a few words between us.

Secondly, there’s usually a period where it takes time to uncover each colleague’s true strengths and unique talents. In our case, we already knew where each of us excelled and when to let the other take the lead.

Anastasios: But perhaps most importantly, we shared very similar values. This alignment meant that we never faced significant conflicts about the direction of our work or our goals. We both value long-term, patient, and hard work, and we’re committed to building something meaningful and resilient. 

What key challenges did you encounter and how did these experiences shape the approach and technologies that Complytek now offers?

Christos: As we kept a steady focus on growing our business focusing on the market we knew well, mainly Cyprus, we had some initial challenges growing as quickly as we would have preferred in other markets. As globalisation accelerated, some competitors grew into other markets at a rapid pace. 

Another challenge we encountered was also shaping the company with a varied point of view. Working with your closest business partner who is also your brother can also create an echo chamber that sometimes may not leave a lot of space for novel ideas, experimental points of view and an evolving look to running an international business.

Anastasios: That being said, we have made significant progress on all of these fronts. We sought out individuals, executives and managers, that aligned with our values and goals; but also had proven different ways of accomplishing large goals. We also engaged these individuals to share different product innovations, share business cultures that could flourish within our teams, as well as drive us to elevate our business on the world stage. 

Over the last several years, these efforts have shown great progress on all levels. We rival the incumbents, some of them unicorns. Our product is touted by industry standards (Chartis included Complytek in their global top 50 RiskTechAI companies); and Deloitte acclaimed us in their list of the top fastest growing companies in the Middle East and Europe. 

And we have been able to, and continue to do this with a lean and a bootstrapped team of 21.

How has the AML sector evolved since you began your entrepreneurial journey, and what trends do you see as most critical for the future, especially concerning the insurance industry?

Anastasios: The expected answer is “a lot”. And that is true. 10 years ago, an AML  program was relegated to manual processes, and the regulator’s expectations were in line with manual processes on the whole. That was not a function of desire, but more so because globalisation of a firm’s services was also limited. However, now businesses are optimised for it with expediency and so inside financial firms, digitization task forces have taken the lead; and they are responding to the present day buyer preferences. 

The current buyer of financial services tends to not want to call around and find the best option like they used to; they will rely on automated advice, social proof and take decisions based on their lifestyle needs. 

This change demands an extraordinary change in pace for financial services providers to be nimble, and switch their service from FIFO to JIT production; and be continuously changing in behaviour, ready to adapt. Now, how does that draw a line to AML?

Christos: Well 10 years ago, AML was a process that used to be post customer relationship onboarding. However, now, it has to be instant, in some situations, pre-customer onboarding, so that the firm is able to provide service to clients at the moment of purchase inspiration rather than purchase intent. And so now, you, as an AML officer, have to be ready for your firm to close that transaction by the time a prospect has decided they will be your customer.

But that’s just the first part of the journey. After your customer has been onboarded, your customer will change their lifestyle, change countries, change jobs, enjoy far more insurable experiences, change their financial history and so on; and they do this far more often than they used to. This will impact what products or services your firm can continue providing to them to meet their changing needs. Your AML program has to be able to keep up with that pace via an automated risk assessment, and help your firm meet your customer’s needs that match an opportunity, or quickly remove features to reduce a risk.

The second part of this post-onboarding story is that you, as an AML officer, now also have to be alert to bad customers who intend to do harm, move malicious funds, and who put into effect activities designed to move some of the 3 trillion dollars that is laundered annually. Keeping track of the malicious patterns in an automated way, deciphering between good customers and bad customers, reporting the transactions you manage to detect, then ensuring you are completing your other regulatory obligations, and also…making sure all of the above is cost-effective. Those are enormous tasks. You can see why the AML officer is now often the unsung hero in this digitization revolution.

Anastasios: That being said, there are many areas where some core items have remained the same for the insurtech AML officer over the last 10 years. The basic construction of an insurance policy, including elements such as the premium, coverage limits, exclusions, and conditions, has remained relatively stable. While digital tools and platforms have enhanced how policies are marketed and managed, the underlying legal and contractual frameworks of insurance policies are still rooted in traditional practices.

The core process of underwriting and risk assessment, which involves evaluating the risk posed by a potential policyholder and determining the appropriate premium, has not fundamentally changed.

The basic requirement to perform KYC, which involves verifying the identity of policyholders and understanding their financial background, has remained a cornerstone of AML practices in the insurance industry

The obligation for insurance companies to report suspicious activities to authorities has been a consistent requirement over the years. This need for collaboration and information sharing between insurance companies and law enforcement agencies has remained constant; and although digital methods of money laundering have emerged, traditional methods, such as using cash or cash-like instruments or purchasing insurance products with ill-gotten gains to later cash them out, continue to be concerns for AML officers.

And so, we have been able to succeed by creating an AML Customer Lifecycle Management solution that reconciles the rapidly-changing dynamics within unchanged pillars.

In what ways has Complytek redefined the concept of compliance, particularly in developing solutions that are not only effective but also intuitive for businesses to implement?

Christos: Complytek has completely shifted the way businesses approach compliance, turning it from a necessary checkbox into something much more valuable—an enabler of growth. Let me explain how we got there.

Historically, compliance was always seen as a burden—too manual, too rigid. Businesses were bogged down by fragmented systems, and the task of staying compliant felt like it slowed progress rather than driving it. But we saw an opportunity to make compliance different—more than just meeting regulatory obligations, we wanted our solution to be something that businesses could actually implement with ease.

First, we focused on automation and simplicity. We realised that for compliance to work in a modern business, it couldn’t disrupt the workflow or require tons of manual effort. So we built our platform with the user in mind—keeping it intuitive, simple to navigate, and automated where it made sense. This way, compliance teams can now handle their risk assessments and reporting without getting bogged down in the details, which means they can focus on what really matters—keeping their business moving forward.

Compliance is never static, especially as businesses expand into new markets or face evolving regulations. Our system allows them to scale up without starting from scratch. This flexibility has been key in helping our clients stay nimble and ready for whatever comes next.

Given the unique risks associated with the insurance industry, how do you see AML technologies playing a role in safeguarding insurers against financial fraud and money laundering activities?

Christos: AML technologies are playing a crucial role in safeguarding insurers against financial fraud and money laundering, and here’s why: the insurance industry, by its nature, deals with high-value transactions and long-term financial commitments, making it a prime target for bad actors looking to move illicit funds. The unique challenge here is that traditional AML practices aren’t enough anymore. Let me explain how technology is changing the game.

First, automation has become a game-changer. Gone are the days when compliance officers had to manually sift through records or cross-check data in isolation. Now, with real-time data monitoring, insurers can flag suspicious activities as they happen—not weeks or months later when it’s often too late. This proactive approach is key in detecting fraud before it has a chance to infiltrate a firm’s systems.

AML tech isn’t just about flagging suspicious behaviour; it’s also about adapting to ever-evolving threats. Insurance companies deal with customers whose financial lives are constantly changing, and with those changes come new risks. AML technologies today can continuously assess these risks, keeping tabs on shifting behaviours, and even detecting patterns that human eyes might miss.

On top of that, many insurers are dealing with global customers, meaning they need to comply with regulations in multiple jurisdictions. This is where having a scalable AML solution is critical. Modern platforms not only help insurers meet these diverse regulatory demands but do so efficiently, cutting down on manual work and human error.

Anastasios: At the end of the day, the role of AML tech in the insurance industry goes beyond just meeting compliance requirements. It’s about future-proofing the business, safeguarding against financial crime while ensuring that legitimate customers can move through the system smoothly. By leveraging cutting-edge AML technologies, insurers can stay one step ahead of both fraudsters and shifting regulations—ultimately keeping their business safe while building trust with their customers.

How does Complytek’s proactive approach to financial security differ from traditional compliance methods, and why is this important for industries like insurance that are heavily regulated?

Christos: Complytek’s proactive approach to financial security is a real game-changer compared to the old-school, reactive compliance methods. Traditionally, compliance has always been about ticking boxes—something you do after the fact, almost like cleaning up a mess. But for industries like insurance, where the stakes are high and regulations are tough, waiting for things to go wrong just isn’t going to cut it. Let me walk you through why our approach stands out.

First, we’ve flipped the script by focusing on real-time monitoring and prevention. Instead of playing catch-up, our system is designed to spot suspicious activities as they happen. That means insurers can address potential risks before they turn into serious problems—whether it’s unusual transaction patterns or sudden shifts in customer behaviour. It’s all about being ahead of the curve, so you’re not left reacting after the damage is done.

The insurance industry is one of the most regulated out there, and the rules change all the time. While traditional compliance methods often struggle to keep up, our platform is flexible and scalable. This means it adjusts to new regulations, market expansions, and shifting customer behaviours without you having to start from scratch. Compliance becomes something that grows with your business, not something that holds you back.

Anastasios: Insurance, being reactive is risky—not just in terms of regulatory fines, but also when it comes to your reputation. No one wants to be the company that’s caught off guard.

It’s not just about avoiding trouble—it’s about creating a security foundation that allows businesses to focus on growth. If you are to consider that the Insurance industry is the ONLY industry that the cost to build a service is only determined far into the future, it can only be successful if its operational costs of operations, such as regulatory compliance and AML program be as predictable and cost effective as possible. We recognise that nuance and, therefore, have tailed our solution to fit this industry. 

In the end, it’s about turning compliance into a reliable pillar of strength rather than a burden. With Complytek’s proactive approach, insurers can stay ahead of the regulatory curve, while being ready for whatever’s next. That’s the kind of peace of mind that lets businesses thrive.

Can you discuss a specific instance where Complytek’s AML technology made a significant impact on a client in the insurance sector, improving their ability to detect and prevent fraud?

Christos: Yes. This particular client was facing a growing issue with fraudulent claims—specifically, fraudsters were using insurance policies to launder money through complex, hard-to-trace transactions. The company’s traditional compliance tools just weren’t catching these activities early enough, and they were losing both money and valuable time trying to clean up after the fact. That’s where we stepped in.

When they implemented Complytek’s AML platform, the results were almost immediate. Our system’s real-time monitoring kicked into gear, analysing data from multiple sources across their organisation and flagging high-risk behaviours they hadn’t been able to detect before. But here’s the real kicker—because our technology is designed to learn and adapt, it started picking up on new, emerging fraud patterns that their team hadn’t even considered. 

I think the AML compliance officer was very surprised to see that the AML Program we had designed for him had a full dashboard where he could easily via API, review every single policy his firm had, and also had all the complex information on identity, risk, payor information, policy beneficiary, source of funds in one single location. This allowed him to monitor complex AML scenarios and investigate them swiftly.

One particular case stands out: a fraud ring had been using a complex layering technique to funnel dirty money through seemingly legitimate insurance claims. With our automated risk assessments and continuous monitoring, the system detected these irregularities and flagged them before the funds could be moved out. The client was able to freeze those transactions in time through our live monitoring system, prevent a major loss, and avoid a potential regulatory nightmare.

Looking forward, what innovations in AML technology are you most excited about, and how do you foresee these advancements affecting the insurance industry’s approach to compliance and fraud prevention?

Christos: Looking ahead, one of the most exciting innovations in AML technology is the move toward automating large-scale compliance tasks and replacing them with AI-powered analysts. Imagine this: instead of compliance officers and analysts manually sifting through data, reviewing cases, and tracking down patterns, each analyst will have their own AI persona—essentially a personal AI assistant designed to handle the heavy lifting. 

This AI analyst would take care of routine tasks like data aggregation, risk scoring, and even preliminary decision-making, leaving human analysts to focus on higher-level, strategic work.

But here’s where it gets even more interesting—these AI personas won’t just be generic assistants; they’ll be specialised, trained in specific domains. For example, a Chief Compliance Officer (CCO) could have a virtual team of AI analysts, each highly skilled in different areas: one might focus on transaction monitoring, another on regulatory reporting, and a third on detecting emerging fraud trends. These AI analysts will work in tandem, cross-referencing data and offering insights that go far beyond what a single human team member could do on their own.

Right now, compliance is often a resource-intensive process, especially when it comes to handling large-scale tasks like monitoring policyholder behaviour, managing claims, and staying on top of ever-evolving regulations. With AI assistants in place, these tasks can be handled with unparalleled efficiency, providing real-time updates, insights, and even suggesting courses of action based on risk patterns that emerge.

Anastasios: This technology will allow compliance teams to be more proactive, not just in detecting fraud but in preventing it. By having specialised AI assistants constantly learning and adapting, insurance companies can spot irregularities or potential risks early on—often before a human analyst would even know where to start looking.

For a CCO, having a team of AI-driven analysts at their disposal isn’t just about reducing workload—it’s about transforming how compliance functions altogether. It creates a future where compliance isn’t just keeping pace with regulations but is actually staying ahead, anticipating risks, and helping drive strategic decisions.

In short, the future of AML technology is all about creating smarter, more agile systems that allow businesses to scale compliance efforts efficiently. It’s about creating systems that good customers won’t ever “feel” , but powerful enough that “malicious customers” will be deterred by. 

By leveraging AI in this way, the insurance industry will be able to tackle fraud and meet regulatory demands faster and more effectively than ever before – ultimately turning compliance into a powerful asset rather than a burden. We’ve been able to build a robust, profitable company with high margins, which is more than I can for a few of our fellow participants in the space.

We are excited about the future; and have plans for aggressive expansions in other subdomains of the AML technological space. And we know that our Insurtech customers are going to benefit from these efforts even further.