My own journey in finance started over 20 years ago in investment real estate, after which I ventured into traditional banking. Working closely with established European banks, I couldn’t help but notice a glaring gap — many lacked the advanced digital banking solutions you’d see in leading fintech hubs.
It became clear to me that artificial intelligence had the potential to completely revolutionise how the financial sector operates. And it was the realisation that first gave me the spark to build ComplyControl.
My goal was to bring cutting-edge technology to banks and help them navigate the complexities of compliance and risk management with greater effectiveness, putting them on par with the more modern fintech services.
After a prolonged period of preparatory work, we finally officially launched the company in 2023 and, a year later, opened a branch office in the UK.
Tell us about the business – what it is, what it aims to achieve, who you work with, how you reach customers and so on?
ComplyControl offers AI-powered solutions for banks and financial institutions. As I already mentioned, at its core, our business is about making compliance and risk management smarter, faster, and more cost-efficient.
We help banks and fintechs automate sanctions checks, detect fraud, and prevent money laundering with greater efficiency. One of our key innovations is the recently launched AI-powered visual compliance rules editor. It enables compliance officers to create and customise transaction monitoring rules even without knowledge of code and programming skills, greatly simplifying the flow of their work. And the built-in AI tool can also analyse the effectiveness of rules, ensuring they stay relevant.
Our solutions also tackle broader challenges, like analysing payment patterns to detect suspicious activity. Traditional methods in fintech often struggle with this since rules for identifying suspicious activity change can be quite different between various payment systems, making manual checks slow and their results inconsistent. Our AI-based tools streamline these processes, making fraud detection faster and more reliable.
ComplyControl also has plans to develop a system that will help financial institutions stay on top of the constantly changing regulatory landscape worldwide. By automatically tracking updates to regulations in relevant regions, our tools will be able to provide tailored guidance to companies on how to follow these rules. This is going to save businesses a lot of time and effort, since they won’t have to look all this information up themselves.
How has the business evolved since its launch?
As I said previously, the official launch took place in early 2023, and ComplyControl took its first steps in the UK market in early 2024. The choice of locale was intentional — the UK is a global hub for fintech and finance, with thousands of financial companies registered here, making it the ideal place for products like ours, that push for innovation through AI usage.
The financial industry is very dynamic, and its needs are constantly evolving. Artificial intelligence is a technology that will greatly transform how people and businesses alike interact with financial services in the coming years, and ComplyControl intends to be at the forefront of this change.
One thing I should point out is that, since day one, our focus has been on refining our product based on the client feedback. We’re not chasing rapid growth and scaling. Instead, ComplyControl’s team is committed to developing relevant solutions that can have a real impact on the market. Get it right, rather than just rush in blindly — that’s what we believe.
Tell us about the working culture at ComplyControl
One of the key parts of our day-to-day work is flexibility. While we encourage team members to spend 1–3 days a week in the office, it’s not a hard rule. They can freely choose to work remotely or from the office space. So long as the desired results are there, we trust our people to operate in the way that best suits their lives.
We also believe in keeping things simple — no office politics, bureaucracy or unnecessary layers. Our teams are intentionally kept small (limited to 6–7 people, usually) to maintain agility, clear communication lines and quick decision-making. Smaller teams mean everyone can have a voice and a tangible impact on our projects.
Finally, ComplyControl empowers team leads to operate with maximum freedom, fostering a sense of trust, autonomy, and accountability. This helps us build a collaborative environment where everyone is motivated to deliver their best work.
How are you funded?
Originally, ComplyControl started as a side project, something we worked on in our spare time with limited resources. Over time, it grew into a standalone business, and today, we’re cash-flow positive, so there is no need to rely on external funding. Personally, I find it to be a good thing, as it allows us to stay true to our vision and values.
What has been your biggest challenge so far, and how have you overcome it?
I would say that finding the right talent that suits our needs has been one of the biggest hurdles. We hire primarily senior-level developers, which can make it challenging to find top-tier specialists that are fit for the job. This is actually what inspired us to open offices in other countries to broaden our search.
We also make a point of hiring exceptional engineers even when there isn’t an immediate need. This is done with the knowledge that their skills will be invaluable as the company grows. Not to mention that the hiring process is only likely to become even more problematic in the future — quality talent is always in demand and, as a result, always in short supply.
How does ComplyControl answer an unmet need?
Existing compliance services for traditional banks are often known to be slow and expensive, especially given the sheer volume of transactions they handle on a daily basis. According to Deloitte, operating costs spent on compliance by retail and corporate banks have increased by over 60% in the past decade.
At ComplyControl, we set out to address this pain point by providing a faster, more accurate, and affordable alternative. As I mentioned earlier, our solution is significantly cheaper, with a fee of only 2 cents per transaction checked.
Beyond that, our AI-based system not only analyses transactional data but also identifies anomalies and potential risks in real time and measures the efficiency of existing rules. This empowers banks to act proactively without causing major disruptions in their operations. And because compliance specialists are in short supply, our solution offers crucial support to smaller players who might not have extensive resources to work with.
Ultimately, ComplyControl’s mission is about lowering the entry threshold into compliance and risk management, allowing financial institutions to focus more on their core operations and less on regulatory hurdles.
What’s in store for the future?
We are working on enhancing the ways in which our AI system can be leveraged to enhance the accuracy of transaction monitoring and minimise the need for manual checks. As I mentioned earlier, about a month ago, ComplyControl launched a visual compliance rules editor, and our team intends to continue improving upon its functionalities.
Another big focus is going to be an AI-driven system that tracks and analyses regulatory requirements in different jurisdictions across the globe. Financial companies often struggle to keep up with changing regulations, especially when operating across multiple regions. So our system will help with that, providing tailored advice on how best to follow specific requirements relevant to a specific business in a specific region.
What one piece of advice would you give other founders or future founders?
Solve a real problem. That’s the most important thing. Don’t just follow trends blindly — whether it’s AI or anything else. It’s easy to get caught up in the hype, but real long-term success comes from creating solutions that resonate with your market and genuinely address its needs.
And finally, a more personal question! What’s your daily routine and the rules you’re living by at the moment?
I’m a big believer in approaching tasks in a structured fashion, so I divide every day into several 2-hour blocks of deep work. It allows me to tackle complex tasks without distractions.
I also like to follow the “Eat the Frog” method — tackle the most challenging task first thing in the morning. It keeps me focused, productive and charges me up with motivation for the rest of the day.
Outside of work, I dedicate at least 10 hours a week to sports. It’s my way to recharge and stay sharp. As a business leader, I need to lead our team effectively, and this is how I keep fit, both mentally and physically.
Roman Eloshvili is the Founder of ComplyControl.
