Enveil aiming to level up its AML and KYC tech

In partnership with specialist investment firm C5 Capital, Enveil has just completed a Series A funding round aimed at expanding its global reach and boosting its anti-money laundering (AML) and know-your-client (KYC) capabilities.

C5 Capital, a specialist investment firm focused on impact investing, has partnered with Enveil, a Maryland based data-in-use technology provider, in its $10 million Series A funding round geared toward expanding its global reach and growing its anti-money laundering (AML) and know-your-client (KYC) capabilities.

“We are especially proud of the contributions Enveil’s data in use solutions can make toward the broader security-centric goals of this impact investment fund,” says Ellison Anne Williams, founder and chief executive of Enveil in the firm’s press release.

Enveil is a data security provider specializing in data-in-use protection to enable secure search, analytics, sharing, and collaboration, and focuses its financial services arm in AML, KYC, customer due diligence (CDD) and other areas of financial crime prevention. The platform enables companies to securely share and collaborate on data aspects across organizations and jurisdictions, while respecting the privacy laws and regulations of each individual jurisdiction.

Ellison Anne Williams

Enveil hopes to gain more traction domestically as well as around the world, as the fundraising round will help establish new offices for the firm, as well as strengthen its financial services practice to combat money laundering and other related financial crimes.

The partnership between C5 and Enveil comes as market participants increasingly expect AML and KYC regulations to come to the US private funds market. Neuberger Berman chief operating officer Brien Smith predicted at the PEI CFOs & COOs Forum in January that AML and KYC regulation would be the biggest regulatory development coming to the US in the near future. Enveil’s chief executive shared similar sentiments.

“Even though the UK and the EU are forward-leaning on adopting the capabilities, the US has been more forward-leaning in putting laws and regulations in place that enable data sharing and collaboration,” says Williams. She points to rules such as Sections 314(a) and 314(b) of the Patriot Act as illustrative that the US is primed to expand AML, KYC and other anti-financial crime requirements. Those sections of the act compel financial institutions to supply information about suspected financial criminals to FinCEN, and call on financial institutions to share relevant client information.

Prior to completing this recent round of fundraising, Enveil was recognized last year at events in London and Washington, DC for its ability to enhance KYC and CDD processes.