Arachnys brings in financial crime prevention veterans

Arachnys, a risk and compliance technology and data company, has bought in a host of new financial crime prevention veterans.

The company, which provides customer risk intelligence solutions for Know Your Customer (KYC), Anti Money Laundering (AML) and Due Diligence (DD), has bought in Nigel Broda, Lynne Federman, Wendy Conway Schmidt, and M. Babar Shameem.

Arachnys said the advisory board members were selected for their strategic risk and compliance experience serving leading financial institutions.

Broda previously served as a member of the NICE Actimize leadership team as its VP Sales, EMEA & Asia-Pacific. NICE Actimize helps fight financial crime through its AML, fraud detection & prevention, financial markets compliance, and enterprise risk case management solutions.

Federman, the former global head of AML compliance for State Street Bank brings over 30 years’ experience supervising all aspects of AML, anti-terrorist financing and sanctions compliance programs at some of the world’s largest financial institutions.

The RegTech has also bought in Schmidt, a former litigator, who was the global leader of the Business Intelligence Services practice at Deloitte Advisory until her retirement in 2017. She has over 25 years of experience in developing background information and intelligence for commercial and government clients in the context of due diligence, fraud investigations and litigation support.

The last member to join its advisory board is Shameem, who was formerly the global head of AML, Know Your Customer, sanctions screening and anti-bribery & corruption technology at Citigroup and is currently managing partner at Sanctions Advisory.

“I’m delighted to welcome such renowned and experienced senior advisors to Arachnys and am confident their insights will deliver significant enhancements to the company’s growth strategy,” said Ed Sander, Arachnys’ president. “We are excited to leverage each of their skill sets and knowledge to help grow the Arachnys brand, support our market expansion and enrich our product strategy.”

Headquartered in London, Arachnys claims to be a leader in cloud solutions for assessing financial crime customer risk, ensuring compliance for new regulatory CDD, KYC and EDD requirements and accelerating topline revenue.

Financial institutions use its financial crime risk assessment platform to standardise and improve efficiency of compliance processes, reduce onboarding costs and improve the customer experience. Arachnys can plug into existing KYC or transaction monitoring systems, automating data collection from any internal, public or third party source, track the analysis conducted and assemble reports automatically.

Earlier this year, Quantexa partnered with Arachnys to help financial institutions identify and monitor customer risk. The big-data specialist said it will use Arachnys’ cloud-based investigation platform and global news assets to screen against negative news, locate missing Know Your Customer (KYC) data and provide enhanced risk scoring.

Copyright © 2018 RegTech Analyst

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