RegTech Arachnys has signed up to help Momenta Group, the London-based contingent resourcing firm, to bolster its client onboarding and anti-money laundering (AML) efforts.
The partnership will see Momenta Group improve the improve the effectiveness of banks’ know your customer (KYC), KYC refresh and remediation efforts.
“While the human element always brings a degree of scrutiny and care – which we continue to deliver – we know Arachnys’ formidable technology brings a major boost in efficiency, time saving and accuracy in helping financial institutions stay on top of ever-increasing KYC and AML challenges,” said Richard Stevens, founder of Momenta Group.
“We know of one particular high street bank which has a backlog of half a million KYC refresh cases, and that’s just one example, so leveraging this technology is vital in helping financial institutions get a grip on ever-increasing regulatory pressure for banks to improve their efforts around preventing and fighting financial crime.”
David Buxton, Arachnys CEO and founder, added, “We’re delighted Momenta is partnering with Arachnys – a company which has been at the forefront of helping financial institutions stay compliant for the past 30 years with a skilled workforce bringing significant operational expertise.”
Arachnys has previously partnered with financial crime compliance solutions provider FICO.
Copyright © 2018 RegTech Analyst
