Quantexa is partnering with Arachnys, a compliance robotic automation business, 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.
As part of the partnership deal, Arachnys will utilise Quantexa’s software to compute relationship and network risk, to identify high-risk entities and Ultimate Beneficial Owner (UBO) structures in a subject’s network and to trigger events for KYC data collection.
Together, the pair claim to be able to reduce false positive matches and ensure complete views of customer risk across entire populations, while assuring compliance for new regulations.
Vishal Marria, CEO of Quantexa, added: “We are excited to collaborate with Arachnys in advancing the services we both offer. With the final date on the OCC’s (Office of Comptrollers for Currency) ruling fast approaching, we’re proud to be able to offer financial institutions technology to help keep them compliant and tackle a crucial issue.”
The US Treasury’s Office of the Comptrollers for Currency (OCC)’s final rule on Customer Due Diligence (CDD) is set to will be implemented on May 11, 2018. The ruling states that all financial institutions must adhere to specific requirements in understanding who the UBO is of each newly opened account.
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.
Ed Sander, president of Arachnys, added: “The identification of Ultimate Beneficial Owners will provide a central benefit to financial institutions in 2018. I am delighted that the combined Arachnys and Quantexa capabilities will provide financial institutions with major improvements in their risk management capabilities to help them in their ongoing fight against financial crime.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
