Moody’s has continued its foray into the regulatory and compliance segment with the acquisition of two KYC solutions providers: PassFort and 360kompany (a.k.a. kompany). The acquisitions complement Moody’s Orbis company database acquired with Bureau van Dijk, and are aimed at adding to Moody’s KYC, AML and counterparty risk capabilities.
The acquisition of PassFort and planned acquisition of kompany, which is expected to close in the first quarter of 2022, follow Moody’s recent investments in KYC capabilities. Moody’s will integrate both companies into its KYC business within Moody’s Analytics, where they will augment the Orbis company database, and the Grid database of risk profiles, adverse news, politically exposed persons, and sanctions acquired as part of Moody’s purchase of RDC.
UK headquartered PassFort offers a SaaS-based workflow platform for identity verification, customer onboarding, and risk analysis. Its software delivers data from more than 25 third-party providers and automates the collection, verification, and secure storage of customer and supplier due diligence documentation.
Vienna-based kompany provides a platform for audit-proof business verification and KYC. The company operates a network of primary source information on more than 115 million companies across 200 jurisdictions.
“PassFort and kompany are innovators in the compliance and regulatory space, and their technologies will upgrade and accelerate our customers’ onboarding and monitoring processes,” says Keith Berry, general manager of Moody’s Analytics’ KYC business unit.
Moody’s plans to integrate PassFort’s platform into its suite of KYC and compliance offerings to create a more holistic workflow solution, allowing customers to incorporate Moody’s data, including credit, cyber, ESG, and climate analytics, directly into their proprietary processes. Meanwhile, kompany’s API will enable Moody’s customers to conduct shareholder analysis and entity verification in real time, as well as retrieve original company filings and documents to meet their regulatory demands.