Financial crime risk specialist Plenitude has launched ClientSight, a cloud-based client risk rating (CRR) solution. The platform is aimed at helping financial institutions, fintechs and professional services firms to assess the financial crime risk of both individuals and entities.
ClientSight seeks to address regulators’ heightened activity around financial crime and sanctions. CRR is a key control for firms subject to Anti-Money Laundering (AML) regulations, as a way of determining the level of Know Your Customer (KYC) and Client Due Diligence (CDD) that needs to be performed, and the level and frequency of ongoing monitoring activities across the client lifecycle.
Weak or non-compliant CRR methodology can result in significant enforcement actions by regulators globally, as well as impact to a firm’s bottom line if clients are assigned an unnecessarily higher risk rating that may present additional CDD/KYC and ongoing monitoring requirements along with the associated costs.
ClientSight’s comprehensive CRR methodology meets the regulatory requirements of key global markets and provides full coverage across a wide spectrum of risk themes including: Money Laundering; Terrorist Financing; Sanctions Violations; Proliferation Financing; Bribery and Corruption; and Tax Evasion.
This approach allows regulated entities to assess the inherent financial crime risk of both individuals and entities using key risk indicators. Sources are monitored and updated as part of the subscription service, to ensure ongoing compliance. An optional Sanctions and PEP screening module also enables screening of clients and identification of their Ultimate Beneficial Owners and Legal Representatives based on up-to-date international sanctions and PEP lists.
The launch follows its successful deployment by HLB, a network of advisory and accounting firms, whose members in Europe, the Middle East, Africa and South America already using the solution.
According to Dr. Antonio Ghaleb of HLB International in Qatar, the new platform has offered HLB an effective and efficient tool to perform a risk assessment for our existing and potential clients. “Using ClientSight enables our compliance team to comply with the rules and regulations and meet the AML requirements in Qatar,” he says. “On top of that, screening individuals and companies are the main advantages that allow our Money Laundering Reporting Officer to assess the natural and legal person’s profile, to identify if they are linked or exposed to any international sanctions.”
Asad Choudhary, Partner at Plenitude, says “ClientSight builds on our existing suite of cloud-based RegTech products with full integration with Compass, our country risk rating solution.”
Pedro Arevalo, ClientSight Product Owner at Plenitude, adds: “ClientSight also significantly reduces the costs associated with the development and maintenance of an inhouse solution and access can be enabled immediately through the web portal or API to feed existing systems.”
Plenitude’s main focus is on addressing the legal, regulatory, reputational and social imperative for financial institutions to take diligent and rigorous steps to mitigate financial crime risks. The company helps clients meet their regulatory obligations and reduce their financial crime risk exposure through deep subject matter expertise, advisory and transformation services, while reducing associated operational costs.
The company works with a wide array of financial institutions including investment banks, insurance companies, asset managers, retail and commercial banks, FinTechs, professional services and crypto firms across multiple jurisdictions including the UK, Germany, France, Nordics, the EU and Asia.