RegTech Insight Financial Crime, KYC & AML The latest content from across the platform
Recorded Webinar: The future of KYC and AML: How to tackle the challenges and gain the opportunities of perpetual KYC
Perpetual Know Your Customer (or pKYC) could be a game changer for client onboarding, due diligence and financial crime compliance. Moving on from today’s reactive approach that conducts client KYC processes at onboarding and typically at one, three and five year intervals, pKYC takes a proactive approach, creating a digital KYC profile and dynamically refreshing…
Top 6 Use Cases for AI in RegTech
As artificial intelligence’s influence on regtech continues to grow, so does the importance of minimising algorithm bias and maximising data quality. The use of Artificial Intelligence (AI) and machine learning in RegTech is playing an increasingly important role and helping to reshape risk and regulatory compliance. It can offer many benefits and we outline the…
Encompass Plans Global Growth Acceleration Following £25 Million Funding Round
Encompass, a provider of automated Know Your Customer (KYC) solutions, has completed a capital raise of £25 million. The funds will be used to accelerate global growth, particularly in the US where the company opened its first office in New York in October 2021, and in Europe where an office was recently opened in Amsterdam….
Sanctions Against Russia Mean Screening is More Vital than Ever
By Collette Allen, Client Services Director, SmartSearch. Firms should take action to review their due diligence and sanctions screening procedures to avoid falling foul of extensive new and emerging sanctions against Russia. The wide-ranging sanctions imposed so far by Western nations include restrictions against individuals, entities and their subsidiaries, and the introduction of legislation to…
Suffolk Building Society Adopts TruNarrative for Financial Crime Mitigation
Suffolk Building Society has opted to start using TruNarrative’s platform for real-time financial crime decisioning and risk rating, in a move which the UK mutual says will significantly improve the efficiency and speed of onboarding new mortgage customers. Acquired by LexisNexis Risk Solutions in 2021, TruNarrative is UK based regtech which has developed a unified…
Best Transaction Reporting Solutions
Transaction reporting is demanded of financial institutions by multiple regulatory regimes, with the goal of detecting suspected market abuse or money laundering. To comply, firms need to ensure their systems are able to deliver complete and accurate information about the financial instrument traded, the firm undertaking the trade, the buyer and seller, and the date…
Getting Real About Perpetual KYC
Perpetual KYC, or pKYC, has the potential to revolutionise financial crime compliance. But practitioners and vendors need to be realistic about what can be achieved. It is easy to see why financial institutions are enthusiastic about pKYC. A new report by PwC suggests banks can reduce their KYC costs by up to 80% across the…
EU Asserts ‘Strategic Autonomy’ in Post-Brexit Regulatory Landscape
With Brexit now ‘done’, the EU is taking stock of its regulatory environment as it settles down to life without the UK and its all-important financial capital London. The EU will spend 2022 setting out its regulatory stall as the UK seeks to differentiate itself from its former stablemates. What’s emerging is a multi-pronged regulatory…
Moody’s Boosts KYC Offerings with Acquisition of PassFort and Kompany
Moody’s Corp. has continued its foray into the regulatory and compliance segment with the acquisition of two KYC solutions providers: PassFort Ltd. and 360kompany (a.k.a. kompany). The two acquisitions are aimed at adding to Moody’s KYC, AML and counterparty risk capabilities, and are illustrative of the heating up of the beneficial ownership, sanctions and financial…
Aztec Group Adds Fenergo CLM to Technology Stack on Route to Digital Transformation
Aztec Group, a specialist in alternative asset classes, has selected Fenergo’s cloud-native Software-as-a-Service (SaaS) client lifecycle management (CLM) to digitalise client and investor journeys. The solution will replace legacy systems and existing processes for client onboarding and compliance, enabling Aztec Group to onboard investors faster while improving the user, client and investor experience. The company…