Quantexa, provider of big data management software, and Arachnys, provider of a financial crime risk assessment platform, have teamed up to identify and monitor customer risk.
Quantexa will use the Arachnys cloud-based investigation platform and global news assets to dynamically screen against negative news, locate missing Know Your Customer (KYC) data and provide enhanced risk scoring, giving financial institutions a deeper understanding of the risks associated with their customers.
Arachnys will use Quantexa software to compute relationship and network risk, identify high-risk entities and ultimate beneficial ownership structures, and trigger events for KYC data collection. The combination of technologies is designed to reduce false positive matches and ensure complete views of customer risk across populations, while assuring compliance with regulations.
The partnership comes ahead of the US Treasury’s Office of the Comptroller for Currency’s (OCC) final rule on customer due diligence, which will be implemented on May 11, 2018. The OCC rule states that all financial institutions must adhere to specific requirements in understanding who the ultimate beneficial owner is of every newly opened account.
Vishal Marria, CEO at Quantexa, says: “With the final date on the OCC’s ruling fast approaching, we are able to offer financial institutions technology to help keep them compliant and tackle a crucial issue.”
Ed Sander, president of Arachnys, comments: “The identification of ultimate beneficial owners will financial institutions in 2018. The combined Arachnys and Quantexa capabilities will provide institutions with improvements in their risk management capabilities and help them in the ongoing fight against financial crime.”