Why five Dutch banks are teaming up to counter money laundering
The banking sector in the Netherlands knows it has to take tough action against money laundering. A series of scandals in the country have resulted in tough regulatory sanctions – and concern that trust in Dutch banking could be
What we’ve learned as a Fintech startup through the COVID-19 lockdown
It’s been almost four months (and counting) since the UK imposed a nationwide lockdown in light of the COVID-19 pandemic, and fortunately Arachnys was fully prepared for the remote-first plan that was to follow. The prospect of working from
High-Risk Third Countries: an AML challenge for the EU
The EU (European Union) has had its share of recent money laundering challenges and scandals, such as those related to Danske Bank, Swedbank, ABLV and Rabobank and while plans are under way to address shortcomings within the EU, it
InsideArachnys – Q&A with Will Ellis, Interim Head of QA
Welcome to InsideArachnys, a series of interviews where we speak to the people behind the Arachnys platform. This month, we caught up with Will Ellis, our Interim Head of QA based in London. Hi Will, can you tell us a little
Achieving Perpetual KYC
How close is the financial world to achieving perpetual KYC? Oliver Wyman shared with us their Global KYC benchmarking study on Global Banking & Markets KYC, which has found that the overall onboarding time for corporate banking customers is a staggering 90-120 days. In
The ambiguous picture of money laundering in UK real estate
An ongoing minefield for financial crime in the UK has been the property market. Whether this includes cheaper for-rent businesses and accommodations nationwide (with university digs being a matter of great concern recently), or high-end properties attracting the crime
Momenta Group further safeguards banks’ KYC with Arachnys partnership
KYC, CDD and KYC refresh given a major boost in efficiency through digitising KYC and investigative processes. Major financial institutions enlisting the support of one of the UK’s leading contingent resourcing firms, to staff key projects around KYC, CDD and
How technology could help banks beat the 6AMLD deadline
Six months and counting. The European Union’s Sixth Anti-Money Laundering Directive comes into effect across its member states on 3 December 2020; regulated financial institutions will then need to be compliant by 3 June 2021. Getting to grips with 6AMLD
Filling in the ‘grey area’: the future for UBO registers
The release of ultimate beneficial owner (UBO) registers has become mandatory in the EU following the 5th Anti-Money Laundering Directive (5AMLD), and it could have some extremely positive ramifications for financial institutions. Although, this has quickly shown itself to