Automated AML, KYC & Due Diligence Solutions for Asset & Wealth Managers
Global penalties for non-compliance with Anti-Money Laundering (AML) and Know your Customer (KYC) processes have hit and all time high for financial institutions. Regulatory pressure combined with cost cutting means asset and wealth managers are required to reduce financial crime, improve customer onboarding whilst simultaneously reducing overheads and increasing efficiency across teams.
Arachnys have deep domain expertise in working with asset and wealth management firms to provide cloud-based solutions that align with their risk policy and reduce the burden of manual, laborious and inefficient processes.
Backed by unparalleled global data sources, we provide the tools to help you automate and accelerate manual effort in supply chain due diligence, customer and vendor onboarding, monitor adverse media and mitigate reputational risk.
Industry Problems
Under 5AMLD in Europe, asset managers must now consider additional high-risk factors and need to seek more detailed information for enhanced due diligence and monitoring.
Money laundering risks can emanate from non face-to-face business dealings, clients in high-risk countries, offshore trusts, shell companies and high net worth individuals.
Many asset management firms have inadequate systems and controls for identifying, assessing and managing money laundering, bribery and corruption risks.
Arachnys Solutions
Automated AML & Investigations
Automated KYC & Onboarding
Automated Enhanced Due Diligence
We channel data into your ecosystem
We act as a single lens, accessing and enriching the best KYC & AML data from global sources, which connects your compliance ecosystem to the data you need to make more confident compliance decisions.
Benefits
Features
25% cost saving in wealth management onboarding in 6 months
In 2016, a Tier 1 Global Bank headquartered in New York approached Arachnys to help with the onboarding of high risk wealth management customers. The client team consisted of 250 highly skilled analysts carrying out EDD and QA situated in the UK, the USA and Singapore, and the bank also had budgets to consider; they had to meet cost reduction targets of 10% year on year for three consecutive years.
Global money laundering fight heaps pressure on asset managers
The EU’s latest changes to money laundering regulations underline the need for asset managers to defend against constantly changing financial crimes with effective due diligence systems. But the push to strengthen AML regulation is not confined to the EU…
Follow our AML & KYC Blog
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The ever evolving data challenge for effective Customer Due Diligence
Highly regulated institutions face many challenges now that there is an increased need to “know” their customers. Typically, companies need to go deeper and broader with onboarding, monitoring and AML investigations, driving up completion times and often requiring a
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Wirecard, increasing risk, and banks’ need for KYCC
Banks use KYC to obtain data on their clients for onboarding and periodic review processes - a set of protocols to assist with gaining a better understanding of the exposure to risk within a book of customers. Conducting KYC
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The Arachnys Data Source Series: South Africa
Continuously building out our source information, we look to give our clients the confidence to perform onboarding, screening and investigations for companies and individuals they do business with worldwide. The worldwide tag here is one of utmost importance. The material
