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.
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.
Automated AML & Investigations
Surface the content that matters, reduce duplication, manual effort and increase data re-use.
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.
Better data: Unparalleled global source coverage enables you to run 100% of your external data gathering process through a single set of tools
Less noise: Capture only the relevant information that matters, removing the noise associated with manual search techniques
Localized: Surface content in 98 languages, supported in multiple scripts including Arabic, Chinese and Cyrillic, across 220 jurisdictions
Audit control: Prove your findings with consolidated reports which include heat maps, summaries of completed steps and supporting research
Reduce duplication: Curation tools for your external research processes with the ability to share and reuse data across your organisation
Integrate: Connect your organization's workflow applications directly to the external data they need to make better, faster decisions
Global data search: Continuously search across 23,000+ risk-relevant, open-source and premium providers in over 98 languages supported in multiple scripts (incl. Arabic, Chinese & Cyrillic) across 220 jurisdictions
Configurable investigative process management: Investigative policy configuration and execution, guides your analysts in accordance with AML alert clearing and KYC/CDD/EDD processes
Automated screening tools: Reduce investigative cycle time using automated content-acquisition methods, and reduce false positives using automated screening tools for risk categorisation and assessment
Risk identification, categorization and evidencing: Providing fast, accurate and consistent risk determinations with automatic audit trail for simple or complex investigations
Structured report creation: PDF report generation and export capabilities (with or without appendix, translated and non-translated)
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.
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…
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Hi James, could you tell us a little about yourself and your current
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