solution wealth

Asset & Wealth Management

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

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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

aml

Automated AML & Investigations

Surface the content that matters, reduce duplication, manual effort and increase data re-use.
kyc

Automated KYC & Onboarding

Assemble everything you need to know about your customers and counterparties.
edd

Automated Enhanced Due Diligence

Capture only the relevant information that matters, significantly removing the noise of false positives.

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.

AML & KYC Data Sources

Benefits

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

Features

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)

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.

Read the Case Study

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…

Read the Blog Post

asset management due diligence

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