Automated KYC for Oil & Gas Companies
As with most regulated industries, international oil and gas companies have their own specific challenges with supply chain and vendor due diligence, adverse media screening as well as customer onboarding and monitoring. Isolating the relevant data for complex entities is a common pain point for compliance teams at oil and gas companies who need to become more efficient with their time.
Arachnys have deep domain expertise in working with oil and gas companies to provide solutions that align with their risk policy, provide adverse media screening and due diligence tools, automate manual processes and reduce duplicative and manual work across their global compliance teams.
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
The 5th EU AML Directive (5AMLD) expands a requirement for enhanced due diligence to take place on oil transactions (alongside arms, precious metals, art and tobacco).
The oil and gas industry has seen a number high profile enforcement actions with regard to Anti-Bribery and Anti-Corruption (ABAC).
Supply chain due diligence is a huge challenges when working in emerging markets and countries with lower rankings on Transparency International’s Corruption Perceptions Index.
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
Improved due diligence and adverse media monitoring for multinational oil & gas company
Learn how Arachnys worked with the trading arm of one of the world’s largest oil and gas companies to improve their enhanced due diligence processes, efficiency and data sharing across teams, improved audit trail and adverse media monitoring for high-risk entities.
Supply chain due diligence: can oil and gas firms do more?
In the oil and gas industry, fraud, bribery and other financial crimes hit the headlines regularly. Stories about poor practices in the supply chain, for example relating to human rights and the environment, are also rife.