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Oil & Gas

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

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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

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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.
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Automated Enhanced Due Diligence

Capture the information that matters and remove 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)

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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.

Read the Case Study

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.

Read the Blog Post

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