How we streamlined a mining firm’s KYC and CDD onboarding
A global mining business, with its primary trading hubs in Singapore and London, were looking to quickly and effectively onboard new customers, and reduce business risk through working with Arachnys.
The main challenge faced by the client were their Anti Bribery & Corruption (ABAC) requirements; there was a lack of an enforced investigative process and mapped out policies, posing as a reputational risk. Another problem was the need for one solution that could assist KYC and CDD onboarding across the firm’s various jurisdictions.
The firm chose to work with Arachnys due to our ability to minimise reputational and business risk through the application of a fully auditable investigation process. This implemented process would be consistent across customers and regions via a single platform for all of the company’s investigative requirements.
With Arachnys acting as a consultancy to identify and apply a ‘best practice’ process for onboarding, the new system was standardised to guide all screening and investigation methods, and was flexible in that it can be extended to other teams including supplier and sourcing management.
- A standardised process for screening entities is now in place, configured to align with client requirements while optimising operational efficiency.
- A bulk upload feature enabled the client to transfer a backlog of historical reports and cases into the platform in one go. This reduced manual effort for creating a large volume of reports.
- Integrations with premium sources are active, being used to screen entities alongside Arachnys’ data offering. Arachnys brings auditability and oversight, process optimisation, and enhances data capability.
- Configuration, integration and bulk upload took around 6 months for full deployment.
- Integration with an internal case management system is in progress, using an API to pull outcomes of Arachnys reports into their internal system.