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How we streamlined a mining firm’s KYC and CDD onboarding

Challenge

KYC and customer due diligence (CDD) has become an imperative for mining companies to mitigate risk exposure, and to adhere to anti-bribery and corruption (ABAC) enforcement actions.

A global mining business, with primary trading hubs in Singapore and London, faced this main challenge of complying with their ABAC requirements, as there was a lack of investigative process and mapped-out policies in place, bringing into question reputational risk. As the firm also worked across various jurisdictions, the regulatory requirements were different across the board, so the client looked for a single solution that could assist with KYC process and CDD onboarding across its client base.

Solution

The firm trusted Arachnys due to our ability to minimise this reputational and business risk and for our expertise in identifying and applying a ‘best practice’ process for KYC and onboarding. Through applying a fully documented investigation process, auditability and managerial oversight was achieved, and enhanced data capability through integrations with premium data sources and our own source library. This implemented process was also frictionless across all customers and regions through a single platform for all of the client’s investigative requirements.

All screening and investigative methods in the platform were standardized to enhance the ability for effective KYC and onboarding for customers, and could also be scaled to other teams including supplier and sourcing management. The bulk upload feature in the platform also reduced manual effort for large volumes of reports, allowing the client to transfer a backlog of reports and cases in one go, all optimising operational efficiency.

Results

  • Standardized process – the screening of entities across multiple regions is standardized in one platform and aligns with client requirements
  • Reduced manual effort – bulk upload feature allows historical reports to be transferred fast
  • Data quality – integrations with premium sources and Arachnys’ data offering optimise due diligence efforts
  • Further usage – integration with an internal system is in place, using an API to pull results from Arachnys reports
  • Fast implementation – configuration, integration and bulk upload took around 6 months for full deployment