global AML strategy

Standard Chartered joins forces with Arachnys to boost global AML strategy

Arachnys platform augments Standard Chartered’s global AML monitoring strategy, with a focus on counterparty review and investigations.

LONDON, UK, June 19, 2020 / Arachnys — Arachnys, a market-leading platform enabling financial institutions to have confidence in all their KYC, AML and EDD decisions, today announced that Standard Chartered has chosen to extend their partnership to improve the effectiveness of their global AML efforts.

The leading international banking group, with a presence in 59 markets, introduced Arachnys to streamline the clearing of their AML investigations globally as part of the drive to centralise and optimise FCC controls in 2018.

Through the partnership, Arachnys’ platform has helped to simplify research, automate audit trails and increase the transparency of data between teams, across 2,000 AML analysts. Crucially, Arachnys eliminates the duplication of work through the escalation chain, and the bank’s analysts are more readily equipped to make faster and better investigative decisions as a team on external research in a single working environment.

Praveen Jain, Head FCC Controls Strategy and Innovation at Standard Chartered, said: “We wanted to bolster our risk management capabilities and increase automation in our FCC processes, so we chose Arachnys to support our analysts through their unstructured and emerging market data platform. We trusted the Arachnys platform’s ability to provide relevant data, remove duplicative efforts and improve the quality of our AML investigations.”

David Buxton, Arachnys CEO & Founder added: “We were delighted with Standard Chartered’s decision to move forward with Arachnys and we’re proud to be working with such a progressive bank who know how cloud-based technology can make a real impact, particularly in digitizing investigative processes”.

Following the initial success of the rollout to Standard Chartered’s FCC team, further improvements are set to be gained utilising APIs and process optimisations. The group is also in the process of further leveraging this in some of the customer due diligence processes.

About Arachnys

We want to create a world where everyone can have confidence in the people they do business with.

We connect global financial institutions to all the information they need to make confident, fast on-boarding and investigative decisions. Our data gateway allows you to capture, curate and connect any information on people and companies for faster KYC, AML and EDD processes, and we’re trusted by some of the world’s biggest brands.

Founded in 2010, no other vendor combines data source expertise with content automation, data curation tools and a connectivity suite of APIs to channel intelligence directly into your organization’s IT infrastructure. For more information visit www.arachnys.com.

About Standard Chartered

Standard Chartered PLC is a leading international banking group, with a presence in 59 of the world’s most dynamic markets and serving clients in a further 85. Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India. For more information visit www.sc.com.

Luke Hinchliffe

Luke is Head of Marketing at Arachnys and has been working in the Fintech space since 2010, having previously worked extensively in financial services, publishing and software industries.