Big-data company Quantexa is partnering with compliance robotic automation firm Arachnys in the fight against financial crime.
Both technology providers will be harnessing the power of each other’s respective technologies to identify and monitor customer risk. Quantexa will be using Arachnys’ cloud-based investigation platform and global news assets to dynamically screen against negative news, locate missing KYC data and provide enhanced risk scoring. This will give financial institutions a deeper understanding of the risks associated with their customers.
Arachnys will utilize Quantexa’s software to compute relationship and network risk, to identify high-risk entities and ultimate beneficial owner (UBO) structures in a subject’s network and to trigger events for KYC data collection.
The fusion of the technologies will reduce false positive matches and ensure complete views of customer risk across entire populations, while assuring compliance for new regulations.
The partnership comes ahead of the US Treasury’s Office of the Comptroller for Currency (OCC)’s final rule on customer due diligence (CDD) which will be implemented on May 11. The OCC ruling states all financial institutions must adhere to specific requirements in understanding who the UBO is of each newly opened account.
“The identification of ultimate beneficial owners will provide a central benefit to financial institutions in 2018,” Arachnys president Ed Sander said. “I am delighted that the combined Arachnys and Quantexa capabilities will provide financial institutions with major improvements in their risk management capabilities to help them in their ongoing fight against financial crime.”
“We are excited to collaborate with Arachnys in advancing the services we both offer,” Quantexa CEO Vishal Marria said. “With the final date on the OCC’s ruling fast approaching, we’re proud to be able to offer financial institutions technology to help keep them compliant and tackle a crucial issue.”
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