How data and technology can turn the tide on financial crime

The big downside of a globalised business environment, as well as the ongoing growth in technological advancement is of course the increased risk of financial crime.

Criminals continue to evolve their techniques to target weak links. Weak links that can result from deficiencies in operational policies procedures and controls, increased information sharing between financial institutions, cryptocurrencies and virtual assets and legacy technologies to name but a few.

According to Refinitiv’s 2018 global survey 47% of organisations indicated they suffered some form of financial crime during the preceding year.

Moreover, the survey revealed that significant gaps in formal compliance procedures remain.

This situation allows financial crime to flourish, but emerging technology offers the tools to bridge these gaps and presents opportunity to help tackle financial crime, solve regulatory and compliance challenges and manage costs more effectively.

Artesian Solutions Risk and Compliance Hub (ARCH) – the data and technology solution that brings KYC and risk decisioning to the frontline

Artesian’s Risk and Compliance Hub (ARCH) distributes KYC tasks to Relationship Managers and other appropriate people in the organisation, leaving KYC specialists to deal with complex tasks requiring their knowledge and experience.

  • ARCH enables full and transparent collaboration in an organisation so that policy specialists can place KYC actions exactly where they need them, and so that front line Relationship Managers can really know their customers before they even engage with them
  • ARCH integrates with industry-leading KYC service providers so that clients can simply access their chosen providers and automate the creation of flags and tasks when there are matches, according to clients’ policies
  • ARCH enables organisations to make full use of their combined knowledge and expertise in different areas to ensure that regulatory needs are met and also that task queues are minimised through distribution, and the needs of the customer in onboarding are met
  • ARCH provides always-on monitoring of adverse media and will also match the monitoring policy of clients for PEPs, sanctions and SIPs checks
  • ARCH creates an audit trail containing details of each search, flag, task and evidence undertaken in the application of KYC policy, including the time it was carried out and by which user.

In early tests, ARCH has been 100% accurate in reflecting risk and KYC policy in pre-screening.

In fact, it has (on average) uncovered 14% more risks than were identified in the original onboarding process.

In addition, the data gathered in pre-screening has helped reduce the time spent in the data-gathering phase of onboarding by 90%.

Artesian will help us put risk and compliance at the heart of our commercial process, to serve a greater need than regulation alone. Jeff Courtney, Head of Portfolio & Planning, Business & Commercial, Metro Bank

Join the financial crime conversation

Artesian will be joining hosts Refinitiv for their next Financial Crime Conversation on 5th June and we invite you to join us.

Join the live event by registering here and have your say in issues such as:

  • What are the drivers for using innovative technologies to fight financial crime
  • What are the challenges for organisations to achieve better outcome in fighting financial crime
  • How are leading financial institutions adopting innovation to fight financial crime
  • What are the best practice approach to fight financial crime with innovative tools
  • How is innovation and technology helping to bridge compliance gap and drive efficiencies
  • What is the role of public and private partnerships in information sharing