Big Data specialist Quantexa is partnering with 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 Know Your Customer (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 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 U.S. Treasury’s Office of the Comptroller for Currency (OCC)’s final rule on Customer Due Diligence (CDD) which will be implemented on May 11, 2018. The OCC ruling states that all financial institutions must adhere to specific requirements in understanding who the UBO is of each newly opened account.