Arachnys and PwC Singapore Partnership Brings Digital KYC & AML Solutions to Singapore
Press Release (ePRNews.com) - Jan 14, 2021 - Arachnys, the market-leading platform that accelerates onboarding for financial institutions with intelligent Know Your Customer (KYC) and Anti-Money Laundering (AML) data, announces a strategic partnership with PwC Singapore.
The Arachnys platform will enable financial institutions and their customers to benefit from a faster and smoother onboarding and periodic review experience, which offers a high level of automation coupled with ‘straight through processing’ (STP), ultimately reducing many of the friction points associated with traditional KYC and CDD processes. Arachnys introduces ongoing monitoring or “perpetual KYC”, helping banks move towards trigger-based reviews based on the financial institution’s risk policy. Finally, the partnership will promote solutions for streamlining and automating AML investigations and Adverse Media Monitoring, leveraging Arachnys’ over 10,000 Asian data sources.
PwC’s expertise in the South East Asia region includes more than 300 financial crime and forensics professionals who are involved in many local, regional and global KYC remediation, AML training, financial crime consulting and implementation projects. The firm has supported several major financial institutions in their AML/ KYC efforts using emerging technology solutions.
Richard Major, Financial Crime Leader, PwC South East Asia Consulting said: “We have seen KYC costs rise significantly over the last decade. As many banks have recognised this cost challenge, they have started to look to technology solutions as a means of addressing it. We are excited to work with Arachnys to help clients automate key parts of the process to achieve greater efficiency. Technology is a key building block in moving the industry towards perpetual KYC, which has the potential to be truly transformative.”
David Buxton, Arachnys CEO & Founder added: “We’re thrilled to partner with PwC Singapore to bring solutions which we already provide to major banks in EMEA and North America to the Singaporean market. Our new API-driven architecture means we can offer faster, cheaper and more effective solutions to banks that are looking to reduce overheads and essentially replace outdated and manual processes in KYC, AML and due diligence.”
About Arachnys
Arachnys accelerates onboarding and monitoring by providing the best global KYC and AML data. Enriched, intelligent data on customers enables straight-through processing and means fewer customer touchpoints, less risk and quicker revenue. Founded in 2010, we’ve helped some of the world’s biggest banks avoid regulatory fines and remediation costs while significantly improving operational efficiency. Visit arachnys.com for more information.
For inquiries, contact:
Luke Hinchliffe, Arachnys, luke.hinchliffe@arachnys.com
Natalie Choo, PwC Singapore, natalie.yl.choo@pwc.com
