pKYC: new blog alert!
We recently shared an article on Perpetual Know-Your-Customer (pKYC) covering 7 lessons taken from real-world deployments of Quantexa. No spoilers on the big 7, but you can expect content covering Graph Analytics, Data Accuracy and Automation. My favourite parts of these deployment-focused articles are when we back up our assertions with real client stories. For our loyal Community users, I’ve added a little more detail below: One bank incorporated 9 different data sources into their pKYC offering – both internal and external – achieving a 95% match rate between customers and external data. Another bank are automatically generating entity profiles that link existing customers to new applicants, rapidly assessing the overall entity against KYC metrics. This increased efficiency is leading them to roll out the Quantexa-based system to thousands of users. Have a read of the article here: pKYC: 7 Lessons Banks Can Learn - Quantexa If you would like more information on these case studies or need advice on embarking upon a KYC adventure of your own, please feel free to reach out!
Uplifting sanctions/export controls and breaking anonymity
A Canadian national and a New York resident pleaded guilty this week to conspiracy to commit export control violations for their roles in a global procurement scheme on behalf of sanctioned Russian companies. Some of the electronic components shipped by the defendants were later found in seized Russian weapons platforms and signals intelligence equipment in Ukraine. According to the court documents, the defendants allegedly conspired to ship more than $7 million in dual-use US electronics to sanctioned Russian companies, shipping the components through front companies in several countries, including Turkey, India, China, and the United Arab Emirate, from where they were subsequently rerouted to Russia. As this and other similar cases highlight, sanctioned parties and organized criminal networks are growing more sophisticated and aligned in their techniques every day. 🔦 Breaking anonymity and overcoming obfuscation remains critical The illicit usage of Shell/Front Companies, transactions and shipments to non-sanctioned countries and entities, the presence of underlying collusion etc. have all made risk management in this space increasingly difficult. This has put an unnecessary burden on frequently separate investigation and analyst teams within financial institutions to gather data and make the connections. However, by bringing together internal and external KYC, AML and Sanctions data, intelligence and processes, Quantexa enables the comprehensive contextual monitoring of customers and counterparties throughout their entire lifecycle. This allows institutions to better identify and manage holisticrisk, inclusive of sanctions and the presence of evasion techniques, including the illicit usage of shell companies, professional enablers and gatekeepers. To see how technology, combined with better data sources and focused typologies have changed the way institutions can break through the anonymity so essential for sanctions risk management, please reach out or take a look at the below. ➡Breaking Anonymity Through AI: Sanctions, Shell Companies and Scandals (webinar on-demand) ➡Navigating Secondary Sanctions Risk: The Heightened Need to Mitigate Indirect Exposure (blog) ➡New FinCEN Advisory: Counter the Financing of Iran-Backed Terrorist Organizations (blog) ➡Navigating Global Sanctions: Technology Solutions for Asia-Pacific Compliance Challenges (blog)
Catch up on the latest conversations from our Specialist User Groups 💬
Here's what you might have missed this month from our Data Management, Financial Crime, Insurance, and KYC groups: Don't miss our new 'A day in the life of... an Investigator' series 🔎 Entity Quality Management for Data Quality? A Tale of Two Investigations: Transforming Financial Crime Risk Monitoring and Investigations Investigating Network Fraud: 4 Key Areas for Investigators If you haven’t already, join a user group today to stay up to date: 💻 Data Management Open the door to a truly connected view across all your data assets from across internal and external sources, improve data quality, build applications, and take control of master data. 💵 Financial Crime Unlock value in order to make smarter and more informed risk and intelligence-based decisions. 🔍 KYC- Know Your Customer Shift back to the core purpose of KYC in understanding the risk associated with prospects, customers and their related activity across the life cycle. 🛡️ Insurance Brings together all things to do with insurance at Quantexa and looks to enable customers, partners, colleagues and insurance thought leaders to share expertise. Find more of the best from the Community this month in our monthly digest: 📚A day in the life of a... Technical Lead & Best of Community from November
New blog on various journeys to KYC transformation - tell us how you are approaching it!
While there is no "one-size-fits-all" journey to pKYC, the same foundations are critical to success for banks. Discover our latest blog on 'Pathways to pKYC: Different Journeys, Same Foundations' and let us know how you are intending to take on this transformation. https://www.quantexa.com/blog/pathways-to-pkyc/Upcoming Webinar on Unlocking the Power of pKYC: Dec 5th & 7th (EMEA & APAC)
Join Quantexa’s Delphine Masquelier, Thomas McNally and Carl Ottman for two webinars that demystify the pKYC transformation journey. We'll share insights gained from real-world pKYC deployments, representing some of the earliest implementations. Register here: https://community.quantexa.com/events/115-unlocking-the-power-of-pkyc-smarter-kyc-processes-emea https://community.quantexa.com/events/114-unlocking-the-power-of-pkyc-smarter-kyc-processes-apacCheck out the latest from our Specialist User Groups!
The Quantexa Specialist User Groups provide opportunities to network and join industry and solution focused conversations! Here's what you might have missed this month from our Data Management, Financial Crime, Insurance, and KYC groups: 🥇Quantexa Wins GOLD at Insurance Times Awards!🥇 Perspective: Addressing SEC-Identified AML Program Deficiencies at Broker-Dealers Chris Bagnall's 3-Part Series on Human Trafficking 📅 London Insurance: Quantexa, Accenture & Google Cloud - Contextual next-gen AI insurance market 📅 Allied Market Research Forecasts Insurance Fraud Detection Market CAGR 24% If you haven’t already why not join a user group today: 💻 Data Management Open the door to a truly connected view across all your data assets from across internal and external sources, improve data quality, build applications, and take control of master data. 💵 Financial Crime Unlock value in order to make smarter and more informed risk and intelligence-based decisions. 🔍 KYC- Know Your Customer Shift back to the core purpose of KYC in understanding the risk associated with prospects, customers and their related activity across the life cycle. 🛡️ Insurance Brings together all things to do with insurance at Quantexa and looks to enable customers, partners, colleagues and insurance thought leaders to share expertise. ❗️If you have a suggestion for another Specialist User Group you would like to see, please comment below 😊 Find more of the best content from across the Community in our monthly digest: What Happened on the Quantexa Community in SeptemberCheck out the latest content from our Specialist User Groups!
The Quantexa Specialist User Groups provide opportunities to network and join industry and solution focused conversations! Check out the latest content from our Data Management, Financial Crime, Insurance, and KYC groups below. All Investigations are created equal…right? by Decision Intelligence is the Key To Stopping Modern Slavery And Human Trafficking by Advancing Correspondent Banking Insights: Identification of non-customer entities by The changing shape of fraud in the UK market - ABI Fraud Statistics by TransUnion: Synthetic Identity Fraud Growing to Record Levels by If you haven’t already why not join a user group today: 💻 Data Management Open the door to a truly connected view across all your data assets from across internal and external sources, improve data quality, build applications, and take control of master data. 💵 Financial Crime Unlock value in order to make smarter and more informed risk and intelligence-based decisions. 🔍 KYC- Know Your Customer Shift back to the core purpose of KYC in understanding the risk associated with prospects, customers and their related activity across the life cycle. 🛡️ Insurance Brings together all things to do with insurance at Quantexa and looks to enable customers, partners, colleagues and insurance thought leaders to share expertise. ❗️If you have a suggestion for another Specialist User Group you would like to see, please comment below 😊 Find more of the best content from across the Community in our monthly digest: What Happened on the Quantexa Community in AugustCheck out the latest content from our Specialist User Groups!
The Quantexa Specialist User Groups provide opportunities to network and join industry, and solution focused conversations! Check out the latest content from our Data Management, Financial Crime, Insurance, and KYC groups below. If you haven’t already why not join a user group today? 💻 Data Management Open the door to a truly connected view across all your data assets from across internal and external sources, improve data quality, build applications, and take control of master data. What is Entity Quality? By The Power of “Contextually Connected Entities” for Maximising Decision Intelligence – Online Webinar 💵 Financial Crime Unlock value in order to make smarter and more informed risk and intelligence-based decisions. Laundering the proceeds of crime through underground banking schemes & the importance of context By 🔍 KYC- KNOW YOUR CUSTOMER Focus on unlocking the potential in your data, operations and network to move away from the heavy processes and enable a shift back to the core purpose of KYC in understanding the risk associated with prospects, customers and their related activity across the life cycle. Work your way through an Enhance Due Diligence use case in Quantexa's AML Investigator themed course by 🛡️ Insurance Brings together all things to do with insurance at Quantexa and looks to enable customers, partners, colleagues and insurance thought leaders to share expertise Why are some insurance companies pulling out of high-risk areas like Florida and California? by Perspectives on the impact to insurers of the consumer duty act in the UK by ❗️If you have a suggestion for another Specialist User Group you would like to see, please comment below 😊Work your way through an Enhanced Due Diligence use case in Quantexa's AML Investigator course
Just like AML investigators, analysts specialised in Enhanced Due Diligence (EDD) cases are required to master the art of detecting the risk within a customer's profile or activity. This program teaches individuals how to combine many of the key components of the Quantexa platform that they have learnt about in the Quantexa Foundations program in such a way as to facilitate their ability to conduct an EDD themed Investigation. (Duration: 4 days) Having completed the program, learners will understand the relevant core concepts and how to use the key UI components of the Quantexa platform based on a Know Your Customer (KYC) use case. Modules include: Quantexa User Foundations Program - Introduces the core concepts of our platform, including Networks, Documents, Entities, and Entity Resolution. This Program also introduces Search, Investigation and Task components of the Quantexa platform’s UI. Quantexa Investigations Series: AML Investigator - Teaches how to combine many of the key components of the Quantexa platform that you have learnt about in the Quantexa Foundations program in such a way as to facilitate your ability to conduct an AML or EDD themed Investigation. Outcome: On successful completion of the program and its associated Knowledge Check, learners will be awarded the Quantexa Investigations Series: AML Investigator completion badge. Read more about the courses we offer and how to sign up in our Introduction to Quantexa Education Services and the Quantexa Academy For more Financial Crime updates, discussions, and events why not join our Financial Crime User Group?
NextWave and Quantexa - Discuss KYC and why it's so important!
Please take the time to listen to this valuable Partner interview by Outlook Series, Michael Lippis, Tony Clark, NextWave and Alexon Bell, Quantexa on Decision Intelligence and Supply Chain Transformation. Knowing your customer (KYC) has never been more important. To gain an edge, you need improved operational efficiency, agility and speed, better threat protection, and enhanced customer experiences. However, processes are often periodic and do not provide a near real time, complete and dynamic view. Evolving regulations, tight budgets, and changing client behaviors have prompted the need for advanced technologies to improve current methods and provide detailed insight into both high and low risk customers. Unfortunately, current KYC approaches still largely rely on manual data captured from multiple systems. These inefficiencies and increasing regulatory requirements are directly affecting the need for a more advanced and technologically led approach. Consequently, leading firms are leveraging financial industry expertise combined with Decision Intelligence Technology to bring context to billions of records, faster. Bridging the data decision gap enables your understanding of customers, ecosystems and supply chains.
