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)
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-apac
Perspective: Addressing SEC-Identified AML Program Deficiencies at Broker-Dealers
In this article, analyses and highlights key themes in AML compliance shortcomings identified in a July 2023 Risk Alert published by the U.S. Securities and Exchange Commission (SEC) Division of Examinations. The article goes on to explore the meaning of a 360° Client View and how you can use Quantexa's KYC offering to create and maintain a 360° view of clients using internal and external data, support robust due diligence and provide accurate and timely information to maintain up-to-date profiles and an informed view of client risk. Read the article in our Community Library: Perspective: Addressing SEC-Identified AML Program Deficiencies at Broker-Dealers Don't forget to leave questions or comments for Andrea 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.Listen to ABN AMRO, BNY and HSBC talk all things KYC and transformation
As the pKYC transformation topic is still top of mind for most FIs, we have asked three banks to talk to us about their journey and how they are approaching the future of due diligence. Listen to the webinar here: [Webinar] KYC _ Transforming approaches with new technologies - with ABN AMRO, BNY Mellon & HSBC.mp4 [Webinar] KYC _ Transforming approaches with new technologies - with ABN AMRO, BNY Mellon & HSBC.mp4 How are you approaching the transformation? Do you agree with our panellists?Moving to Continuous KYC Monitoring to Reduce Risk & Improve Compliance
These are incredibly interesting – and challenging – times to be working in financial services or risk management/compliance in virtually any industry. A lot of Financial Institutions are feeling the urgent need to make changes in their current KYC and risk management practices. More and more companies are concluding that it’s time to move to a more proactive KYC approach, transitioning away from the traditional practice of doing regular periodic KYC reviews and towards continuous KYC monitoring. Do you agree with the above? Are you feeling the same pressure within your practice? If you are on the journey, do not hesitate to get some inspiration through our blogs: Moving to Continuous KYC Monitoring to Reduce Risk & Improve Compliance Learn how continuous KYC monitoring can result in reduced risk, improved AML compliance - while keeping you one step ahead of criminals.
