Both technology providers will be harnessing the power of each others respective technologies to identify and monitor customer risk. The fusion of the technologies aims to reduce false positive matches and ensure complete views of customer risk across entire populations, while assuring compliance for new regulations.
Quantexa will be using Arachnys cloud-based investigation platform and global news assets to screen against negative news, locate missing Know Your Customer (KYC) data and provide risk scoring. This will give financial institutions a deeper understanding of the risks associated with their customers.
Arachnys will utilise Quantexas software to compute relationship and network risk, to identify high-risk entities and Ultimate Beneficial Owner (UBO) structures in a subjects network and to trigger events for KYC data collection.
The partnership comes ahead of the US Treasurys Office of the Comptrollers 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.
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