Arachnys and PwC Singapore Partnership Brings Digital KYC & AML Solutions to Singapore
Arachnys, a platform that accelerates onboarding for financial institutions with intelligent Know Your Customer (KYC) and Anti-Money Laundering (AML) data, has announced 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, the firm explained in a press release.
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, read the press release.
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, Southeast Asia Consulting, PwC, 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, Founder and CEO, Arachnys, said: “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faster, cheaper and more effective solutions to banks that are looking to reduce overheads and essentially replace outdated and manual processes in KYC, AML and due diligence.”