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Edward Sanders, President of Arachnys, draws attention to the highlights of 2017’s Las Vegas ACAMS Conference—the most trusted meeting place for the AML financial crime community policymakers—and shares how Arachnys imbibes those trends in formalizing on risk tolerance policies and the use of automation and AI to upgrade KYC, CDD, and ongoing AML processes.
“We are the only research platform specifically designed for due diligence and compliance professionals,” connotes Sanders. The DP3 platform’s content layer has a data warehouse and a set of established API integrations to connect in real-time with over 22,000 news and information sources across 145 countries covering 92 languages. The first set of capabilities within the content layer of the platform has ‘Arachnys captive data’ that is specific to retail, corporate, wholesale businesses. It not only contains the information that is relevant for certain types of deductions in banks around the world to manage and assess risk but also the arcane information such as corporate registry information which is difficult for the banks to collect. Arachnys’ DP3 tech platform helps global investment banks, and international law firms to assess their risks of doing business in any country.
Arachnys collects data using a unique combination of robotic process automation (RPA) engine and analyst cognitive enhancement to deliver insights to analysts and managers, initiating a digitization process.
We offer the only research tool specifically designed for due diligence and compliance professionals
As a vindication of the firm’s proficiency, one of U.S. top-tier banks attests that Arachnys has significantly helped them overcome their operational challenges with auditability in their EDD utility which facilitates over 30,000 in-depth checks per year. Arachnys, with their D3 platform, mapped the bank’s entire operational manuals and source matrix, giving their analysts a single working environment and enabling better insight into process bottlenecks. Furthermore, Arachnys employed sophisticated analytics to uncover opportunities for greater efficiency in areas such as high-volume alert remediation, which fed into the bank’s existing algorithm to prevent false positives. As a net result, Arachnys’ enabled the bank to achieve efficiency gains equating to millions of dollars a year.
For the future, Arachnys has plans to widen their functionalities to pharmaceuticals and energy sectors in helping them reduce their compliance risk as they have a complex supplier and distributor system