The compliance with Anti-Money Laundering (AML) regulations and the accurate identification of corporate entities in financial sectors present notable challenges, especially when relying solely on traditional methods.
The vast diversity of data sources, coupled with the speed of financial transactions and intricate corporate structures, can easily eclipse human-driven data processing and verification methods. Some pressing concerns when manually managing corporate data and ensuring AML compliance include:
bigspark has developed a curated data asset built upon public registries to assist Banks and other Financial Institutions meet key obligations to comply with Anti-Money Laundering and Banking regulations.
It was developed from a requirement to understand the incorporated customer and key associated parties to that customer, inclusive of ownership and significant control, to compare with our clients’ core records.
The consolidation of corporate information with other key registries provides multiple reference points for our clients to test the currency of their own customer records and, where necessary, identify inconsistencies and report them if necessary.
Resolve your entities faster than ever, whilst keeping full control of how to resolve them.
Enhance records with relationship details, such as charities, or persons of significant control along with new metadata, such as audit trails.
Discrepancies in customer records can be identified and updated at scale to enable batch updates of systems of record.
Identified material discrepancies in Companies House can be automatically reported, fulfilling your regulatory obligation with ease and minimal operational effort.
bigspark’s Financial Crime Practice bridges the gap between people, processes, regulations and technology in Financial Institutions.
We have successfully delivered in Tier 1 Banks and Financial Institutions:
Our people have strong applied experience in FinCrime and Fraud and are insatiably passionate about solving problems the industry is facing.
Please contact us to arrange a discussion and detailed review of SparkScan!