PwC: bringing digital KYC and AML solutions to Singapore

By Georgia Wilson
In partnership with Arachnys, PwC Singapore is working to bring digital KYC and AML solutions to the country...

In forming a strategic partnership between Arachnys and PwC Singapore, the two organisations have set ambitions to bring machine learning-powered solutions to provide intelligent Know Your Customer (KYC) and Anti-Money Laundering (AML) data to the country.

"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faster, cheaper and more effective solutions to banks that are looking to reduce overheads and essentially replace outdated and manual processes in KYC, AML and due diligence,” commented David Buxton, Arachnys CEO & Founder.

Bringing Arachnys platform to Singapore, is said to provide financial institutions and customers with faster and smoother onboarding and periodic review experiences. The platform harnesses a high level of automation, as well as ‘straight through processing’ (STP) to reduce ‘friction points’ for traditional KYC and CDD processes.

The joint partnership will also promote solutions that streamline and automate AML investigations, as well as Adverse Media Monitoring by utilising Arachnys' more than 10,000 Asian data sources.

"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," added Richard Major, Financial Crime Leader, PwC South East Asia Consulting.

For more information on business topics in Asia Pacific, Australia and New Zealand, please take a look at the latest edition of Business Chief APAC.

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