LONDON, Dec. 1, 2021: London-based RegTech Artesian : DueDil has today announced a solution to one of the most complex challenges impacting banks and financial service institutions. The company is set to launch its new Ultimate Beneficial Owner (UBO) API endpoint, to improve onboarding speed and customer experience, whilst vitally mitigating regulatory, financial, and reputational risk.
Obtaining comprehensive UBO information presents a significant challenge for banks and FSIs. UBO is a key component of Customer Due Diligence (CDD) and Anti Money Laundering (AML) activities, and those institutions without a robust strategy have found themselves subject to vast penalties. Just last year Commerzbank London was fined over £37 million for AML failings, whilst in 2019 a record fine of £102 million was imposed on Standard Chartered Bank.
Banks and FSIs must evidence that they can conduct effective UBO screening as part of AML compliance, but it’s often a highly manual, time consuming and error prone process. It can be difficult for compliance teams to analyse and understand complicated UBO structures, especially if dealing with multiple jurisdictions. However, if a firm doesn’t piece together the puzzle accurately they cannot satisfy KYB/KYC obligations or understand the potential risks a customer represents. Likewise, failure to conduct UBO checks quickly impacts onboarding efficiency and ultimately customer experience.
Jason Knight, Product Director at Artesian : DueDil commented: "We believe this is a real game changer. Certainly, no other RegTech or UBO provider can connect the dots in quite the same way or deliver an answer anywhere near as quickly as we can, thanks to our Business Information Graph (BIG) and premium APIs. No matter how complex the ownership structure is, our new API endpoint will significantly speed-up UBO analysis, immediately pinpointing discrepancies, and improving the accuracy and speed of AMLD5 reporting. Customers trialling this new solution report as much as 80% efficiency savings.”
Find out more about the UBO endpoint here: https://www.duedil.com/ubo-endpoint
NOTES TO THE EDITORS
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Artesian is a leading provider of client relationship intelligence and risk solutions aimed at helping you find your next customer, identify risks, engage effectively, and solve complex, high value challenges in B2B frontline teams. Artesian combines innovative data-science with the world's best premium business information, a powerful Insight Engine and bespoke processing rules, connectors, and APIs, to deliver a uniquely configurable platform.
Used by the leading banks, financial services companies, insurers, tech, and telco enterprises, Artesian solves numerous challenges from business development, sales engagement, and customer management to more specialist tasks like client risk pre-screening, customer onboarding and commercial underwriting automation.
Founded in 2011, DueDil is a company intelligence platform that delivers insights on every UK and Irish company and the people behind them. DueDil provides a complete view of the UK and Irish market so the SME onboarding process is as robust as it is frictionless. All of this is available in a single KYB for Life platform that ensures compliant onboarding and proactive risk monitoring.
DueDil was named RegTech Partner of the Year two years in a row at the British Banking Awards in recognition for its work transforming the digital customer journey for tens of thousands of UK SMEs. DueDil has several well-known clients, including Santander, Metro Bank, Funding Options and TSB Bank. Investors include Augmentum Fintech plc, Oak HC/FT, and Notion Capital.
In September 2021, Artesian and DueDil merged. Visit better-business-faster.com to find out more.