Home » ! Homepage Slider » BIIA Member CTOS and LexisNexis Risk Solutions join forces to create a safer business environment

BIIA Member CTOS and LexisNexis Risk Solutions join forces to create a safer business environment

CTOS will offer its customers a powerful tool based on LexisNexis Bridger Insight XG platform

Enables companies to verify efficiently and screen their customers under KYC requirements

(From left) LexisNexis Risk Solutions marketing manager Joy Lee; LexisNexis Risk Solutions International Market Development director David Haynes; CTOS Data Systems CEO Eric Chin and CTOS Holdings group CEO Dennis Martin

LEXISNEXIS Risk Solutions and BIIA member CTOS Data Systems Sdn Bhd announced they will join forces to create a safer environment for business operators in Malaysia.

Through the team effort CTOS will offer its customers a powerful tool that enables companies to verify efficiently and screen their customers, fulfilling company obligations under Know Your Customer (KYC) requirements. The CTOS offering will be based on LexisNexis Bridger Insight XG platform.

The effort is timely in light of the increased regulatory focus on the identification and prevention of financial crimes in Malaysia and throughout the region, including money laundering, bribery and corruption and terrorist financing.

The average annual cost of AML compliance operations for financial institutions in Malaysia is more than US$2.3 million, according to a recent LexisNexis Risk Solutions study on the true cost of anti-money laundering (AML) and KYC compliance for Asian financial institutions.

The study found that most firms in the region, including Malaysia, have failed to achieve fast customer onboarding times, leading to lost business opportunities and increased costs.

Interestingly, 26% of respondents in Malaysia cited the positive impact of AML compliance on customer acquisition due to the increased understanding of valuable customers as well as the trust-building effect of a reputation for strong AML compliance.

LexisNexis Risk Solutions in Asia Financial Crime Compliance director David Haynes said: “Teaming with CTOS represents a significant step forward in creating a safer business environment for Malaysian businesses, particularly given the reputational risks and financial costs of non-compliance with financial crimes legislation.

“By combining industry-leading filtering software with the unmatched watch list content of WorldCompliance data, Bridger Insight XG delivers significant efficiencies to the screening processes to drive compliance costs down, increase operational capacity and improve financial inclusion and transparency.”

Bridger Insight XG is a fully integrated compliance platform that enables organisations to reduce the complexity and boost the efficiency of their KYC processes by accessing identity verification, screening, due diligence and fraud prevention services through a single point of entry.

CTOS CEO Eric Chin said: “We are excited to offer our customers access to a premium product that not only reduces risk for their businesses but also increases the efficiency of their operations. CTOS has always embraced advanced technology in its operations to keep it at the cutting edge of the credit reporting industry so this effort with LexisNexis Risk Solutions, a leading data and analytics company that provides essential information and technology to help companies predict and manage risk, is a natural fit.”

Many Malaysian businesses and financial institutions rely on CTOS to evaluate potential customers and business partners. CTOS, Malaysia’s largest private credit reporting agency, is a registered Credit Reporting Agency under the Credit Reporting Agencies Act 2010. CTOS has over 27 years of experience in aiding credit grantors make better credit decisions.

CTOS delivers a complete portfolio of credit risk management solutions and services and is widely used by the country’s banking and financial institutions, insurance companies, all major telecommunication companies, large corporations, legal firms, as well as utility companies, municipal agencies, state and statutory bodies.

Source: Digitalnewsasia.com

Leave a Reply