DueDil Extends Proactive Monitoring Functionality to Help Financial Organizations Mitigate Remediation and Simplify Compliance with its Continuous Updates Product
London-based RegTech DueDil announces new release of its Continuous Updates product to help clients automate keeping customer data up to date and alleviate the compliance pressures of in-life monitoring
Regulators issued more than $10 billion in Anti-Money Laundering fines to financial institutions in 2020, up 26% on 2019 figures according to research from Fenergo. UK-based institutions received fines totalling $199,306,927. These fines were issued for failure to comply with industry standards. These are vast sums of money that represent the continued crackdown on financial fraud and money laundering set out by the Government in its Economic Crime Plan from 2019-2022.
One of the biggest challenges financial institutions face in meeting the regulatory requirements is ensuring that company information is accurate and up to date, checked regularly and meets necessary standards.
“Traditional KYC and KYB checks are heavily flawed. They place huge pressures on banks and financial institutions to track and monitor their customer base but with thousands of customers to stay on top of and only manual processes in place to secure the necessary information, it’s inevitable some customers slip through the cracks or deadlines are missed. It is these exact challenges that our Continuous Updates product has been designed to solve,” said Denis Dorval, Chief Operating Officer at DueDil
DueDil data shows that on average, 12,000 SME businesses in the UK and Ireland show changes in the registries. These changes range from an update to the registered address, filing of accounts, or other information such as changes to persons of significant control or shareholders.
DueDil’s latest product innovation helps its clients stay on top of these changes with proactive customer monitoring by alerting them as and when any changes happen. The next evolution of the product now surfaces changes to persons of significant control, gazette notices and shareholders.
“Our technology enables a proactive approach to in-life monitoring and will act as an early warning system for unseen compliance risks and potentially highlight opportunities for growth in new sectors with fast-growing customers. When you have thousands of customers to keep track of, it is easy to miss some of the telltale signs of either,” commented Denis Dorval, Chief Operating Officer at DueDil
DueDil’s Business Information Graph (B.I.G.)™ ingests billions of data points about companies in the UK and Ireland and processes them to reveal validated and important insights about them. Its API then enables clients to plug this rich data into workflows, processes and systems to fuel better decision-making, faster onboarding and now easy in-life monitoring.
“Great business happens when you are able to act on the right information. Our platform has been designed to collect huge data sets and use machine learning to surface critical information hidden within. This next stage of our product evolution cements our capabilities as the market leader for KYB and frees valuable time for our clients to focus on adding value to their customers safe in the knowledge they are compliant, spotting early signs of money laundering activity and identifying new growth potential,” added Denis Dorval.
About DueDil
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. In March 2020 DueDil was named RegTech Partner of the Year for the second year running at the British Banking Awards in recognition for its work transforming the digital customer journey for tens of thousands of UK SMEs. DueDil has a number of well-known clients, including Santander, Metro Bank, Funding Options and TSB Bank. Investors include Augmentum Fintech plc, Oak HC/FT and Notion Capital.
DueDil website: https://www.duedil.com/
Source: DueDil Press Release
