Ovations partners with Arachnys to deliver risk intelligence solutions for banks, financial institutions in SA
Partnership to deliver key technologies for financial institutions to meet all requirements of the 2017 Financial Service Providers (FSP's) Financial Intelligence Centre Amendment Act.
The partnership delivers the Arachnys Customer Risk Intelligence (CRI) platform to the South African market to provide an always-on, always accurate view of an entity, risk decisioning tools to prevent bad actors before they exploit a financial institution, and acquires, curates and orchestrates risk content for precise decisions.
The firms will provide a comprehensive solution for South African financial institutions to streamline their research and investigations processes, decrease the time to onboard valued clients, improve transaction monitoring alert remediation, as well as deliver more precise enhanced due diligence results.
"The partnership is a result of the ongoing work we are doing with a number of leading South African banks and financial institutions. Arachnys and its Know Your Customer, Anti-Money Laundering and Enterprise Enhanced Due Diligence solutions extend and accelerate their current compliance offerings," said Jaco van der Merwe, principal consultant at Ovations. "Our clients have already expressed significant interest in the Arachnys Customer Risk Intelligence platform to improve their compliance efforts."
"This partnership drives our geographic expansion into the South African market and the wider African continent," said Edo de Vries Robbe, vice-president partnerships at Arachnys. "Ovations has the insight, technical skills and experience to assist Arachnys in delivering customer risk intelligence solutions for compliance and financial crime prevention."
The Financial Intelligence Centre Amendment Act, 2017 (FIC Amendment Act) came into effect on 2 October 2017 and has forced financial services providers to move to a risk-based (rather than a rules-based) approach, modernising the way institutions conduct customer due diligence in relation to financial transactions. Financial institutions will need to be fully compliant with the act by 2 April 2019.