TITLE: RegTech Solutions -AML/CFT
NAME: Chye Kit | Chionh
Artemis and Athena are 2 unique RegTech products designed to serve the financial services sector, in particular Remittance industry. Artemis handles the KYC/On-boarding (preventive pre-transaction) of a remittance company while Athena handles the on-going transaction monitoring (detective post transaction) to identify large unusual transaction patterns.
Both Software-as-a-Service products can function together or can be deployed standalone depending on remittance customers’ needs. We designed unique APIs that allow customers to connect their PoS systems so that manual data entry is reduced significantly. Artemis and Athena have APIs that allow them to “talk” to each other too.
Artemis automates a large part of the KYC process and digitise the analogue documentation. Its unique client life cycle management capabilities allow remittance companies to automate manual processes such as screening, risk assessment, risk bucketing, time-stamping, due diligence triggers, notification etc. on the same platform The ability to designate different levels of users for different KYC tasks (from data entry to high risk approval) ensures that the KYC tasks are not constricted at a particular department (Compliance) all the time. This ensures better ownership of AML/CFT risks in remittance companies.
Athena is based on multiple rules derived from FATF guidances for money remittance that allows complete configurability of parameters and client buckets at the user end for post-transaction monitoring. This means that a remittance company that serves a variety of client-type can determine how they would like the 12-odd rules apply to different bucket of clients. This achieves better outcomes and more targeted alerts on suspicious, large and unusual transactions. We have also designed Athena as a visualisation tool to enable Compliance users to drill deeper into customer specific charts. It looks at series of transactions over a specified number of days with a certain threshold before an alert is fired.
Artemis and Athena are disruptive and cost-effective RegTech solutions designed to cater to the AML/CTF needs of the underserved money remittance industry. We believe in regulatory inclusion and envisage to deliver professional level regulatory service with a smart use of flexible and scalable technology. Artemis and Athena automates manual processes and digitise the analogue world.
SOLUTION IS LIVE? Yes