Banking regulation goes hand-in-hand with the law — and now the same goes for RegTech Kyckr.
The company has announced a partnership with global legal advisors Norton Rose Fulbright to provide clients with an end-to-end solution for their anti-money laundering (AML) and counter-terrorism financing (CTF) obligations.
The regtech – or regulatory technology – provider already provides a live risk assessment of companies for banks to get up-to-date intel but now they’ve got the legal backing too.
Kyckr Limited chief executive officer David Cassidy told Stockhead the partnership allowed for the opportunity to take full advantage its Know Your Customer (KYC) solutions.
“What we have found so far is that the legal basis of policies and procedures within banks can strangle the benefits of our services and put them right back to where they started,” he said.
“We are very targeted in helping clients adhere with anti-money laundering (AML) obligations and can now have a partner that is a global legal company who are willing to help implement solutions in a multi-pronged way.”
Anti-money laundering and counter-terrorism financing was put under the spotlight last year in the Commonwealth Bank money-laundering fiasco – which highlighted failure to comply by most of the major banks.
Mr Cassidy said theirs remained the most up-to-date data provider in the industry.
“There are a lot of technology and information providers out there globally but very few back up when it comes to AML and how it can make the client’s life better,” he said.
“We have asserted strongly that first source information is the standard and with that, we keep a company’s information life through our Company Watch monitoring.”
It is already linked to over 180 regulated primary sources – such as regulators like ASIC or APRA – in over 120 countries and can provide intel on an estimated 80 million businesses globally.
Shares in the company closed at 27c on Monday and have traded between 14c and 35.5c over the last 52 weeks.
This special report is brought to you by Kyckr Limited.
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