Arachnys launches software for 'industrial scale' due diligence
Arachnys launches software for ‘industrial scale’ due diligence
Arachnys D3 software automates time-consuming compliance processes that are prone to human error,
Searches deep web for litigation, sanctions, adverse media coverage and range of other information,
Cuts average time required for basic KYC check by over 80 per cent, and an enhanced due diligence check by over 70 per cent,
Addresses soaring cost of compliance for banks, accountancy firms, multinational corporates.
Arachnys, a leading provider of global due diligence software, has launched its Arachnys D3 software that will transform the way banks, accountancy firms, multinational corporates and a range of other companies run compliance checks.
Arachnys D3 (Desktop Due Diligence) automates processes which are currently being conducted manually by teams of compliance officers that have grown exponentially with the dramatic increase in regulatory risks and downsides.
Compliance officers running Know Your Customer, Anti-Money Laundering and other checks typically search a huge range of websites and databases manually, and multi-national businesses do this in a wide range of jurisdictions and languages. Instead, Arachnys D3 is a single tool that allows compliance staff to set parameters for their searches, it then conducts them automatically and presents the user with filtered findings for further investigation. Arachnys’ product testing shows this typically cuts the time required to conduct a basic KYC check by more than 80 per cent, and an enhanced due diligence check by over 70 per cent, while reducing the chance of human error.
The solution uses scraping and spidering technology to search the deep web for information on companies, individuals, court documents, sanctions, adverse media coverage and a wide range of other information in 200 countries, 85 languages and across more than 16,000 data sources, including proprietary and paywalled data. Once search parameters are set, the user can repeat the same searches quickly and consistently for other companies and individuals, in a uniquely scalable process with a complete audit trail. The product was developed by a team of programmers and former government investigators.
“Arachnys D3 is designed to be an essential tool for compliance officers that will save time, improve accuracy and consistency and slash costs,” said David Buxton, CEO of Arachnys. “Banks in particular are now conducting due diligence on an industrial scale due to new regulatory demands that are here to stay. Against this backdrop, there has been a race to provide the technology to streamline traditional due diligence processes and we think that race is now won.”
For basic KYC checks, Arachnys compared the time taken to manually conduct PEP, sanctions, Interpol, adverse media coverage and company verification checks with the same checks using Arachnys D3.
For enhanced due diligence checks, Arachnys compared the time taken to manually conduct litigation, social media, Google search, PEP, sanctions, Interpol, adverse media coverage and company verification checks using Arachnys D3.
George Morrison or Valentina Kristensen, Dragon Associates, 020 7495 4401