Arachnys harnesses the world’s information to make the world a safer place. We are passionate about helping financial institutions revolutionize the way bad actors are thwarted -- to secure our collective futures. And everyone who works at Arachnys shares a common destination to deliver on that vision -- we strive to build superior Know Your Customer (KYC), Anti-Money Laundering (AML) and Enhanced Due Diligence (EDD) solutions, and a great company that does good in the world.
Today we launched a research report analysing global trends in the compliance sector. Our 2014 Arachnys Compliance Trends Report charts recent key due diligence issues facing the financial sector, law firms and multinationals. The report combines analysis of search trends over the last year across 200 markets on the Arachnys enhanced due diligence platform alongside interviews with leading professionals in the sector.
The report concludes that a ‘new normal’ is emerging for compliance activity, in which firms face the challenge of conducting enhanced due diligence procedures in high volumes, in fast-growth but hard-to-navigate foreign markets. This model is typified by the huge growth in compliance activity in countries such as China, Mexico and Nigeria.
The launch of the report was covered by Compliance Week author Jaclyn Jaeger, who was given advance access to the findings. She spoke to CEO David Buxton and Head of Research Ed Long.
China was the market where the highest volume of investigations were run on the Arachnys platform in the last year, but the country poses a challenge for compliance officers, especially those without native language skills: “it can be very challenging for Western-based companies to do due diligence work on Chinese companies,” says Ed Long.
David Buxton stressed the importance of verifying intelligence sources. “The key thing compliance officers should be doing is making sure they are going to the actual official sources of information”, he said.Read original article
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