Phil Cotter, MD of the Risk business at Refinitiv

Refinitiv has entered into a partnership with UK-based AML and intelligent compliance software provider, Napier, in a bid to offer an enhanced transaction monitoring solution for tackling money laundering and combating financial crime threats. The partnership is expected to upgrade Napier’s solutions to comply with AML requirements.

“One of the most important challenges financial services firms face today is protecting themselves from money laundering, external and internal fraud and other financial crime-related activities,” said Phil Cotter, Managing Director of the Risk business at Refinitiv. “Together, Refinitiv and Napier will bring significant advancements in technology combined with trusted risk intelligence to help organizations monitor transactions and screen for suspicious financial activity.”

According to the supplier, Napier’s AML solution provides transaction monitoring, customer and transaction screening for combating advanced financial crime threats. The solution aims to assist the businesses in reviewing their transactions, identifying suspicious behaviours, performing client screenings and managing their standard workflow and analytics.

“The technology we’ve developed at Napier is changing the world of compliance and few firms can claim to have developed their AML solution with integrated AI from the outset to the same degree. This approach lets us deliver on outcomes in line with the compliance challenges companies face,” said Julian Dixon, Napier CEO. “Partnering with Refinitiv is a huge endorsement of our work to create a truly intelligent compliance platform and we’re excited about the response to this new development.”

Established in 2015, Napier is a provider of anti-money laundering (AML) and trade compliance business. Its platform aims to increase efficiency and minimize risk by successfully combining big data technologies with AI and machine learning.

Recently, Refinitiv expanded its suite of financial crime solutions into wealth industry as increased scrutiny from regulators and the demand for a more frictionless client experience from investors drive the need for more digital Know-Your-Customer (KYC) and onboarding processes.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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