Artesian: Duedil modernises UBO strategy for banks and insurers with new API endpoint

By Joy Dumasia

RegTech Artesian: DueDil has announced a solution to one of the most complex challenges impacting banks and financial service institutions. The company is set to launch its new Ultimate Beneficial Owner (UBO) API endpoint to improve onboarding speed and customer experience whilst vitally mitigating regulatory, financial, and reputational risk.

Obtaining comprehensive UBO information presents a significant challenge for banks and FSIs. UBO is a critical component of Customer Due Diligence (CDD) and Anti Money Laundering (AML) activities, and those institutions without a robust strategy have found themselves subject to vast penalties.

Banks and FSIs must evidence that they can conduct effective UBO screening as part of AML compliance, but it’s often a highly manual, time-consuming and error-prone process. Compliance teams can find it challenging to analyse and understand complicated UBO structures, especially with multiple jurisdictions. Likewise, failure to conduct UBO checks quickly impacts onboarding efficiency and, ultimately, customer experience.

Jason Knight, Product Director at Artesian: DueDil, commented: “We believe this is a real game-changer. Certainly, no other RegTech or UBO provider can connect the dots in quite the same way or deliver an answer anywhere near as quickly as we can, thanks to our Business Information Graph (BIG) and premium APIs. No matter how complex the ownership structure is, our new API endpoint will significantly speed up UBO analysis, immediately pinpointing discrepancies and improving the accuracy and speed of AMLD5 reporting. Customers trialling this new solution report as much as 80% efficiency savings.”

Recently, IBS Intelligence reported that Artesian Solutions announced a strategic partnership with DueDil, two of the UK’s FinTechs, in a collaboration that will aim to transform the ability of the UK FSI Sector to find the right customers, onboard them quickly and keep them for life.