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Plenitude launches ClientSight, a financial crime client risk rating solution

By Joy Dumasia

June 20, 2022

  • Anti - Money Laundering
  • Client Due Diligence
  • Client Risk Rating

Plenitude, the Financial Crime, Risk and Compliance specialists, launched Plenitude ClientSight, a comprehensive, cloud-based Client Risk Rating (CRR) solution. CRR is a key control for all Anti-Money Laundering (AML) regulated firms, which forms part of an effective risk-based approach. CRR determines the level of Know Your Customer (KYC) and Client Due Diligence (CDD) that must be performed and the level and frequency of ongoing monitoring activities across the client lifecycle.

The implications of a weak or non-compliant CRR methodology are visible in the significant enforcement actions against financial institutions taken by regulators globally over recent years. The consequences of getting it wrong can also directly impact a firm’s bottom line if clients are assigned an unnecessarily higher risk rating that may present additional CDD/KYC and ongoing monitoring requirements with associated costs. 

To address this industry challenge, Plenitude has developed ClientSight with a comprehensive CRR methodology that meets the regulatory requirements of key global markets and provides full coverage across a wide spectrum of risk themes, including Money Laundering; Terrorist Financing; Sanctions Violations; Proliferation Financing, Bribery & Corruption and Tax Evasion.

Through ClientSight, financial institutions, FinTechs and professional services firms can assess the inherent financial crime risk of both individuals and entities with key risk indicators and sources monitored and updated as part of the subscription service to ensure ongoing compliance. The inbuilt Sanctions and PEP screening module, which is optional, also enables the screening of clients and their Ultimate Beneficial Owners and Legal Representatives based on up-to-date international sanctions and PEP lists.  

Commenting on the launch of ClientSight, Marco Donzelli, CEO of HLB International, said: “Plenitude has been an affinity partner of HLB since 2019. Multiple HLB member firms use Plenitude ClientSight and value the firm as an industry thought leader.”

Dr. Antonio Ghaleb, HLB International, Qatar, said: “Plenitude and its professional team have offered us an effective and efficient tool to perform a risk assessment for our existing and potential clients. Using ClientSight enables our compliance team to comply with the rules and regulations and meet the AML requirements in Qatar. On top of that, screening individuals and companies are the main advantages that allow our Money Laundering Reporting Officer to assess the natural and legal person’s profile, to identify if they are linked or exposed to any international sanctions.”

Asad Choudhary, Plenitude Partner, commented: “We are delighted to announce the launch of ClientSight, which we believe will help firms address the challenges associated with developing and maintaining a regulatory compliant and effective CRR methodology and solution. ClientSight builds on our existing suite of cloud-based RegTech products with full integration with Compass, our country risk rating solution.”

Pedro Arevalo, Plenitude Senior Executive and ClientSight Product Owner, added: “ClientSight also significantly reduces the costs associated with the development and maintenance of an in-house solution and access can be enabled immediately through the web portal or API to feed existing systems. We are already seeing a strong demand for the product and look forward to deploying it across multiple sectors.”

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