Trapets helps fight financial crime with InstantWatch
Trapets provide solutions for detecting, preventing and reporting financial crime such as: money laundering, terrorist financing, fraud and various forms of market manipulation, including insider trading.
“There is a growing demand for systems and services that enable banks and finance companies to achieve regulatory compliance, in an automated, user-friendly and cost-effective way”, says Gabriella Bussien, Head of Sales & Marketing at Trapets.
InstantWatch AML uses, among other things, customer data such as KYC information, results from screening for PEP and sanctions, and information about beneficial owners to create customer and account groups which can be included in risk modelling and can even be used in transaction monitoring. Custom risk modelling and monitoring can be configured to suit each individual customer's business needs. InstantWatch AML is a powerful tool in the work of detecting and reporting suspected money laundering or terrorism financing.
“After identifying the major challenges that companies have today with KYC when onboarding and indeed throughout the relationship, we developed InstantWatch CDD (Customer Due Diligence). This service provides the opportunity to automate and streamline the ongoing management and follow-up of KYC processes. We also look forward to launching our upcoming service for the detection and prevention of fraud, InstantWatch Fraud”, Gabriella Bussien continues.
Furthermore, Trapets offers Financial Crime Surveillance, (FCS), an outsourced monitoring service that simplifies everyday life for Trapets’ customers.
With an ever-increasing range of financial products, the market is becoming increasingly complex and transaction volumes are soaring. At the same time, a plethora of existing and forthcoming rules and guidelines place increasing demands on financial institutions to monitor and control their activities in order to be able to detect, prevent and report suspicious transactions.
“Effective market surveillance and money laundering monitoring have evolved into areas for experts, where not only access to advanced monitoring systems is a must, but also a solid competence in being able to effectively analyse and investigate suspicious patterns on which the systems issue alerts. This is where the expertise within Trapets’ Financial Crime Surveillance comes into play”, says Gabriella Bussien.
FCS is available to both InstantWatch Market and InstantWatch AML customers.
Trapets is a market leading RegTech provider and has developed an advanced SaaS service that helps users fight financial crime and meet high regulatory requirements. The company is ISO 27001 certified and is aimed at the global financial industry, where customers include banks, finance companies, stock exchanges and FSAs, (financial supervisory authorities). The company has about 50 employees with its headquarters in Stockholm and about 200 customers globally.