Intellect Design Arena Limited’s iGTB division, the world’s first comprehensive global transaction banking solution, announced today that Euro Exim Bank, the trade finance specialist, is to implement DDIQ: the most advanced due diligence tool for compliance.
Delivered by iGTB, the solution’s combination of automation and intelligent interpretation will significantly enhance Euro Exim Bank’s due diligence and “Know Your Customer” (KYC) processes. Incorporating cognitive computing and natural-language processing, the enriched client profiling offered by DDIQ will enable the Bank to more readily meet regulatory obligations and minimise risk, all while reducing the time and cost incurred by such KYC processes. As a trade finance provider that serves import and export businesses around the globe, and registered by the UK’s Financial Conduct Authority, Euro Exim Bank’s operations will immediately benefit from the most comprehensive due diligence check available to date.
“The cross-border nature of our business – involving numerous buyers and sellers, international clients and counterparties – naturally makes due diligence critically important,” says Graham Bright, Head of Compliance and Operations, Euro Exim Bank. “To be able to run (and easily rerun) KYC checks at the deepest level currently possible – all the while reducing the time and cost of false positives and manual assessment – will enable us to focus our efforts on what we do best; facilitating trade and investment.”
iGTB’s implementation of DDIQ will see Euro Exim Bank benefit from:
- A contextual and subject-aware adverse media search, using underlying sources ranging from regulatory databases and watch-lists to sanctions lists, politically-exposed person (PEP) lists, legal databases, the open web and premium structured content
- The flagging of potential high-risk suspects before their appearance on official watchlists
- The production of auditable reports that can be re-run without the need to re-assess previously reported data, and
- The option to continuously monitor subjects and entities for risks
Furthermore, DDIQ now automatically checks subjects against the 200,000+ offshore entities and individuals associated with the 11 million associated the “Panama Papers” scandal.
“At a time when the cost of breaking sanctions is estimated to cost financial institutions US$12 billion, it’s more important than ever that firms can have absolute faith in the strength of their due diligence processes, using a solution that conducts the deepest search possible while eliminating out-of-context ‘noise’”, says Manish Maakan, CEO, iGTB. “We are delighted to equip Euro Exim Bank with this capability in the first deal of its kind in Europe, and the ondemand software means the Institution can reap the benefits immediately.”