LONDON – Thursday, 16th June, 2022: Plenitude, the Financial Crime, Risk and Compliance specialists today 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 needs to 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 are able to 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 screening of clients and their Ultimate Beneficial Owners and Legal Representatives based on up-to-date international sanctions and PEP lists.
The launch follows the deployment of ClientSight to HLB, with member firms from Europe, Middle East, Africa and South America already using the solution.