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Jersey based regulatory technology business The KYC360 Technologies Group has this week launched an upgraded version of its popular customer due diligence screening tool RiskScreen.
The search functionality of the new version of RiskScreen is significantly more powerful through the inclusion of over 1 million politically exposed persons (PEPs) and over 800,000 individuals on watch lists worldwide. The pricing structure has also changed so that instead of buying licenses users simply buy search bundles so that they only pay for what they use. Chief Executive Stephen Platt said:
“RiskScreen is every bit as powerful as other more expensive, clunkier screening tools. We know that businesses are under pressure to meet their compliance obligations more cost effectively and RiskScreen helps them to do that”
In addition to the new version of RiskScreen a completely new tool RiskScreen Pro has also been launched which is designed to replace costly due diligence reports from external suppliers.
RiskScreen is currently used by over 200 financial institutions around the world and by regulators and law enforcement agencies. Simon Nixon, the billionaire founder of MoneySupermarket.com who is a shareholder in the The KYC360 Technologies Group said:
“‘Historically, customer screening has been an expensive and frustrating business. Big players have charged very high fees for indifferent products and mediocre customer service. The power of RiskScreen’s search is second to none, but as a product it also has a laser focus on cost-effectiveness and superb customer service. I built a multi-billion pound business, on the same principles; I was happy to become a shareholder in RiskScreen because it was clear it would do for KYC what I had done for consumer purchase of financial services’
