Ravenscroft has become the first company in the world to introduce a cutting edge client screening solution, which has been developed in the Channel Islands.
The RiskScreen system, which was developed by Channel Islands-based regtech business KYC Global Technologies, allows Ravenscroft to exceed current legislation on the monitoring of clients.
‘Ravenscroft’s growth and success has been built on delivering the services which our clients want and not what we think they need, whilst at the same time ensuring that we are compliant with regulation and legislation,’ said Ravenscroft’s money laundering reporting officer Guy Hardill.
‘We now have 5,000 clients and billions of pounds of assets under management and this, together with the constant changing AML requirements, meant we needed a more efficient approach to monitoring. We wanted to identify a solution which would meet our exacting technical requirements, now and into the future, and to find a company that shared the same customer service values as us.’
Batch screening of large lists of customers is common practice for regulated companies. Historically, it has involved a one-size-fits-all approach, treating all customers the same, screening their names only, and outputting to spreadsheets. That approach generated a considerable number of “false positives” which then took time to analyse.
‘RiskScreen Onsite Batch is a cutting edge customer screening tool. It automatically compares the entire customer base of an institution against the world-leading Dow Jones sanctions, PEP and watchlist database. This enables firms to screen their entire customer base automatically, saving huge amounts of time over the manual alternative and increasing protection against money laundering, corruption and terrorism financing risk,’ said CEO of KYC Global Technologies Stephen Platt, who is a well-known authority on financial regulation worldwide, having conducted dozens of investigations into regulated businesses at the behest of their regulators or boards.
Mr Hardill said that Ravenscroft, which now employs more than 100 people across the Channel Islands and last year launched two onshore funds into the UK, had reviewed a number of batch screening solutions before selecting KYC’s RiskScreen solution.
‘The system has been developed by regulatory experts and that gave us the confidence that it would do what we needed it to in order to futureproof our screening compliance. Like us, KYC Global Technologies is proud of its Channel Island roots but ambitious about its future plans and we saw a lot of synergies between the two companies,’ he said.
‘RiskScreen Batch and Risk Screen Core offers us technological capabilities that we didn’t have before which has saved time, enabled better reporting and ensures that we not only meet current standards but exceed them.’
Mr Platt added that the product was designed to eliminate the most common causes of AML failure.
‘At KYC Global Technologies, our products reflect decades of experience in helping firms deal with the fallout of regulatory failings,’ he said.
‘Our Batch Screening tool was designed after extensive consultation with the finance industry locally and further afield; in building it we have addressed all of the most common complaints concerning existing batch screening products.
‘We already have an extensive order book for the tool, and are delighted to have been able to make Ravenscroft the first business anywhere in the world to benefit from this next generation screening technology.’