Assetz Capital , a UK-based P2P lending platform, has partnered with LexisNexis Risk Solutions to adopt its RiskNarrativ platform across the business. The platform leverages automation, artificial intelligence (AI), and machine learning (ML) to provide a configurable and accessible financial crime lifecycle management solution.

This will allow Assetz Capital to further improve their know your customer (KYC) and anti-money laundering (AML) detection capabilities, as well as delivering productivity benefits to both customers and businesses. The RiskNarrative platform will improve their onboarding process, allowing their colleagues to run multiple KYC and AML checks from aggregated data sources simultaneously, strengthening checks alongside improved fraud detection and document verification capabilities. The RiskNarrative platform offers business users a combination of power, speed, and ease.

The system was built around delivering ultimate configurability alongside a better user experience. As effective financial crime lifecycle management requires access to data and services, it means it needs multiple integrations. Only one integration is required to use the RiskNarrative platform.

An intuitive Application Program Interface (API) allows rapid integration ensuring a path to live within days, implemented by financial crime technology experts. The importance of KYC processes The importance of having strong KYC procedures in place it to ensure that clients are not involved in money laundering or the financing of criminal organszations. The KYC process helps avoid severe reputational and financial penalties imposed by regulators.

Offering loans presents risks of financial frauds and money laundering so it is important to perform background screening procedures on customers to mitigate fraudulent activities. Unfortunately, the annual cost of AML compliance for financial institutions in the UK is estimated to be GBP 28. 7 billion, with costs expected to reach over GBP 30 billion by 2023.

Therefore, more than a third (36%) of wealth managers have not digitised KYC checks when onboarding new clients, and only one in 10 (10%) firms have invested in digitalising their ultimate beneficial owner checks, another essential AML process mandated under the 5th Anti-Money Laundering Directive, which came into force in January 2020. Assetz Capital recent funding In August 2022, Assetz Capital has formed a funding relationship with Aeon Investments, a credit-focused investment company. This means that over the next three years, the investment company will inject an initial GBP 200 million into small and medium enterprises (SME) loans arranged by Assetz Capital, enabling the lender to provide mortgages of up to GBP 10 million on commercial investment properties.

The new funding allows Assetz Capital to further diversify its commercial mortgage lending and expand its capacity to lend across a broad range of commercial properties used by UK SMEs. As the recent decision taken by Financial Conduct Authority (FCA) – requiring firms to conduct more rigorous assessments of potential customers to ensure that investments are suitable, Assetz Capital’s partnership with LexisNexis Risk Solutions comes as a natural step in their development. To find out more about LexisNexis Risk Solutions, check their profile in our company database.

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