C6 Intelligence (C6) has launched its new Adverse Media offering, 66 Squared, ahead of the EUFourth Money Laundering Directive implementation deadline on 26th June 2017.
New levels of scrutiny around client behaviour required by the 4th Money Laundering Directive isalready putting a huge burden financially on many organisations to actually meet requirements. Businesses’ are set to face higher levels of scrutiny from the EU, following changes to the Money Laundering Regulations and Proceeds of Crime Act in the European Union Fourth Anti-Money Laundering Directive due to be implemented across Europe by 26th June 2017. The regulatory update announced in June 2015 includes fundamental changes to the anti-money laundering procedures including CDD, EDD Activity and (PEPs), that could see non-compliant companies facing large fines which pale in significance compared to the damage that could be done to a business’s reputation.
Darren Innes, CEO at C6 Intelligence commented: “I believe the cost of meeting AML regulations is getting out of control, whilst the importance of the activity is in no doubt the way we meet these requirements. It can be drastically improved both from an effectiveness and cost perspective, for example the data you receive from firms today relating to Adverse Media is either out of date or so inaccurate it leads to a huge level of false positives. Worse, than this, because firms do not trust the adverse media they receive from any current data provider they spend a huge amount of time carrying out internet searches themselves. Our new offering provides near real time, auditable, actionable, and relevant and pre-matched negative news allowing clients to keep on top of client behaviour and ahead of the regulator and the press as well as reducing the level of Annual High Risk Client review by up to 40%”.