A strategic partnership between listed regulatory technology company Kyckr (ASX:KYK) and Norton Rose Fullbright Australia (Norton Rose) has been formed to assist companies comply with Australia’s anti money laundering (AML) and counter terrorism financing (CTF) obligations.
Kyckr and Norton Rose have teamed up to jointly market services across Australia.
Both parties believe the combined support of Kyckr’s solutions and Norton Rose’s Australian regulatory support can benefit reporting entities, such as banks, in their desire to improve how they adhere to their Australian AML and CTF obligations.
Kyckr uses blockchain technology to help their customers properly identify the people they are transacting with, using primary source data direct from over 180 registry sources globally. If there is a change to a company in a registry, Kyckr catches this using its Company Watch, pushing updates to their customers on an ongoing basis, maintaining continuous AML and CTF risk management using primary source data.
This announcement comes at a time when AUSTRAC has been given additional regulatory powers to crack down on AML and CTF crimes and particularly becomes relevant to the ongoing CBA case.
Kyckr’s proprietary “Company Watch” system (which provides real time information notifying material risk changes) is a key tool for reporting entities managing their compliance risk.
Australia’s AML/CTF regime requires reporting entities to have in place appropriate risk-based systems and controls to enable the reporting entity to determine in what circumstances further Know Your Customer (KYC) information should be collected or verified to enable the review and update of customer, and beneficial owner, information for ongoing customer due diligence (OCDD) purposes.
Kyckr’s Company Watch provides a live risk assessment by automatically monitoring corporate entities from around the world for material risk changes – including real-time changes to their details in company registers. This capability is Kyckr’s means of triggering events from which OCDD can be provided.
OCDD is more commonly referred to as Perpetual KYC.
Chief Executive Officer of Kyckr, David Cassidy states: “Our solutions invariably bring about a need to review existing policies and procedures. At Kyckr, we believe proactively involving legal advice early will ensure that our clients will get the best outcomes from use of our services.”
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