Plenitude launches ClientSight, a financial crime client risk scoring solution


Plenitude launches ClientSight, a financial crime client risk scoring solution

By Joy Dumasia


  • Fight against money laundering
  • Customer Due Diligence
  • Customer risk assessment

Plenitude, the financial crime, risk and compliance specialists, has launched Plenitude ClientSight, a comprehensive cloud-based Client Risk Rating (CRR) solution. The CRR is a key control for all Anti-Money Laundering (AML) regulated businesses, which is part of an effective risk-based approach. The CRR determines the level of know-your-customer (KYC) and customer due diligence (CDD) that must be performed, as well as the level and frequency of ongoing monitoring activities throughout the customer lifecycle.

The implications of a weak or non-compliant CRR methodology can be seen in the significant enforcement actions against financial institutions taken by regulators globally in recent years. The consequences of error can also directly impact a business’ bottom line if clients are assigned an unnecessarily higher risk rating which may present additional CDD/KYC and ongoing monitoring requirements with associated costs. .

To address this industry challenge, Plénitude has developed ClientSight with a comprehensive CRR methodology that meets the regulatory requirements of major global markets and provides comprehensive coverage on a wide range of risk themes, including money laundering; financing of terrorism; Sanctions violations; Financing of proliferation, bribery and corruption and tax evasion.

With ClientSight, financial institutions, FinTechs and professional services firms can assess the inherent financial crime risk of individuals and entities with key risk indicators and sources monitored and updated as part of the service. subscription to ensure ongoing compliance. The integrated Sanctions and PEP Screening module, which is optional, also allows the screening of clients and their beneficial owners and legal representatives based on international sanctions and up-to-date PEP lists.

Commenting on the launch of ClientSight, Marco Donzelli, CEO of HLB Internationalsaid: “Plenitude has been an HLB Affinity Partner since 2019. Several HLB member companies use Plenitude ClientSight and value the company as an industry thought leader.”

Dr. Antonio Ghaleb, HLB International, Qatarsaid: “Plenitude and its professional team offered us an effective and efficient tool to perform risk assessment for our existing and potential clients. Using ClientSight enables our compliance team to comply with rules and regulations and meet AML requirements in Qatar. In addition, the screening of people and companies is the main advantage that allows our Money Laundering Reporting Officer to assess the profile of the natural and legal person, to identify if it is linked or exposed to possible international sanctions.

Asad Choudhary, Plenitude Partnercommented : “We are excited to announce the launch of ClientSight, which we believe will help organizations overcome the challenges associated with developing and maintaining an effective, regulatory-compliant CRR methodology and solution. ClientSight leverages our existing suite of cloud-based RegTech products with full integration with Compass, our country risk assessment solution.

Pedro Arevalo, Plenitude Senior Executive and ClientSight Product Owneradded“ClientSight also significantly reduces the costs associated with developing and maintaining an in-house solution and access can be enabled immediately through the web portal or API to power existing systems. We are already seeing strong demand for the product and look forward to rolling it out across multiple industries. »

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