…Seeks to help financial institutions rejig risks detention process
FACCTUM has introduced its next-generation anti-financial crime solutions to the Nigerian market.
The risktech company unveiled the cutting-edge applications to stakeholders in the financial sector during a breakfast meeting on Wednesday, May 31, 2023 in Lagos.
The solutions, FACCTUM team said, harness the power of parallel processing technology, giving Nigerian financial institutions new choices to modernise financial crime detection.
François Ameguide, the FACCTUM Director of Business Development, Africa said that a new approach to financial crime compliance technology id overdue hence FACCTUM team was excited to launch the new FacctList watchlist management solution that will revolutionise the way Nigerian financial institutions manage mission critical sanctions and anti-terrorism financing risk data.
He told participants at the meeting that effective financial crime compliance (FCC) technology is critical for regulatory compliance adding that it should also be a business enabler that greenlights opportunities.
“It will enable a rapid response to high velocity changes in regulatory obligations, as well as providing new levels of transparency in risk decisioning. This approach provides Nigerian firms with a new approach to demonstrate the strength of compliance controls, both to regulators and international partners,” Ameguide said.
As the Nigerian financial service industry adjusts to a new risk environment, following the recent grey-listing of the country by the Financial Action Task Force (FATF), the FACCTUM initiative offers highly performant technology that is also affordable and sustainable.
To better service customers in Africa, FACCTUM opened its first office in the region earlier this year, in Johannesburg.
FACCTUM now plans continued expansion in Africa by placing a strategic focus on serving Nigerian financial institutions and regtechs.
Speaking on its Africa growth initiative, Nicolas Willard, the FACCTUM Director of Business Development – EMEA, said, “we are delighted to bring anti-financial crime solutions much closer to the Nigerian financial and fintech industry. Nigerian institutions are growing quickly and modern risk management technology plays a critical role in ensuring that new opportunities are both safe and sustainable.”
Also speaking, Chrisol de Assis Correia, Head of Financial Crime Risk Management at FACCTUM, reminded industry players that existing compliance tools haven’t kept pace with the increasing complexity and operational load of new risks.
According to him, “The year-on-year impact is a significant tech debt combined with exponential costs”.
FACCTUM offers a combination of cloud and state-of-the-art parallel processing technology which delivers financial crime compliance solutions to regulated industries.
The focus on cloud technology results in solutions that can be delivered very economically, whilst also ensuring high levels of security and performance.
This approach makes FACCTUM solutions very relevant to the risk profile and compliance objectives of African financial institutions.
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