LATEST NEWS   APAD revokes the operator licence of MFG Barokah Enterprise following the crash in Gemas Baharu, Johor, which claimed three lives | The govt is warning corporates to stop channel switching activities and instead buy fuel at market prices, or they will face enforcement action -- Amir Hamzah | Global energy crisis: Moves to maintain targeted diesel subsidies ensure critical sectors like fishing, public transport can enjoy diesel at controlled prices - Amir Hamzah | Low supply, high demand, security threat, soaring delivery costs have caused global oil prices to rise sharply - Amir Hamzah | Global energy crisis: Government now bears RM6 billion in petrol and diesel subsidies, compared to RM700 million before the war - Amir Hamzah | 
BUSINESS • 02/07/2025 02:47 PM

MyComplianceOffice Enhances Platform With AML, KYC Capabilities

KUALA LUMPUR, July 2 (Bernama) -- MyComplianceOffice (MCO), a compliance technology provider, has enhanced its platform with Anti-Money Laundering (AML) and Know-Your-Customer (KYC) capabilities.

Its Chief Executive Officer, Brian Fahey said the company’s clients are facing increased regulatory scrutiny and pressure to deliver more from their compliance programmes with fewer resources.

“By embedding AML and KYC into our core platform, we are giving firms the tools they need to stay ahead of financial crime risks, without the complexity of managing disconnected point solutions,” he said in a statement.

This addition expands the platform’s financial crime and third-party compliance functionality, providing firms with a powerful solution to meet regulatory obligations and proactively manage risk, in addition to enabling financial institutions to transform and automate their customer due diligence process.

From onboarding to periodic reviews to client maintenance and offboarding, MCO’s platform systematically manages the collection of KYC information and in-depth screening of clients and related parties continuously throughout the lifecycle of the relationship.

By leveraging cutting-edge technology to disregard false positive noise and escalate only the most relevant potential matches for sanctions, Politically Exposed Persons (PEPs), and negative news, MCO allows compliance teams to streamline investigations and focus on high-value work.

The system provides a traceable, quantified view of risk and a customisable and automated compliance framework that improves data integrity and reduces the operational burden of managing disparate systems.

MCO recently explored the latest trends in financial crime compliance during a webinar featuring Celent Director, Neil Katkov, who brings extensive insight into the evolving regulatory and technology landscape.

“Integrating AML and KYC into a broader compliance platform like MCO’s not only enhances control but also improves agility in responding to both threats and regulatory change,” concluded Katkov.

-- BERNAMA

More News

Categories

Tags