Increasing compliance requirements have brought a lot of attention in media as of late. Banks failing to comply (recieving hefty fines), new industries added to be affected by the Anti Money Laundering Act and thorough business audits by governments are just some of the headlines of recent times.
The new ”compliance landscape” has led to an increase in manual labour - and in addition costs - for those who are required to comply with regulations. In 2017, an estimated 83.5 billion USD was spent by financial institutions on aml compliance, and that’s only statistics from a handful of European countries combined! Even more interesting was the fact that as much as 74% of the costs, could be traced to manual handling of the compliance process.
Norwegian fintech company Quesnay took note of a market in need of a simple process, in order to ensure compliance for a rapidly growing number of businesses.
"We felt that companies in regulated industries were crying out for tools that were simple and user-friendly when it came to AML compliance. Therefore we set out to create a seamless, innovative solution that combined reduced manual work with ensured compliance." Says Philip Røer, co-founder of Quesnay.
"Philip Røer, co-founder of Quesnay"
In an exciting partnership with Roaring, Quesnay are now launching a new feature to their compliance platform Construo. The feature will focus on automating parts of the KYC-process, for both new and excisting customers.
"Our solutions are a result of years in the industry and paying attention to the never-ending regulatory demands. We try to adapt to every little change in order to stay on top of the game. Construo will help companies reduce manual handling by automating important aspects of the KYC process."
The move to automate the KYC process, is a step towards offering a full KYC offer within the Construo compliance platform. The aim is for Construo to become a smooth, simple and user-friendly platform to perform everything related to "knowing the customer”.
"Fighting financial crime is truly a passion of ours. Through digitization and automation, we hope to aid our customers in a way where they can focus on their core business, while ensuring compliance."
Among customers of Quesnay you’ll find Norwegian companies such as Pareto, Nordic Corporate Bank and Ness, Risan & Partners. The fintech creatives are now looking to enter the Swedish market. Read more on Quesnay here!
Regtech/Fintech-company Quesnay is a part of Norwegian tech group Laboremus, focused on compliance solutions.
Quesnay delivers technical solutions to all regulated industries, helping you stay compliant.