European Fund Administration (EFA) has chosen i-Hub's technology as its platform for customer due diligence, anti-money laundering (AML) and know-your-customer (KYC) services.
The new integration of i-Hub’s customer due diligence (AML/KYC) technology is set to provide EFA clients with the confidence to comply fully with AML/KYC laws at all times.
Additionally, the new platform will ensure that everyone within the client’s business receives timely service and reporting to the best market standards, EFA said.
By working together, EFA and i-Hub defined a set of application programming interfaces that allow EFA to manage all aspects of customer due diligence within the i-Hub application.
This includes collecting and storing client documentation, digitising key data and automatically configuring shareholder record-keeping systems, and name screening and transaction checking tools.
Discussing the need for customer due diligence and AML/KYC services, EFA noted that financial crime has become sophisticated over the years and regulators have demanded that the financial industry mounts a correspondingly sophisticated and determined response.
EFA observed how regulators supervise their charges more frequently and take enforcement action more readily and with greater penalties.
Noel Fessey, EFA CEO, commented: "Our design embeds i-Hub into our business in a way that ensures that data and documents are updated at every step in our customer service process. This improves the client experience and our efficiency, and allows us to demonstrate compliance at any instant by query on live production systems.”
Fessey explained: “In the first implementation, we have focussed on the core process. In the next phase, we will work with i-Hub to deliver direct access to our fund companies and management companies, so that they have full transparency of their data at any time. Next year we will introduce individual investor self-service. We're very pleased with how we and i-Hub have combined our strengths to deploy this powerful technology."
Pascal Morosini, i-Hub CEO, added: "We are delighted to partner with EFA, and to extend i- Hub's capabilities to serve the international fund service industry. Our design is very well matched to the requirements of fund promoters, fund boards and management companies and their administration agents, and can support a full range of service models and fund distribution modes."
