ARIE Finance starts roll-out of KYC solution in Mauritius

Rick Steves

KYC is not just an essential process, it is also a legal requirement.

ARIE Finance has launched a new Electronic KYC process for onboarding and meeting the ongoing compliance needs of its clients.

The firm will progressively roll out the service, starting in Mauritius, with the aim of helping clients to streamline and accelerate the onboarding and verification processes, while complying with the local regulator, FSC.

ARIE boasts multiple state-of-the-art APIs and automated tools which are connected to its existing onboarding solution and digital platform.

As the industry moves away from the traditional, laborious, paper-based process for onboarding clients, ARIE is looking to meet the demand for an electronic KYC process.

The firm’s electronic verification tools include ID and address of natural persons as well as corporate clients. ARIE Finance is also implementing electronic signatures for client signed documents, with multiple authentication methods in place to ensure the documents are being signed by the actual recipient.

Aisha Sudally, ARIE Finance’s Managing Director for Middle East, Asia and Africa, said: “The launch of our new e-verification process is a major step for ARIE Finance. It meets all the regulatory requirements of the Financial Services Commission and will not only improve the experience of our clients and efficiencies of our processes but form the industry standard in Mauritius moving forward”.

“We believe that independent verifications made through reputable and reliable service providers go well beyond the Financial Services Commission’s requirement for certification and are poised to be a central pillar for the new age of compliance in Mauritius. We are looking forward to working closely with the Commission to implement more digital processes into a fast-moving and evolving industry”, Mr. Sudally added.

Know your customer (KYC) solutions have become critical for financial services firms as new technologies have paved the way for more fraudulent activity and money laundering while financial watchdogs tighten the ship.

KYC is not just an essential process, it is also a legal requirement. Moving to a more automated and AI-based model allows for continuous or dynamic monitoring. Any changes to customer profiles can be highlighted, and alerts can be triggered at any time.

At the same time, the swiftness of the onboarding process has become a deal-breaker for many investors who look for a broker to trade with. An efficient KYC solution has thus become relevant to increase the conversion rates by improving the customer experience during the onboarding.

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