Plenitude launches Client Risk Rating (CRR) solution as industry tightens controls

Rick Steves

“Screening individuals and companies are the main advantages that allow our Money Laundering Reporting Officer to assess the natural and legal person’s profile, to identify if they are linked or exposed to any international sanctions.”

Plenitude has launched a cloud-based solution for Client Risk Rating (CRR), which is a key control for all Anti-Money Laundering (AML) regulated firms and forms part of an effective risk-based approach.

The firm explained that CRR determines the level of Know Your Customer (KYC) and Client Due Diligence (CDD) that needs to be performed, and the level and frequency of ongoing monitoring activities across the client lifecycle.

A weak or non-compliant CRR methodology exposes financial institutions to significant enforcement actions taken by regulators, as has been seen globally over recent years.

Getting it wrong can also directly impact a firm’s bottom line if clients are assigned an unnecessarily higher risk rating that may present additional CDD/KYC and ongoing monitoring requirements with associated costs, the regtech firm added.

ClientSight for financial institutions and fintechs

Going by the name of Plenitude ClientSight, the firm’s client risk rating solution uses a comprehensive methodology that meets the regulatory requirements of key global markets and provides full coverage across a wide spectrum of risk themes including: Money Laundering; Terrorist Financing; Sanctions Violations; Proliferation Financing, Bribery & Corruption and Tax Evasion.

The CRR is directed at financial institutions, FinTechs and professional services firms in need to assess the inherent financial crime risk of both individuals and entities with key risk indicators, and sources monitored and updated as part of the subscription service, to ensure ongoing compliance.

ClientSight features an optional inbuilt Sanctions and PEP screening module that enables screening of clients and their Ultimate Beneficial Owners and Legal Representatives based on up-to-date international sanctions and PEP lists.

HLB has recently deployed ClientSight across member firms from Europe, Middle East, Africa and South America. Marco Donzelli, CEO of HLB International, said: ‘’Plenitude has been an affinity partner of HLB since 2019. Multiple HLB member firms use Plenitude ClientSight and value the firm as an industry thought leader.”

Antonio Ghaleb, HLB International, Qatar, said:“Plenitude and its professional team have offered us an effective and efficient tool to perform a risk assessment for our existing and potential clients. Using ClientSight enables our compliance team to comply with the rules and regulations and meet the AML requirements in Qatar. On top of that, screening individuals and companies are the main advantages that allow our Money Laundering Reporting Officer to assess the natural and legal person’s profile, to identify if they are linked or exposed to any international sanctions.”

Asad Choudhary, Partner at Plenitude, commented: “We are delighted to announce the launch of ClientSight which we believe will help firms address the challenges associated with developing and maintaining a regulatory compliant and effective CRR methodology and solution. ClientSight builds on our existing suite of cloud-based RegTech products with full integration with Compass, our country risk rating solution. “

Pedro Arevalo, Senior Executive and ClientSight Product Owner at Plenitude, added: ClientSight also significantly reduces the costs associated with the development and maintenance of an inhouse solution and access can be enabled immediately through the web portal or API to feed existing systems. We are already seeing a strong demand for the product and look forward to deploying it across multiple sectors.”

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