Asia Awards 2022: Best KYC/AML service—SIX

OVERVIEW

Landmark shifts in international relations, increased sanctions, the Covid-19 pandemic, and further socioeconomic turning points have put pressure on institutions worldwide to step up their approach to combatting financial crime. Detecting violations and gathering sufficient resources to combat financial crime, however, is not possible without having accurate data and up-to-date knowledge of current sanctions. Without sanctioned securities monitoring, it is incredibly difficult for institutions to steer clear of tainted companies and their issued securities and avoid serious fines and reputational damage.

“For years, sanctions have been a key challenge for sell-side professionals. Recent new sanctions have extended the scope to new asset classes and the buy side. At SIX, we thoroughly monitor all changes on the sanctions landscape to immediately upgrade our service and help our clients stay compliant. On top of this, we work on suitability assessment services like Marijuana-Related Business (MRB) securities, an add-on to the Sanctioned Securities Monitoring Service (SSMS), allowing clear identification of assets related to marijuana business.”
Marion Leslie, head financial information and executive board member, SIX

THE SOLUTION

SIX has worked to minimize its clients’ concerns and has used its technology to bridge a sanctions screening gap in the market. In 2018, it developed the SSMS, which offers clients consistent and accurate readings of their risk exposure. The service provides a daily updated list of prohibited firms, securities linked to domiciles, companies and individuals sanctioned by international regimes, and entities to watch. Users can also link securities back to sanctioned institutions and individuals. The result is that clients can swiftly identify securities to avoid and take action ahead of any sanctions enforcement. A newer addition, the MRB offshoot, helps to assess the risk of investing in MRBs for residents of territories that outlaw cannabis, minimizing the risk of clients inadvertently violating anti-money-laundering laws.

WHAT’S TO COME

SIX is introducing a host of ESG calculation tools and ESG-related watchlists. It is also adding new solutions for the investment banking industry to its offering, including intech, tax on instrument, and a data analytics sandbox.

WHY THEY WON

Japan
Along with the 80+ clients already signed up to the SSMS, SIX has added the Japanese regime to its service.

Improvements
SIX has developed cloud dissemination of its data and introduced a new identification feature to improve connections with related assets. It has also acquired Ultumus, a specialist in ETF data and analytics, which covers 8,000 ETFs.

Expansion
SIX’s Singapore office is expanding the company’s reach toward Australia and New Zealand.

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