Regtech provider Know Your Customer is supplying Swiss financial infrastructure operator SIX Group with a due diligence platform to strengthen its procurement process and better assess the risk associated with its international suppliers.
Member-owned SIX, which operates the Swiss Stock Exchange and provides infrastructure for the Swiss financial centre, is looking to increase the accuracy of its risk calculations on suppliers that provide services and products to companies that are members of the Swiss exchange ecosystem.
The Know Your Customer platform provides direct connection to official company registries and instant identification of ultimate beneficial owners (UBOs). It will enable SIX to quickly and accurately investigate the company structure of all its existing and prospective suppliers, further reducing the risk related to money laundering and financing of terrorism.
Established in 2015, Know Your Customer provides digital solutions for anti-money laundering (AML) and know your customer (KYC) compliance to financial institutions and regulated organisations around the world.
By centralising the KYC/AML process for all client types within one solution, Know Your Customer strengthens compliance, reduces costs and delivers exceptional onboarding experiences to both individuals and corporate entities.
Commenting on the partnership, Nicolas Berger, head supplier risk management at SIX Group, said: “While not all business units are mandated by regulations, ongoing due diligence on all suppliers within our ecosystem is a key priority for us. Partnering with Know Your Customer is an important step in our overall strategy of innovative technology adoption to reduce risks related to money laundering and terrorism financing within the SIX Group network.”
Claus Christensen, chief executive officer and co-founder of Know Your Customer, added: “SIX Group and the Swiss Stock Exchange Group are known all over the world as early adopters and unique promoters of fintech and regtech innovation. This collaboration is testament to their ongoing commitment to digital transformation within their institution and in financial services in general. At Know Your Customer, we are delighted to provide the range of digital solutions that will enable SIX Group to fully digitise their supplier procurement and ongoing due diligence process.”
In February, SIX acquired a stake in Omniex, the operator of a digital asset and cryptocurrency investment and trading platform.
The collaboration will allow clients of SIX to get standardised and secure access to trade crypto currencies, with the Swiss financial infrastructure operator becoming a shareholder in Omniex in return for an undisclosed investment.