Napier Wins Best Solution in AML/CTF Compliance

Singapore/Hong Kong, 15 December 2020 – Napier has won Best Solution in AML/CTF Compliance in the 3rd Regulation Asia Awards for Excellence 2020 in an online ceremony on 15 December 2020.

In the highly competitive AML/CTF Compliance category, Napier emerged as the winner for its Intelligent Compliance Platform (ICP), a suite of solutions that increases the efficiency and effectiveness of the AML functions within financial institutions through the use of big data technology, artificial intelligence and machine learning.

Napier ICP brings together transaction monitoring, payment screening and client screening, combining them into a single integrated platform where KYC data is easily accessible by compliance teams, thus removing the need for analysts to switch between independent systems to search for data in various repositories.

The platform’s screening capabilities have been enhanced with advanced fuzzy marching algorithms, which allows financial institutions to reduce false negatives and false positives in both customer and transaction screening by up to 90 percent. Further, by providing full control of KYC data and highly intuitive graphic user interfaces, compliance teams are able to gain deep insights into customer behaviour – in real-time.

Napier ICP also provides a Client Activity Review module, which automates the review of clients against their expected behaviour, and a Risk-based Scorecard module, which enables compliance teams to perform enhance risk assessments to generate a risk level score for each client, which can be used to optimise screening and monitoring processes for individual clients.

“Napier differentiates itself from other vendors by bringing in all the data needed to assess a client’s risk in a single platform, and offering flexibility to adjust how monitoring and screening occurs on a client-by-client basis,” remarked one judge on the awards panel. “Most products on the market today still impose a severe cost on financial institutions for even minor changes to monitoring rules. Napier sets a new gold standard for AML solutions.”

Napier ICP has been adopted by over 180 financial institutions, including tier 1 banks, fintech firms, e-wallet providers and payment companies around the world. In 2020, Napier has opened new offices in Taiwan, Singapore and Australia.

About the Regulation Asia Awards for Excellence 2020

The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that have helped meet the challenges of the ever-changing and increasingly complex regulatory landscape in Asia Pacific. Each year, submissions are diligently evaluated and award winners selected by a panel of industry experts serving as judges.

The full list of award winners is available here.

About Regulation Asia

Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. With over 8,500 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.

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