Ocorian launches new online automated AML module in The Gateway

Ocorian, an industry leader in regulation and compliance services for funds, corporates, capital markets and private clients has launched a new, online anti-money laundering (AML) system as the Financial Conduct Authority call for a more collaborative approach to tackling financial crime*.

The new automated AML module is part of proprietary solution The Gateway – a unique all-in-one online compliance toolbox, designed by compliance experts.

The launch comes as Ocorian’s new international study**, carried out among senior leaders and senior compliance and risk executives at alternative fund manager firms which collectively manage around US$132.25 billion AUM, shows automation is increasingly used by firms.

Joe French, Managing Director and Head of Financial Crime, at Ocorian, said: “The FCA is calling for a collaborative approach to tackling financial crime, and wants firms to be bolder in how they engage with new technologies to keep up with emerging risks."

Around 94% questioned have adapted to automation as part of its risk and compliance procedures but around 6% have not yet made the switch. Of those who aren’t already doing so, 50% say their organisation will start to use it within the next six months, and 17% say within the next six to 12 months. Around a third (33%) say they don’t know when their organisation will start to do this.

Hilton Goudriaan, Head of Systems at Newgate Compliance, added: “As the FCA calls for firms to engage with new technologies to keep up with emerging risks, solutions like The Gateway’s new automated AML module provides our clients the ability to benefit from the very latest technology to strengthen their AML defences in a way that works seamlessly alongside the other risk and compliance procedures.”

The new automated anti-money laundering module in The Gateway is unique in the market, backed up as it is with access to Newgate’s experts, and enables our clients to do their entire onboarding in one place. The system is highly configurable for individual client needs and uses the very latest automation technology, which provides an end-to-end service from onboarding through to ongoing checks, saving time and creating efficiencies.

The Gateway is a comprehensive compliance management tool for firms to monitor and track employee compliance filings, from person account trading to gifts and benefits reporting, ensuring processes are efficient. It acts as a depositary for all policies, registers, forms and procedures, as well as a financial crime solution managing client onboarding process, AML, KYC and CDD checks, risk assessments and scheduled periodic reviews as part of the financial crime framework.

Goudriaan added: “There has been a shift in focus onto AML management within firms but how firms go about executing this in practice can bring difficulties.

“By opting for an all-in-one automated solution, firms benefit from the simplicity and convenience of having everything at their fingertips within a secure online environment, allowing them to manage every aspect of regulation and compliance in one place – and with our solution, having access to our experts whenever they may need.”

Ocorian’s three lines of defence approach to tackle risk and compliance challenges:

• Line one: create clear and robust frontline processes and procedures, supplementing this with both online and face to face training programmes for staff.
• Line two: build and empower a comprehensive compliance oversight function which monitors and assesses the processes and procedures, as well as advising and supporting staff and senior managers to comply with the firm's obligations.
• Line three: seek review and challenge of the firms AML framework via annual independent audits.

Assisting with a broad range of compliance services Ocorian’s subsidiary compliance consultancy service, Newgate Compliance, delivers pragmatic and flexible solutions to help clients meet often complex, evolving and increasing regulatory obligations. The team led by industry experts and ex regulators helps clients with the submission of regulatory authorisation applications, provision of Money Laundering Reporting Officers (MLROs), the implementation of compliance frameworks and governance structures, as well as regulatory and compliance training for employees. Newgate is experienced in supporting firms globally for over ten years, whether assisting with first, second or third lines of defence.

*Reducing and preventing financial crime | FCA

Shifting the dial on financial crime requires a collective push | FCA

**Ocorian commissioned independent research company PureProfile to conduct a global study (across the US, UK, Germany, Brazil, Singapore, Hong Kong, UAE, Turkey, Quatar, Saudi Arabia and Mauritius) of 101 senior executives, regulation and compliance executives working at alternative fund manager firms (including private equity, venture capital, real estate, infrastructure, private debt, renewables and hedge funds) during January 2024.