Standard Chartered has extended its partnership with Arachnys, a platform designed to offer faster KYC, AML and EDD processes to financial institutions.

Under the renewed partnership, Arachnys will help the bank improve its global anti-money laundering (AML) efforts.

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The bank has been using Arachnys to streamline the clearing of its AML investigations in order to optimise FCC controls since 2018.

The platform has simplified research, automated audit trails and increased the transparency of data between teams across 2,000 AML analysts at the bank, noted the technology provider.

Besides, Arachnys is designed to remove work duplication through the escalation chain.

As a result, the analysts are equipped to make faster and better investigative decisions on external research in a single work environment.

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Arachnys founder and CEO David Buxton said: “We were delighted with Standard Chartered’s decision to move forward with Arachnys, and we’re proud to be working with such a progressive bank who knows how cloud-based technology can make a real impact, particularly in digitising investigative processes.”

Standard Chartered has successfully rolled out the Arachnys’ platform to its FCC team.

The bank will now leverage APIs and process optimisations in customer due diligence processes and to gain further improvements.

Standard Chartered head of FCC controls strategy and innovation Praveen Jain said: “We wanted to bolster our risk management capabilities and increase automation in our FCC processes, so we chose Arachnys to support our analysts through their unstructured and emerging market data platform.”