Wednesday, 17 March 2021 12:45

Kyckr, BAE Systems partner on anti-money laundering initiative Featured

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Australian-listed technology regulation company Kyckr is partnering with defence, security, and aerospace company BAE Systems Applied Intelligence to jointly address anti-money laundering and compliance challenges of regulated firms.

Kyckr (ASX:KYK) says the initiative will deliver accurate and efficient know-your-customer (KYC) and customer due diligence (CDD) solutions to address money-laundering issues, and with the partnership empowering mutual customers to benefit from Kyckr’s network of over 180 registries and 170 million entities across 120 countries.

“Competitive advantage lies in providing a frictionless customer journey – while minimizing risk,” said Peter Fisher, Product Director, BAE Systems Applied Intelligence.

“Partnering with Kyckr, enables the automated screening of corporate records data within our NetReveal Customer Due Diligence solution. The result is effective investigations, better detection and ultimately, a smoother end customer experience.”

The two companies say this contract validates the ever-growing demand for Kyckr’s capabilities and services supplying real-time access to company registry information as regulations have an increased demand for reliable, up-to-date KYC information.

Kyckr cites a study by Facts and Factors, showing that the global KYC market was estimated at $257.23 million in 2019 and is expected to reach $1,015.36 million by 2026 - and is expected to grow at a compound annual growth rate (CAGR) of 22% from 2019 to 2027.

“We are delighted to be partnering with BAE Systems Applied Intelligence to provide live registry data to their end customers, improve KYC capabilities via enhanced access to our registry network and bring the best solution to their customers,” said Kyckr’s Head of Partnerships, Myles McLaren.

“We look forward to continuing to provide leading services in KYC compliance.”


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