The Golden Standard: Moody’s and the Future of Compliance

In a world where data reigns supreme, Moody’s has been turning information into power. By marshalling a comprehensive suite of entity data and analytics, they have positioned themselves not merely as market participants but as trailblazers. The team’s efforts were acknowledged at the prestigious Global BankTech Awards 2023, organized by The Digital Banker, where they earned top honours as the Best Reference Data Provider, and Best Third-Party Solution by a Vendor.

A nod to these achievements, Nirav Patel, Managing Director of The Digital Banker, remarked, “Moody’s stands out for their unparalleled ability to distill complex data into actionable insights and robust risk solutions. Their commitment to excellence in enriching data for enhanced analytics and their innovative approach to digital transformation has set a new benchmark in the industry, rightly earning them multiple honors at this year’s Global BankTech Awards.”

THE GOLDEN RECORD: ENTITY VERIFICATION AND ONBOARDING EXCELLENCE

At the core of modern finance, the ‘golden record’ — a consummate and precise entity profile — is not a mere convenience but a regulatory imperative. The uniqueness of this record lies in its encompassing firmographics, reference data, and intricate ownership links, which together facilitate resolute entity verification. Moody’s leverages the comprehensive Orbis database to offer a detailed perspective on corporate entities, complemented by the real-time capabilities of the Kompany KYC API for immediate retrieval of verified company data. Concurrently, the Grid platform consolidates risk data to present an indepth analysis of the potential financial crime risks linked to politically exposed persons (PEPs) and their extensive networks.

The narrative of ‘efficient & effective customer onboarding’ comes through strongly here. It balances the scales between the rigor of compliance and the ease of customer experience. The digital transformation narrative, including perpetual Know Your Customer (pKYC) protocols, is carried forward by innovations like Passfort, which intelligently orchestrates customer due diligence workflows in line with prevailing risk policies and regulatory frameworks. Such measures ensure that banks can navigate the complexities of modern finance, fully aware of with whom they do business.

THE CRUX OF FINANCIAL INNOVATION: USE CASES UNPACKED

The application of Moody’s solutions manifests vividly across several use cases. To begin with, in the battle against financial crime, the Orbis and Grid platforms reveal the clandestine ties of shell companies. They shine a light on complex ownership structures that otherwise facilitate illicit activities such as money laundering or sanction evasion. As Chua Choon Hong, Senior Director – Head of Financial Crime Practice Group, APAC and Middle East at Moody’s, articulates, “If you have a lot of these shell companies as clients in the financial institutions, the risks of money laundering, sanction evasions and even tax avoidance will increase.”

Turning to growth strategies, these data-rich solutions aid in the identification of legitimate cross-sell and up-sell opportunities, mapping out customer networks, and unlocking insights into customer behaviour. They help businesses to efficiently engage with existing clients and prospects, fine-tuning sales and marketing efforts with the backing of solid, data-driven intelligence. In the domain of digital transformation, the story is one of evolution. Moody’s heralds a shift towards a digitised, automated, and customercentric financial ecosystem. The Passfort platform’s forthcoming enhancements epitomise this shift, with its promise of even more seamless automation and localised experiences that cater to a global customer base.

LOOKING AHEAD: A CANVAS OF POSSIBILITIES

As the financial sector contends with an everevolving landscape, Moody’s stands at the forefront, poised to deliver innovations that meet the moment. With integrations that will deepen insights into company ownerships and environmental, social, and governance (ESG) risk scores, the horizon is bright with the potential for more substantial compliance and strategic growth.

Moody’s thus continues to pave the path for institutions seeking not just to survive but to excel. By harnessing the power of comprehensive data, advanced analytics, and transformative digital solutions, it crafts a world where compliance, insight, and growth coalesce, heralding a new era of financial intelligence.

“Moody’s heralds a shift towards a digitised, automated, and customer[1]centric financial ecosystem.”

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