Anti-fraud product of the year: Moody’s Analytics

Anti-fraud product of the year: Moody’s Analytics
Risk Technology Awards 2023 Winner-logo-BB8

In a competitive landscape that demands robust risk management and compliance solutions, Moody’s Analytics has emerged as a standout vendor, securing the Anti-fraud product of the year award at the Risk Technology Awards 2023. The win reflects the transformative impact of Moody’s Analytics know‑your-customer (KYC) platform, Passfort, which has improved risk and compliance practices worldwide.

The Moody’s Analytics KYC platform stands out from the competition by providing a flexible and powerful workflow orchestration platform, creating a seamless KYC ecosystem for clients. The platform is underpinned by Moody’s Analytics proprietary datasets, analytical insights and integrations with leading global data providers. Passfort allows organisations to build efficient and accurate risk management solutions that enable confident decision-making.

Judges said:

  • It is helpful to have direct access to corporate registries, politically exposed persons, sanctions watchlists and adverse media.”
  • “I like that the solution offers a no-code, configurable policy builder.”
  • “The platform allows clients to build their own ecosystem of compliance data using external datasets and no code.”

One of Passfort’s core strengths is its automation capabilities. The platform streamlines customer onboarding, enhances due diligence, and continuously monitors and manages risk and compliance standards in near real time. By automating these crucial processes, businesses can focus on mitigating financial crime risk while ensuring a smooth customer experience.

Passfort’s extensive global coverage allows clients to conduct onboarding checks in 211 jurisdictions. With more than 45 million new customer and third-party checks performed daily, Passfort delivers in-depth insights into potential risks.

Passfort’s configurability enables risk and compliance professionals to tailor the solution to their specific needs, optimising compliance efficiency without compromising customer experiences. The dynamic execution of due diligence, KYC, know-your-business and anti-money laundering workflows shifts compliance activity onto the risk engine and automation, freeing compliance teams to add value through analysis, judgement and decision-making.

The platform’s Smart Policies feature – a low- to no-code configurable digital policy builder – streamlines and automates risk assessment and compliance operations. Integrated data checks leverage Moody’s Analytics extensive entity and risk data, combining it with third-party and proprietary data assets. This enables clients to build ecosystems of compliance data, ensuring comprehensive coverage to make informed decisions.

Improvements to Passfort in the past year include optimising company searching, ultimate beneficial owner paths and ownership roles to enhance customer onboarding and third-party checks. Automated reminders centralise communications within Passfort, while deployments in key markets such as Australia, the US and Singapore offer improved performance and data ring‑fencing options.

The resurgence of macro risk, the Russia/Ukraine war, growing geopolitical tensions and concerns about consumer and commercial credit risk have put compliance teams to the test. Moody’s Analytics has responded by helping clients unravel complex corporate structures and assess sanctions risks swiftly and efficiently. Integrating sanctions data, watchlists and adverse media news into automated workflows helps organisations comprehend risks in their business networks and take necessary mitigating actions.

Keith Berry, general manager, KYC and know-your-staff at Moody’s Analytics, says:

Keith Berry, Moody’s Analytics

“By enabling businesses to tackle financial crime effectively while enhancing the customer experience, Moody’s Analytics has truly earned the Anti-fraud product of the year title at the Risk Technology Awards 2023. Passfort represents a paradigm shift in risk management and compliance. Its automation capabilities, extensive global coverage, configurability and adaptability to changing risk landscapes have set it apart from the competition.”

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