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EastNets and Refinitiv team on AML platform

Source: EastNets

EastNets and Refinitiv today announced a partnership to offer enhanced automated access to software and data that enables real-time risk management and improved compliance capabilities to companies at risk of financial crime.

The partnership between one of the world's largest providers of financial markets data and infrastructure and the leading provider of automated compliance and payment solutions will integrate Refinitiv's Risk Intelligence data within EastNets' cutting-edge technology, including the en.SafeWatch Filtering (SWF) solution. EastNet's SWF solution utilises machine learning and powerful analytics to perform sophisticated watchlist screening and AML detection in real-time.

According to a recent report1 from Refinitiv, 72% of global companies have fallen prey to financial crimes such as money-laundering. In response, many of these companies intend to ramp-up innovation and adopt technology-driven solutions as they seek to plug compliance gaps more quickly and efficiently.

EastNets and Refinitiv will now pursue a coordinated approach to deliver joint services to both new and existing customers in over 190 countries.

EastNets' innovative SWF screening technology works with Refinitiv's industry leading API technology to integrate the company's data including its proprietary and highly trusted World-Check Risk Intelligence data. This will help customers to securely manage risk and meet regulatory obligations by utilising Refinitiv's comprehensive data alongside en.SafeWatch Filtering from EastNets.

According to EastNets CEO, Hazem Mulhim, "The agreement between EastNets and Refinitiv allows our clients to obtain the most effective AML, anti-fraud and compliance coverage on the market. Combining the strengths of EastNets' en.SafeWatch Filtering with a connectivity to World-Check from Refinitiv delivers hightened protection against contemporary fraud and regulatory risks".

Phil Cotter, Managing Director of the Risk business at Refinitiv said; "We're pleased to welcome EastNets to our partnership network which aims to offer customers innovative solutions to help streamline compliance processes and meet their regulatory obligations around the world. Businesses exposed to financial crime threats must maximise their use of technology and collaborations such as this could prove key to realising the potential of innovation to uncover criminal activity."

1 The Innovation and the fight against financial crime: How data and technology can turn the tide report is based on research commissioned by Refinitiv that was conducted online by an independent third party in March 2019. A total of 3,138 managers with compliance-related responsibilities at large global organizations completed the survey, from across 24 geographies.

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