Latest news with #MyComplianceOffice
Business Wire
01-07-2025
- Business
- Business Wire
MCO Adds AML and KYC Capabilities to the MyComplianceOffice Platform
NEW YORK--(BUSINESS WIRE)--MCO (MyComplianceOffice), a leading provider of compliance technology, has enhanced its platform with Anti-Money Laundering (AML) and Know-Your-Customer (KYC) capabilities. This addition expands the platform's financial crime and third-party compliance functionality, providing firms with a powerful solution to meet regulatory obligations and proactively manage risk. Expanded financial crime and third-party compliance functionality provides firms with a powerful solution to meet regulatory obligations and proactively manage risk. MCO's AML and KYC capabilities enable financial institutions to transform and automate their customer due diligence process. From onboarding to periodic reviews to client maintenance and offboarding, MCO's platform systematically manages the collection of KYC information and in-depth screening of clients and related parties continuously throughout the lifecycle of the relationship. By leveraging cutting edge technology to disregard false positive noise and escalate only the most relevant potential matches for Sanctions, PEPs, and Negative News, MCO allows Compliance teams to streamline investigations and focus on high value work. The system provides a traceable, quantified view of risk and a customizable and automated compliance framework that improves data integrity and reduces the operational burden of managing disparate systems. 'Our clients are facing increased regulatory scrutiny and pressure to deliver more from their compliance programs with fewer resources,' said MCO CEO Brian Fahey. 'By embedding AML and KYC into our core platform, we're giving firms the tools they need to stay ahead of financial crime risks—without the complexity of managing disconnected point solutions.' MCO recently explored the latest trends in financial crime compliance during a webinar featuring Neil Katkov, PhD, Director at Celent, who brings extensive insight into the evolving regulatory and technology landscape. 'As financial services becomes increasingly digital—driven by real-time payments, mobile platforms and cross-border transactions—the potential for financial crime is rising. Firms must rethink the structure of their compliance architecture,' said Neil Katkov, Director, Celent. 'Integrating AML and KYC into a broader compliance platform like MCO's not only enhances control but also improves agility in responding to both threats and regulatory change.' About MCO MCO (MyComplianceOffice) provides integrated compliance management software that enables global financial services firms to operate efficiently, ethically, and compliantly. With 30+ products on a single system, the powerful MyComplianceOffice platform enables compliance professionals to demonstrate that they are proactively managing compliance obligations and the regulated activities of employees, the company, and third parties. To learn more about the MyComplianceOffice platform and watch the webinar, visit
Irish Examiner
20-06-2025
- Business
- Irish Examiner
Adaptability is key to success in rapidly evolving regtech space
Irish firms are not only keeping pace with international compliance trends, they're also helping define them, with companies such as Fenergo, Corlytics, AQMetrics, Daon and Know Your Customer having established world-leading positions in the demanding regtech space. According to Brian Fahey of MyComplianceOffice (MCO), the foundation of this success can be traced back to the establishment of the International Financial Services Centre and the introduction of a 10 per cent corporate tax rate at the time. This was the nascence of an ecosystem that nurtured professionals to advance into senior roles and in some cases gain international experience. Brian Fahey of MyComplianceOffice (MCO). 'Many have since returned, bringing valuable expertise with them,' says Fahey. This international perspective is important. 'Ireland's relatively small domestic market necessitates looking outward for business opportunities, driving the development of global solutions. In contrast, regtech firms from larger economies – such as the United States – often focus solely on domestic regulatory solutions,' he adds. Ongoing investment by Enterprise Ireland and IDA Ireland has supported the sector to flourish with a global outlook. While the Republic is home to many foreign direct investment companies in highly regulated industries, such as pharmaceuticals and food production, none of these sectors have fostered a regtech ecosystem on a par with financial services. 'The sheer number of financial firms operating in Ireland probably continues to shape and sustain Ireland's thriving ecosystem for regtech,' says Fahey. 'Globally, regtech solutions for banking and investment span numerous specialised segments, each addressing specific regulatory and enforcement challenges that have evolved over time. Each segment has its own set of competitors worldwide, and several Irish regtech firms are demonstrating leadership and innovation in these areas.' Fahey points to Corlytics as a pioneer in horizon scanning, leveraging artificial intelligence well before the advent of large language models. 'There are many other firms striving to be 'best of breed' solutions, which Irish firms often have to be as they are competing globally,' he says. His own firm, MCO, is the largest Irish-owned regtech firm in Ireland, carving its niche with a single, enterprise-wide integrated platform for banking and investment firms. 'Traditionally, these firms have relied on multiple vendors for compliance solutions, but MCO consolidates these capabilities at scale. There is not another firm like us with the breadth of compliance offerings on an integrated platform,' says Fahey. Ian Nelson, partner, head of financial services and regulatory, KPMG Ireland, agrees with Fahey's take that the success of Ireland's regtech sector directly parallels the development of the financial services sector, and it's becoming a symbiotic relationship. Ian Nelson, partner, head of financial services and regulatory, KPMG Ireland. 'Those entities that are able to use regtech solutions to allow for a less time-intensive, less manual and, by extension, better regulatory outcomes, coupled with better customer experience, will be at the forefront of the winners in the sector,' he says. Nelson says that by their nature, a number of regulatory solutions are very quickly scalable from a localised to an international environment, and Irish regtech firms have become very quick to evolve in that context. 'For example, regtech firms that offer solutions in relation to anti-money laundering (AML) requirements, that have been tailored for an Irish regulatory regime, can be quickly scaled to an international set of requirements where the technology is in place, and it is about a simple evolution of the rules within the technology.' Julie Kennedy, partner, financial services risk and regulation, PwC Ireland, says the financial services sector has undergone a profound digital transformation, reshaping the way products and services are delivered to customers. 'This shift has necessitated the revamping of both customer-facing platforms and back-office infrastructure,' she says. Julie Kennedy, partner, financial services risk and regulation, PwC Ireland. 'The regtech industry is emerging as a powerhouse, bolstering firms in navigating a complex regulatory landscape with innovative solutions that not only streamline compliance but also enhance customer service and afford companies a strategic edge.' Looking at Ireland as an incubator for regtech innovation, she sees impressive innovation in niches including AML and counter-terrorism financing. 'Statistics reveal a surge in regtech start-ups in Ireland, with many gaining unicorn status,' says Kennedy. In the face of increasing global regulatory complexity, adaptability and innovation are the keys to success. 'Irish regtech firms are adeptly navigating the tangled web of global regulatory requirements by crafting systems that are both scalable and adaptable,' says Kennedy. 'Amidst rising competition and evolving legislation, Irish firms are setting benchmarks with agile technologies that cater to both European and international demands. Industry leaders highlight the strategic importance of this adaptability, pointing to Ireland's prime position at the nexus of European finance.'
Irish Examiner
18-06-2025
- Business
- Irish Examiner
Keeping pace in the financial fraud arms race
With financial crime estimated to cost upwards of $3 trillion globally and continuing to grow, it can seem as if the criminals have the upper hand. But Irish fintechs are helping both financial services institutions and consumers to take on the fraudsters – and win. 'Through the deployment of technologies including digital ID checks, real time transaction monitoring, fraud awareness campaigns and artificial intelligence, Irish fintech companies are supporting the financial services systems to identify suspicious activity faster and more accurately,' says Julie Kennedy, partner in financial services risk and regulation at PwC Ireland. Julie Kennedy of PwC Ireland. 'The Central Bank of Ireland has selected several firms for their inaugural innovation sandbox programme, the theme of which is Combatting Financial Crime,' she adds. 'It aims to provide regulatory advice and support to firms who are developing innovative methods to combat financial crime. For consumers, this means safer online banking and fewer scams and supports the development of trust within the financial services system.' Even still, it's a never-ending chase, the pace of which is accelerating. 'Criminals will exploit new technologies to defraud financial institutions (FIs) faster than they, or regulators, can keep up. With generative AI, crypto, decentralised finance, and more, financial crime can be committed in new ways and at a scale seen before,' says Daragh Tracey, director of product management at MyComplianceOffice (MCO), a compliance management software platform. Daragh Tracey of MyComplianceOffice. 'With generative AI, fraudsters can use social security numbers stolen from a data breach and generate fake passports and fake social media profiles and then use them to open bank accounts in large volumes.' In an era of sanctions since the Russian invasion of Ukraine, criminals are using technology to create complex shell company structures distributed around the world to hide sanctioned individuals, he says, ultimately to launder money through the US financial system or other financial hubs. 'So to some financial institutions, it does feel like the bad guys are winning. FIs are burdened by slow, oftentimes manual, know your customer and anti-money-laundering (AML) systems to screen, verify and monitor customers, as well as regulatory obligations under the Banking Secrecy Act [and] the sixth AML Directive. The truth is that criminals are innovative; they'll use the latest technology to overload and bypass these checks in order to launder money and commit other financial crime.' It's why the sector must be proactive. 'Financial institutions have been in a defensive position for a long time now but those that have adapted to the new world and leveraged modern technology solutions have been able to turn the tables and get ahead of the criminals and fraudsters,' says Tracey. 'For example, where sanctioned individuals are hidden behind shell companies, we need solutions that can systematically drill down through those layers of obfuscation and identify the sanctioned person or company. If passports are being faked, FIs need systems that can automatically verify legal documents and match them against the owner. Cutting-edge software can be used to automatically risk assess not just all customers, but also all shareholders, firms and any other related business or person connected to the customer, to assess them for risk and apply scrutiny accordingly.' What doesn't work is trying to expand manual due diligence processes. 'If financial institutions are using outdated systems – sometimes even email and excel – to on-board their customers, they're going to be outpaced by criminals using the latest technologies,' he cautions. 'Using behavioural insights based on data including customer info, shareholder data, transaction activity, connections to internal employees, and more, MCO builds a network view of the risk posed by the customer that FIs can use to anticipate risks proactively rather than just reacting after the crisis.' As a fintech neobank, Revolut takes the industry-wide risk of customers being coerced by sophisticated criminals incredibly seriously and, in 2024 alone, prevented approximately €750 million in potential fraud against its customers. Malcolm Craig of Revolut. 'The business continually enhances the app's security features, this year launching in-app calls to help customers quickly expose phone-call scams, as well as implementing real-time AI fraud detection systems, transaction limits, biometric authentication, and providing educational resources to help consumers remain informed,' explains Malcolm Craig, general manager at Revolut Bank UAB – Ireland Branch. Indeed, Revolut's Financial Crime team represents almost a third of its global workforce. It has also developed sophisticated AI models capable of spotting and blocking potentially fraudulent transactions. Revolut, alongside many other financial institutions, deploys a number of different interventions that are designed to 'break the spell' of scammers and fraudsters, he says. 'While Revolut can't share the specifics of these interventions, so as to not provide any insight that could help criminals socially engineer their victims, the business is constantly testing a range of eye-catching warnings. Revolut urges its customers to take stock of its warnings and interventions to ensure that their money is protected,' he adds. Current in-app security features include strict identity checks powered by machine learning, which enable Revolut to verify identity quickly and thoroughly, to prevent criminals from setting up accounts. Every mobile device with Revolut on it is attached to a customer's biometrics. So if their phone is stolen, or their account is logged into on a new device, the same checks will apply. Customers can personalise their security settings across more than 10 features, including card controls, location-based triggers, gambling blocks, and more. A customer's physical card must be activated in-app. That's the only place their PIN is available. 'If something looks suspicious, Revolut's machine learning models pick it up. AI algorithms can flag high-risk transactions and suspicious spending patterns immediately,' he adds.
