FAQ

What does Lacuna do? What “kind” of company is Lacuna?

Lacuna is more of a movement than a company. A movement that has set out to protect Banks and Financial Institutions from the global risk of financial crime. Lacuna has brought together experts in technology and data to develop a platform that  delivers a complete 360° view of  clients, called ClientScope™. Our first two modules, BankCheck and CSLEID Link solve the challenges of KYC and CDD in assessing the health of clients and counterparts, not just at the beginning of the relationship but through the lifecycle.

Who started Lacuna and why? When?

Diana Downing conceived of Lacuna in 2011. She brought together a group of financial institution professionals to develop ClientScope™ . These professionals had first-hand experience with many banks that were having problems building systems that ensure they are compliant with the regulatory environment as well as documenting  and tracking their clients, and strictly adhering to anti-money laundering rules. They had seen companies that existing “legacy” solutions offered by third parties also fail. Lacuna solves.

What problems does ClientScope solve?

For banks, financial institutions, and payment providers, satisfying KYC and AML requirements to achieve the greatest transparency about their clients’ businesses is critical. This is not just at the initial onboarding of a client, but continuously throughout the client relationship.

Deploying large numbers of additional FTE (full time employees) to solve KYC remediation/onboarding efforts is a short term, expensive and less than efficient solution. Lacuna offers highly automated and efficient solutions reducing the cost burden and critically allowing firms to grow their franchises, in a safe, sound and secure environment. Beyond KYC, continuous and exacting AML monitoring of payment flows is challenging because of the the ingenuity of today’s criminals. The need to stay one step ahead is paramount, but very difficult to achieve without the right tools. With Lacuna, data records are matched and locked down to prevent manipulation while providing sophisticated alerts of red flag events within the payment flow. With Lacuna ClientScope™ there is finally an efficient, highly automated platform that applies a suit of armour for the lifecycle of client relationships to protect against financial crime.

Who are Lacuna’s clients? Why can’t they do this work for themselves?

Lacuna’s clients are world-leading  banks and other financial institutions. So far, many have struggled to provide what Lacuna does because of the silo-based workings within their organisations. Silos keep departments and the information and data that they hold separate, serving as an obstacle to collaboration that would allow an organisation to know and understand its clients better.

How can Lacuna compete? What makes it able to create and deliver better technology than either the competitors or its clients could produce?

ClientScope™  competes simply by offering solutions that work quickly, and more cost effectively. We are able to do this because each member of our senior team has decades of insight into the problems we are solving, and because our technology team is best in class.

Why is transparency so important?

We believe transparency is the thing that will allow banks to regulate themselves better than they have in the recent past, and to earn and keep the respect and loyalty of their customers. When you have nothing to hide, everything becomes much easier.

What role does machine learning or artificial intelligence play in your business?

Every organisation that uses our services will use them differently. Our technology tracks common usage patterns, thereby learning to skip steps that may not be needed or to automatically produce reports or send notices, for example.

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