Jun 25

Lacuna Solutions announces ClientScope™ AFME DDQ Tool

Announcement made at The Network Forum’s Annual Meeting 2018 in Vienna


London, UK and Vienna, Austria, 25th June 2018. Lacuna Solutions, the creators of ClientScope™, a platform that delivers to banks and financial institutions a complete 360° view of their clients, announces the launch of its ground-breaking tool created specially for Network Managers called CS AFME Tool.

Lacuna Solutions provides adaptable mechanisms for critical data to be managed and consumed: Data related to KYC, AML, transaction monitoring and ongoing client/counterparty due diligence, providing for greater automation efficiencies as is critical towards meeting regulatory driven requirements and standards.

ClientScope’s BankCheck (Financial Institutions) and ClientScope LINK™ modules have already proved their value to Lacuna’s growing list of global clients. BankCheck (FI), through its data aggregation platform, is a simple cost-effective solution for KYC due diligence, providing very detailed client ownership information, related documents and financials. BankCheck (FI) combines graphical database technology with linked open data, to link and store over 1.5 billion data items. It is an advanced analytical framework for FIs with a usable interface that streamlines the workflows of KYC due diligence teams.

ClientScope LINK™ uses Lacuna’s proprietary matching rules to link an organisation’s entity reference data with the matching CSLEID (ClientScope™ Legal Entity Identifier). With this, critical reference data has 24/7 access to the full power of the Lacuna linked-data universe and the machine learning tools that keep it updated.

At the Network Forum Annual Meeting this Year, Lacuna is announcing its ground-breaking ClientScope AFME DDQ Tool.

This year The Association for Financial Markets (AFME) published a revised edition of its Due Diligence Questionnaire incorporating 20 new additional questions and increasing in breadth with the addition of a Global Custody section. The AFME DDQ is the most harmonised document for the industry but is difficult to complete and to consume. It is generally distributed internally across departments and geographies for disparate teams to complete. This is a complex, time consuming process and the scale of the work required for questionnaire gives rise to potential errors and omissions.

CS AFME DDQ Tool provides automation and intelligence to relieve the complexity of the existing process, both in the completion of the document and also in the way the answers from the third party questionnaires are addressed.

To assist with creating the questionnaire, the CS AFME DDQ Tool pre-populates answers in accordance with publically available and verified data records. Additionally, given our relationships with our clients, we will take instructions on the standardised answers per question, and complete on our clients’ behalf. The part completed questionnaire will be presented back for validation and for any additional comments and responses.

Upon receiving the document from third parties, CS AFME DDQ Tool filters responses and directs them directly to the respective user groups, highlighting non-standardised (unexpected) responses aiding immediate and timely investigation. Working with an internal list of users significantly reduces the amount of time in the management and administration of the document.

“The CS AFME DDQ tool takes a lot of the pain out of the completion of this complex document and makes the process more streamlined and efficient as well as eliminating potential omissions and oversights,” said Paul Joseph, CCO of Lacuna. “This is the first time Network Managers have had a tool developed specifically to their needs in completing this questionnaire,” he added.


About Lacuna

Founded by banking-industry professionals, Lacuna uses technology sharpened by first-hand experiences of the weaknesses in financial institution systems that have been implicated in recent well publicised fines that have run into $billions.


For more information, please contact Jacki Vause at jacki.vause@lacunaclientscope.com

A full press kit and images can be found at www.lacunaclientscope.com/press