Apr 26

Lacuna Solutions appoints Chief Commercial Officer

Paul Joseph joins from Deutsche Bank to head business development

 

Lacuna Solutions, the creators of ClientScope™, a platform that delivers to banks and financial institutions a complete 360° view of their clients, has today appointed Paul Joseph as CCO. Mr Joseph joins from Deutsche Bank, London, where he held several senior roles including Sales Sector Head of Financial Market Infrastructures, Asset Gatherers and Insurers within the Securities Services Division. Prior to Deutsche Bank, Mr Joseph held similar senior roles at JPMorgan, with a heavy focus on correspondent banking relationships.

As Chief Commercial Officer for Lacuna, Mr Joseph will head business development reporting to CEO Diana Downing.  

“I have seen Lacuna’s phenomenal growth and take up: Lacuna is more of a ‘movement’ than a company, dedicated to helping the payments industry in the battle against financial crime. I am thrilled to have the opportunity to join a hugely dynamic team in delivering solutions that protect Banks, Financial Institutions and Payment providers from the ever-increasing global risk of financial crime,” said Paul Joseph. “As an experienced banker of over 30 years, I see the impact on the industry in satisfying regulatory driven KYC and AML requirements and standards, aimed at achieving the maximum level of transparency about the clients’ businesses. This is not just at the onboarding of a relationship, but continuously throughout the client relationship.”

“Deploying large numbers of additional FTE to solve KYC remediation/onboarding efforts is a short term, expensive and arguably 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 sophistication 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 the Lacuna ClientScope™ product range 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.”

“I am delighted that Paul has decided to join our senior team,” said Diana Downing. “Lacuna is founded and run by industry professionals and is experiencing exponential growth. Each one of our senior team has unique credentials and expertise but also a passion to make a change in this industry. I have worked with Paul in previous roles and it’s exciting to welcome such a credible, connected CCO who can help us bring positive change to the financial world and demonstrate why some of the biggest names in banking are switching to ClientScope™.”

Lacuna’s ClientScope™ platform helps banks and other organisations manage the increasingly complex business, risk and regulatory relationship that financial institutions have with their clients. This in turn improves the quality of strategic decision making and planning across markets, clients and products.

Were it a country, the value of money laundering alone would rank it fifth among global economies at 3% or $1.6 trillion of global GDP, according to a report by Payments Cards & Mobile citing data from 2009, the most recent year for which comprehensive data are available from the United Nations Office on Drugs and Crime. (1)

Fraud in the UK alone cost the economy more than £2bn in 2017, with nearly half of that value coming from financial services, according to research from accountancy firm BDO’s FraudTrack. (2)

 

(1)       http://www.paymentscardsandmobile.com/money-laundering-fifth-largest-economy/

           and

            https://www.unodc.org/unodc/en/frontpage/2011/October/illicit-money_-how-much-is-out-there.html

 

(2)      https://www.bdo.co.uk/en-gb/services/advisory/forensic-services/fraudtrack

 

About Lacuna

Founded by banking-industry professionals in 2011, 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

jacki.vause@lacunaclientscope.com