Follow our blog…

FCA review shows insufficiencies in due diligence processes



The recent review by the Financial Conduct Authority highlighted insufficiencies in the CDD and EDD processes of 6 challenger banks.


Consistent EDD checks as part of the onboarding process are increasingly becoming necessary to prevent sanction evasion and financial crime.

But this puts a huge pressure on the time and resources of an organisation, and is ultimately unsustainable.

No two analysts go through the exact same process, no matter their training. This becomes more challenging the bigger your organisation is.


Using machine-reproducible techniques and cloud computing scale enables repeatability and consistency across even the biggest teams and processes.


With Xapien, institutions can run systematic, consistent EDD checks on all relevant customers, and get the results within minutes, enabling them to onboard the right customers, faster.


Xapien systematically trawls through millions corporate records and all open access data to provide risk-flagged information on any individual or company. This includes categories details on occupation and income of your subject.


With the standardised, methodical research and reporting that automation can bring, sorting the bad guys from the good has never been easier.

https://www.fca.org.uk/publications/multi-firm-reviews/financial-crime-controls-at-challenger-banks