Compliance, Compliance News, Regulatory, Tech, Technology, UK
Pictured (left to right): Mark Loring, Partner, Financial Crime Managed Services Lead, London, PwC UK; Kristoff Zammit Ciantar, Founder & CEO, KYC Portal; Mark Hunter, Partner, Advisory, Jersey, PwC Channel Islands.
By PAUL O’DONOGHUE, Senior Correspondent
KYC Portal CLM, a leading no-code client lifecycle management (CLM) platform, has announced a strategic collaboration with PwC UK and PwC Channel Islands.
KYC Portal CLM’s platform includes AML technology such as risk assessment tools and advanced customer due diligence (CDD) features. The company has said its system can increase efficiencies by over 60%.
As part of its new partnership, PwC will offer services to KYC Portal clients. KYC Portal will provide its products, such as AML and CDD systems.
Customers can then use PwC services to ensure these systems align with local compliance procedures and regulations in different jurisdictions.
“KYC Portal CLM is revolutionising how organisations manage compliance, risk, and client lifecycle processes,” said Kristoff Zammit Ciantar, Founder and CEO of KYC Portal.
“Through this collaboration with PwC, we are empowering companies with an unparalleled combination of technical excellence and strategic insight.
“We are proud to partner with PwC and look forward to presenting our combined service playbook to clients.”
“With KYC Portal CLM, we can help organisations navigate compliance complexities confidently,” said Mark Loring, Partner and Financial Crime Managed Services Lead at PwC UK.
“This collaboration allows us to deliver strategic consulting alongside cutting-edge technology to support operational and compliance objectives.”
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US Department of Justice
Action is Latest Disruption of U.S.-Based “Laptop Farms” that Deceive U.S. Companies Into Hiring DPRK Nationals The Justice Department today announced the indictment of North Korean nationals Jin Sung-Il (진성일) and Pak Jin-Song (박진성), Mexican national Pedro Ernesto Alonso De Los Reyes, and U.S. nationals Erick Ntekereze Prince and Emanuel Ashtor for a fraudulent scheme to obtain remote information technology (IT) work with U.S. companies that generated revenue for the Democratic People’s Republic of Korea (DPRK or North Korea).
FINTRAC
FINTRAC published today a new Operational Alert, Laundering the Proceeds of Illicit Synthetic Opioids, as part of the Government of Canada’s efforts to combat the threat posed by deadly illegal drugs, protect vulnerable communities and save lives. This new Operational Alert will assist businesses in identifying and reporting financial transactions related to the laundering of proceeds from the importation, production and distribution of fentanyl and other illegal synthetic opioids. Reporting from businesses will, in turn, facilitate the production of actionable financial intelligence in support of law enforcement investigations and prosecutions of these appalling crimes.
CIFAS
- Report recognises National Fraud Database as ‘crucial’ in financial crime response for businesses
- Data sharing enables firms to ‘take swift action’ to mitigate risk, notes FCA
- Cross-sector collaboration remains critical in the fight against muling
We warmly welcome the Financial Conduct Authority’s (FCA) investigation into how the Cifas National Fraud Database (NFD) is used by our members to manage the risk posed by money mules. The FCA’s report recognises the critical role that data sharing and intelligence plays in helping businesses to tackle this pervasive crime.
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