Cloud-based solution Alexis brings human factor back in the heart of the fight against money laundering, terrorism financing and financial crimes
Amsterdam, 19 November 2020 – Regxsa empowers Financial Institutions (FIs) in taking responsibility towards society and doing the right thing. The company launched the cloud-based platform Alexis to bring back the human factor in the heart of the fight against money laundering, terrorism financing and financial crimes. Regxsa supports FIs to make AML/CTF outcomes predictable, meet local and global regulatory requirements, and reduce risk exposures for both themselves and society.
Needs of FIs and society
On the one hand, FIs realize that they play a key role in society. They need to keep up with the everchanging strategies of criminals, who don’t follow laws and rules set forth in legislation and adapt their modus operandi based on the circumstances. Unlike FIs, criminals are not bound by licenses, investment restrictions, balance sheets, shareholders or regulatory restrictions. In short, FIs need to protect society by assuring they offer their products and services only for lawful and legitimate operations. On the other hand, society does not have enough knowledge on anti-money laundering, terrorism financing and financial crimes, unless the lives and safety of individuals are directly affected, for example by Ponzi schemes or real estate inflation caused by dirty money. Regxsa ensures that the needs of FIs are met and society is kept safe.
Information-sharing towards a safer society
Cooperation between FIs is paramount to creating safer financial services. If FIs can learn from one another’s vulnerabilities, they can not only prevent breaches but make their services safer for customers, their ultimate stakeholders. Closing these loopholes in oversight will allow FIs to benefit from each other, better align with regulation, provide society with improved financial services and prevent fines, which are costly outcomes of wanting AML/CTF investigation.
Technology to empower human investigations
To save time, energy and resources spent on investigating financial crimes and mostly, to bring back the human factor in the heart of the fight against crimes, Regxsa launched Alexis, a cloud-based AML/CTF investigation platform. It is not the technology but the easy-to-use features that defines how investigators will let technology work for them. Alexis is built with that philosophy, brings innovation and leverages many technologies which are hard to get within FIs. The solution has an expandable infrastructure for a massive volume of data. FIs can choose where they want to store their data. They can host in the cloud of choice locally, which means that they worry less about staying compliant with the regulations of their own country versus the different regulations of other countries. Ultimately, Alexis will help in creating a virtual, feature-rich investigator community where best practices are shared across connected FIs. Additionally, with the Alexis platform, no FI data is shared.
Flexibility and freedom are key
Flexibility and freedom to perform research is the core principal of the Alexis SaaS (Software-as-aService) platform. A proper strategy design to combat money laundering, terrorism financing and financial crimes focuses on a team that can be flexible, proactive and free to create plans and strategies and a team that can address regulatory expectations. Alexis ensures these two user groups are provided the right means to be flexible in defining strategies, and have freedom to explore criminal behaviors and focus on the most effective approaches.
The days of investigators looking at rows of data, exporting to excel and creating pivot tables are gone. Alexis offers a different perspective. Users can go time-traveling in the system and can zoomin/zoom-out on a combination of factors. For example, a smart criminal will try to stay under the radar by repeating the same activities over time. Alexis offers investigators an opportunity to bring these situations to light. As a platform, Alexis is not only enriched with the latest investigation techniques but pro-actively rolls out new features from connected FIs and publishes best practices from all connected parties. Before Alexis, this was not possible for FIs.
All of this allows FIs to protect society, themselves, and grow their business in a predictable, futureproof manner. In other words, Alexis presents the exposure to risky areas, after which FIs can bypass and expand their business in non-risky areas. Abhishek Dwivedi, CEO of Regxsa: “Previously, there was limited information available on money laundering schemes. There were not a lot of cases on the internet. We started a portal, gathered information such as news, case studies and fines across the world. Our core philosophy is to fight this crime together and with this portal we wanted to bring the community together. At the same time, the focus of the company was on consultancy services at major FIs. For years, the company consulted in patterns and behaviors on how the products and services could be abused for money laundering and what kind of controls could be put in place as a post transaction monitoring. Training and awareness were also part of our activities. We have years of on the ground experience across different FIs and have seen what works and what does not work. We have always been pragmatic in our solution-driven approach. Knowing what is and isn’t possible led to the launch of Alexis, an out-of-the-box solution that can scale and innovate at a fast pace – across the silos of organizations.”
Regxsa, formerly known as AMLabc, initially started as an AML portal in 2012. The company soon became the best partner in the field to empower investigations within FIs, thus to detect and prevent money laundering, terrorism financing and financial crimes. Regxsa aims at achieving and exceeding regulatory expectations and doing the right thing for society, through advisory services, training, placement and cloud-based AML investigations. The company launched the SaaS (Software-as-aService) investigation platform Alexis in 2020. Regxsa is located in the Netherlands and operates worldwide. More information via http://regxsa.com.