Armalytix Launches New Tools to Help Firms Avoid Fraud & Punishment

Armalytix, a cutting-edge fintech company that streamlines financial insights for financial crime and risk checks to the professional, financial services and gambling sectors, announced today the launch of Income and Risk Insights. The new set of tools will allow firms to break down and understand their clients’ income and streamline their risk management processes. These tools will be invaluable to firms facing increasing pressure from government and regulators to get AML, financial risk and affordability checks right. 

The launch comes on the back of a government plan for a new offence called the “failure to prevent fraud” (FTPF), included in a recent amendment to the Economic Crime and Corporate Transparency Bill. These tools will allow firms to navigate the increased risk of not identifying problem customers, ultimately enabling them to protect their reputation and avoid fines.

The product launch comes in two parts. Income Insights allows firms to pinpoint transactional data that reflects their client’s salary and other income streams. This income is then presented to the firms in simple to understand visuals, underpinned by the relevant data. 

Risk Insights allows firms to set their own risk parameters that will automatically flag any risky matters early. These parameters can be set according to each firm’s risk appetite. These risks will be flagged to the firm in a single checklist, saving them valuable time and resource and provide them with a clear, digital audit trail, available for review internally or by regulators.

Richard McCall, CEO and Co-Founder of Armalytix, said, “It’s great to be able to offer these new tools as attention ramps up on fraud and financial crime in the UK and abroad. We’re committed to making it easy for firms to spot the customers they shouldn’t be dealing with, and we believe this is the perfect solution for firms hoping to avoid risk from regulators”.

Armalytix’s solutions make the necessary checks fast, effective and low friction and ensure the costs of compliance are lower than the financial and reputational risks. As well as the new insights above, firms are provided with up to date and accurate financial data on their clients, market-leading analysis on that data and questionnaires to get the additional evidence and answers they need.

Clients to have signed up to use include Chadwick Lawrence, Woodford Stauffer and Sail Legal. Edwina Homfray Davies, a Director at Sail Leal said, “We are really enjoying the additional information that is being provided with the new reports.
Having the increased data, is helping us to identify early on, at a glance, the additional information that we require from our clients in order to satisfy the proof of funds. It helps us to better direct the request for information with better transparency, for the client.”