SIX Group has selected award-winning RegTech provider Know Your Customer to strengthen its procurement process and better assess the risk associated with its international suppliers.
SIX Group is the FinTech organisation operating the Swiss Stock Exchange and providing the overall infrastructure for the Swiss financial centre. Controlled by an association of banks, the Swiss Stock Exchange has always been at the forefront of FinTech innovation, since becoming the first stock exchange in the world to incorporate a fully automated trading, clearing and settlement system in 1995.
By utilising Know Your Customer’s due diligence platform, SIX Group is looking to increase the accuracy of its risk calculations on suppliers that provide services and products to companies that are members of the Swiss exchange eco-system. The Know Your Customer platform – which provides direct connection to official company registries and instant identification of Ultimate Beneficial Owners (UBOs) – will enable SIX Group to quickly and accurately investigate the company structure of all its existing and prospective suppliers, further reducing the risk related to money laundering and financing of terrorism.
Established in 2015, Know Your Customer provides best in class digital solutions for anti-money laundering (AML) and know your customer (KYC) compliance to financial institutions and regulated organisations around the world. By centralising the KYC/AML process for all client types within one solution, Know Your Customer strengthens compliance, reduces costs and delivers exceptional onboarding experiences to both individuals and corporate entities.
Nicolas Berger, Head Supplier Risk Management of SIX Group, commented:
“While not all Business Units are mandated by regulations, on-going due diligence on all suppliers within our eco-system is a key priority for us. Partnering with Know Your Customer is an important step in our overall strategy of innovative technology adoption to reduce risks related to money laundering and terrorism financing within the SIX Group network”.
Claus Christensen, CEO & Co-Founder of Know Your Customer, added:
“SIX Group and the Swiss Stock Exchange Group are known all over the world as early adopters and unique promoters of FinTech and RegTech innovation. This collaboration is testament to their on-going commitment to digital transformation within their institution and in financial services in general. At Know Your Customer, we are delighted to provide the range of digital solutions that will enable SIX Group to fully digitise their supplier procurement and on-going due diligence process”.