Wallace Chow, Fraud & Compliance Director of FCCA interviewed by Economic Digest, to share how the company assists financial institutions to meet regulatory compliance standards, as well as saving time and costs.
FCCA was established as a local start-up company in 2019, specifically focus on RegTech solutions and launched products to customers, such as banks and securities firms, etc. in 2021. Shortly after the product launch, the company reached cashflow breakeven. As to further expand business, FCCA is currently planning for the first round of financing and welcome other peers to join, together building ecosphere.
In recent years, the regulatory requirements to the finance industry have been constantly improved. In order to comply with the guidelines from regulators, more resources from banks and securities firms are required, to avoid violations that lead to fines.
By applying data analytics, artificial intelligence and machine learning, FCCA's solutions help financial institutions for transaction monitoring, identifying high risk customers and customer risk management, etc.
FCC is the abbreviation of Financial Crime Compliance. There are more and more banks establishing FCC Department across the globe. To highlight the business focus of the company, FCCA decided to use it as the company name.
Nowadays, as people create bank accounts, banks need to put Know Your Customer (KYC) procedures in place to learn customer background, avoid providing services to high risk customers, e.g. identify whether the customer is a Politically Exposed Person (PEP) or sanction designation.
In the recent Russia-Ukarine War, the sanction list is constantly updating. Financial institutions are required to closely monitor the latest situation to avoid falling into traps. With FCCA's solution, bank will be able to cross-check customers with database. Potential high risk customers will be filtered with alert scoring, which allows bank for further follow up.
For more details, please visit: