Based in Luxembourg’s fintech centre Lhoft, TrustQuay will now look to offer risk-based client screening in bulk with its new service. The technical assistance will be provided by anti-money laundering and know-your-client (KYC) provider RiskScreen. Corporate services, trust and alternative fund administrators perceive anti-money laundering and sanctions screening as “the most time-consuming regulatory burden” according to TrustQuay executive chairman Keith Hale.
“Our partnership with RiskScreen will allow providers to take a proactive risk-based approach to both anti-money laundering and sanction screening, saving time and money while reducing regulatory risk,” says Hale.
Improper anti-money laundering screening can open up corporate structures “vulnerable to sanction breaches”, says RiskScreen CEO Stephen Platt.