PLEIADS: Application of an Innovative Know-Your-Customer Digital Platform Which Transforms the KYC Ecosystem by Allowing Clients to Process Data Themselves and Mutualising Client On-Boarding Across Organisations.

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Banks and professional service providers in the financial services sector ought to comply with Anti Money Laundering (AML) Laws and Regulations. A critical function in meeting the requirements set by the legal/regulatory framework is the performance of Know Your Customer (KYC) / Client On-boarding checks to assess and monitor customer risk.Existing limitations in the way KYC checks are currently being performed, and the deficiencies in the mechanics utilised for the client on-boarding completion have resulted in frustration and dissatisfaction for all parties involved: banks, professional service providers as well as their respective clients.Oxford Innovation for Science and Technology Ltd (Oxinnotech) and Thridium Ltd (THR), two UK technology SMEs are collaborating and developing PLEIADS, a novel digital know-your-customer (KYC) portfolio platform. PLEIADS will allow clients to process KYC data themselves and enable the mutualisation of the performance of KYC checks and the validation of the relevant documents.It is estimated that PLEIADS will generate operational annual cost savings of ˜£2.5B while AML penalties will be reduced by approximately £2B; only in the first half of 2020 global AML penalties were close to £6B (Comply Advantage, 2021).