Clearing KYC for shipping S&P transactions in 3 days

Clearing Kyc In 3 Days

NBAS member Assentiri has taken the lead in the much-needed modernization of shipping transactions with state-of-the-art technology from the fintech sector.

Transactions in the maritime industry continue to rely heavily on manual, unstructured, and paper-intensive processes, which are time-consuming and resource-intensive.

Assentiri aims to change this. Leveraging Stacc Quesnay’s advanced Know Your Customer (KYC) and Anti-Money Laundering (AML) solutions, they provide a streamlined process that benefits shipowners, shipbrokers, banks, and lawyers.

Assentiri was founded in 2023 with strong ties to Norway and Singapore, two of the world’s leading maritime nations. The initiator is Torgeir Willumsen, who is also the Chief Executive Officer of the company. He is a maritime lawyer with extensive experience in maritime asset transactions. Joining him as co-founder is Philip Røer, who is the Chairman of the company and also CEO of Stacc Quesnay, which provides the technology that powers Assentiri’s products and services. Røer explains that utilizing Stacc Quesnay’s technology for Assentiri has proven to be an excellent match.

Streamlining compliance

“Stacc Quesnay’s KYC solution includes forms, APIs for source information, document management, e-signature solutions, and a white-label customer portal where case handlers can collaborate with end customers. At its core is a robust workflow system that ties business processes together, ensuring seamless operation and compliance. This technological innovation saves clients significant time and resources while enhancing efficiency,” states Røer.

Stacc Quesnay has built a strong team around compliance work and Client Lifecycle Management. They serve around twenty clients, including asset managers and niche players.

While their primary focus is on the Nordic market, they are excited about expanding into Singapore through Assentiri, a major business center.

Efficiency gains: 70-90% time savings

When it comes to quantifying the benefits of Stacc Quesnay’s KYC/AML solutions, the results are impressive.

For example, Nordic Corporate Bank in Oslo uses the system to manage their customer base from a compliance perspective, streamlining the onboarding process. The process involves minimal work for the customers and has led to significant efficiency gains. Nordic Corporate Bank saves the equivalent of two full-time positions with a relatively small customer base.

Other financial institutions using Stacc Quesnay’s technology for onboarding and ongoing customer management include project finance houses such as Ness, Risan & Partners, Clarkson Platou, and Pareto, as well as banks such as Pareto Bank and SEB.

In general, Stacc Quesnay’s technology saves clients between 70 and 90 percent of the time spent on KYC onboarding and customer follow-up.

“For ship buyers and sellers, a lengthy process poses a risk, as it gives both parties a free option to potentially withdraw from the transaction. Therefore, it is highly attractive to have a solution that reduces the KYC process potentially weeks to 3 days.” says Røer.

Utilizes more than 100 databases

“Assentiri exemplifies how our system covers business processes and KYC solutions, including document forms, audit trails, and tracking who did what and when,” Røer notes.

“Stacc Quesnay’s technology greatly assists Assentiri in delivering on our service promise of completing KYC in three days,” adds Assentiri Founder and CEO Torgeir Willumsen.

“Leveraging the platform’s API integrations, we are able to automate KYC searches through more than 100 databases to uncover sanctioned or criminal behavior among the parties involved in a transaction. Assentiri’s robust and efficient KYC process gives our customers great peace of mind when using our services,” adds Willumsen.

Cloud-based advantage: no legacy systems

One significant advantage for Assentiri is the absence of older legacy systems. They have adopted a cloud-based solution from the start, allowing them to quickly adapt business processes without lengthy and time-consuming deployments. This gives Assentiri a competitive edge, enabling them to streamline operations and respond swiftly to market demands.

“A core business process for Assentiri is KYC and AML work, crucial for ensuring we do not deal with sanctioned parties or vessels,” Røer explains.

“Traditionally, these processes take a long time due to the complexities involved. However, Stacc Quesnay’s technology automates many aspects, reducing the time required from potentially weeks to just a couple of days. The automation makes it feasible to manage these tasks effectively, even though the investigation part remains semi-manual due to the often complex or hidden ownership structures in shipping.”

Additionally, Stacc Quesnay’s technology simplifies ongoing due diligence, involving continuous monitoring of customers and transactions to prevent money laundering and terrorist financing. This is crucial to ensure that customers and transactions align with the customer’s risk profile.

Next step – utilizing AI

Looking ahead, one of the most exciting future trends is the use of AI to improve the investigation phase.

“Instead of just compiling data manually, AI can provide analysis and recommend steps for further investigation process,” Røer explains.

“This capability, combined with the ability to analyze large data sets, represents a significant advancement in KYC/AML technology that will further streamline and secure the KYC processes, ” ends Røer.