NIYEAHMA teams up as a knowledge partner with FACCTUM

NIYEAHMA teams up as a knowledge partner with FACCTUM to deliver state-of-the-art AML compliance software for Designated Non-Financial Businesses and Professions (DNFBPs) and Virtual Asset Service Providers (VASPS).

DNFBPs and VASPs are regulated entities under the AML/CFT laws and regulations of various countries. Entities including Dealers in Precious Metals and Stones (DPMS), Trust and Company Service Providers (TCSP), Lawyers, Notaries, and Other Legal Professionals, Accountants, Auditors, Tax Consultants, and Real Estate Agents, are classified as DNFBPs.

The DNFBPs and VASPs sector is characterised by small and medium-sized entities. This sector is required to comply with various requirements, such as sanctions screening, KYC, customer risk assessment, regulatory reporting, AML/CFT policies and procedures, Enterprise-Wide Risk Assessment (EWRA), and more.

Due to the ever-increasing compliance burden, unavailability of skilled resources, and diverse rules and regulations, the DNFBPs and VASPs struggle to automate their compliance processes.

AML/CFT solutions are available in silos, and the entity-level compliance picture is seldom known. That’s where RapidAML comes into the picture, a software developed by FACCTUM with NIYEAHMA working as a knowledge partner.

RapidAML is a unified AML compliance software offering an enterprise-wide view of risk and compliance.

KK Gupta

Founder & CEO, FACCTUM

A single consolidated view of the entity-wide AML/CFT compliance for DNFBPs and VASPs is something which has been missing for quite some time. With NIYEAHMA working with us as Knowledge Partners, we want to revolutionise AML compliance for regulated entities just as we do for banks and financial institutions.

NIYEAHMA provides AML consultancy services through its brands – AML UAE, AML Singapore, AML Consultants UK, AML KSA, AML Bahrain, AML Muscat, AML India, AML FAQs, and ProAML Training. It possesses premium know-how in global AML/CFT laws and regulations.

NIYEAHMA understands the pain points of DNFBPs and VASPs when it comes to automating their compliance processes. RapidAML is unified AML software for DNFBPs and VASPs that automates screening, KYC, customer risk assessment, case management, and regulatory requirements.

RapidAML is currently under active development and is open for beta testing by select DNFBPs and VASPs.

Pathik Shah

Founder, NIYEAHMA

As we deliver our services, we constantly encounter the challenges that DNFBPs and VASPs face. But soon, those challenges will be a thing of the past. We're working diligently on writing specifications and stepping in as Knowledge Partners to tackle the unique issues regulated entities in this sector deal with. With FACCTUM, our trusted technology partner known for its expertise in RegTech and RiskTech, we're confident that AML compliance is about to become far easier and faster for DNFBPs and VASPs. Together, we're committed to leaving no stone unturned to fight financial crimes.

United by the shared vision, Facctum’s tech skills and NIYEAHMA’s AML expertise complement each other and it’s being utilised in the development of RapidAML. To learn more about RapidAML, visit https://rapidaml.com

“I am pleased to find the presence of veteran professionals in the industry who are dedicatedly working on addressing the challenges faced by DNFBPs and VASPs. NIYEAHMA looks forward to elevating the AML compliance efficiency through this collaboration.”

Jyoti Maheshwari

Partner, NIYEAHMA

RapidAML endeavours to transform AML/CFT compliance for the new era!

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