The latest technology news in the wealth management sector from around the world.

Avaloq, ACTICO
Avaloq, the banking and wealth management software house, has expanded its partnership with ACTICO, a firm providing automation and digital decision-making software.

The companies are integrating the ACTICO Compliance Suite into Avaloq's software solutions for banks and wealth managers.

The ACTICO Compliance Suite uses machine learning methods in a number of areas, including: detecting and preventing money laundering and terrorist financing; customer due diligence and know-your-customer checks; identifying persons of risk and politically exposed persons; sanction and embargo monitoring; monitoring and documenting employee transactions; preventing insider trading and market abuse; and detecting fraud and other crime. 

These processes involve checking people, payments and securities orders against established compliance rules, which the Compliance Suite then uses to automatically decide whether a compliance risk exists for new or existing customers. 

Avaloq said the partnership comes at a time when national and international organisations are tightening the screws on illicit money flows. For example, the European Union this year brought in the 5th Money Laundering Directive, and this year Switzerland’s FINMA introduced its Money Laundering Ordinance (MLO-FINMA).

"The expansion of our partnership with ACTICO illustrates the importance Avaloq attaches to the basic principle of an open platform architecture. It enables us to quickly add innovative external solutions to our own comprehensive range of products and services in order to provide our banking clients with the best possible offering at all times,” Martin Greweldinger, Avaloq Group chief product officer, said.