SIX picks Know Your Customer to support supplier risk calculations
SIX Group has selected regulatory technology provider Know Your Customer and its due diligence platform.
SIX, which operates the Swiss Stock Exchange and the Swiss financial centre, will use Know Your Customer to increase the accuracy of its risk calculations on suppliers that provide services and products within its ecosystem.
Know Your Customer says that its system provides direct connection to official company registries and instant identification of Ultimate Beneficial Owners (UBOs), which will enable SIX Group to “quickly and accurately” investigate the company structure of all its existing and prospective suppliers.
“While not all Business Units are mandated by regulations, on-going due diligence on all suppliers within our eco-system is a key priority for us,” says Nicolas Berger, head supplier for risk management at SIX Group.
“Partnering with Know Your Customer is an important step in our overall strategy of innovative technology adoption to reduce risks related to money laundering and terrorism financing within the SIX Group network”.
For Claus Christensen, CEO and co-founder of Know Your Customer, the collaboration with SIX is a “testament to their on-going commitment to digital transformation within their institution and in financial services in general.”
SIX is thought to be neck-and-neck with Euronext for the acquisition of Spanish exchange operator Bolsas y Mercados Españoles (BME).
SIX has put forward a deal worth €2.84 billion, valuing BME at €34 per share. Euronext has not disclosed its offer.