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Conotoxia joins the RegTech revolution and adds AML and compliance services to its portfolio

10 Dec 2019 9:00|Conotoxia.com

Conotoxia.com will provide companies with access to regulatory technologies that optimise the implementation of legal compliance requirements.


International fintech once again surprises the market. This time it enters the RegTech industry. It will provide comprehensive tool, in the form of an easy-to-use platform, personalized in terms of customer requirements, dedicated to combating financial crime.

With regard to financial security and fraud detection, EU directives, as well as local regulations, impose strict requirements on the financial institutions. Failure to do so can result in huge fines, loss of reputation or even licence. Moreover, the compliance-related costs consume a large part of companies’ budget, so more and more of them decide to outsource the whole or some parts of the process to external institutions, like Conotoxia.com.

Conotoxia.com will offer a software that includes, among others, a machine learning fraud detection system, CDD/ KYC, sanction and PEPs screening, risk scoring and transaction monitoring. The tailor-made portfolio of services may contain all or only selected components — it is adjusted to the client’s needs, and it is priced individually. At the beginning, start-ups after meeting some conditions will use the service for free.

"AML and compliance regulations are the reason why those in charge of institutions, regardless of the size or character, can’t sleep at night. Our custom-built services are designed to meet the specific requirements of every business customer, upgrading their internal AML systems and procedures," says Piotr Kicinski, Vice-President of Cinkciarz.pl, part of Conotoxia Holding. "We have successfully implemented and tested the proposed solutions in companies from the Conotoxia Holding group. They have also been audited by one of the largest expert companies in the UK and another one in the US, with which we have established long-term cooperation for continuous monitoring. Today, our systems are in line with all requirements, both local and those specified for the EU and US markets. After meticulously carried out work, we implement the new offer with a clear conscience," adds Kicinski.

Conotoxia.com web portal has been systematically expanding the available portfolio of multi-currency financial services for several years. Business solutions is one of the pillars of this offer. The web portal has recently enabled service of currency rates for companies. Other elements, such as online payment system, Conotoxia Pay, and a tool for receiving and managing incoming transfers in foreign currencies, Conotoxia Collect, are popular among European companies.

More information about the service can be found at: https://conotoxia.com/business/regtech

RegTech services are offered by Bigscreen Defense Sp. z o.o.

10 Dec 2019 9:00|Conotoxia.com

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