Wealth-X Expands Its Product Portfolio With Launch Of WEALTH-X DILIGENCE

New Solution Brings Together Wealth Intelligence And KYC To Enable Businesses To Meet Compliance Needs And Mitigate Risk

Jun 02, 2014, 03:30 ET from Wealth-X

LONDON, June 2, 2014 /PRNewswire/ -- Wealth-X, the world's leading ultra high net worth (UHNW) intelligence provider, today launched WEALTH-X DILIGENCE (WXD), the only product of its kind that combines wealth intelligence and Know Your Customer (KYC) solutions for financial institutions and not-for-profit organisations to meet their regulatory requirements and mitigate reputational and commercial risk.

WXD, which is currently being offered to Wealth-X clients in 160 countries, provides organisations with enhanced dossiers on UHNW individuals, detailing their source of wealth, significant litigation or sanctions, political inclinations and connections, wealth breakdown and analysis, business activities and asset holdings.

As a solution designed for KYC compliance, the enhanced WXD dossier incorporates the elements of anti-money laundering (AML) and anti-bribery and corruption (ABC) checks to ensure that clients discharge their regulatory responsibilities and understand any risks that may present themselves when dealing with a given UHNW individual and/or their known associates. The UHNW population, whose wealth can correspond to innate customer risk, is also increasingly under scrutiny for source of wealth details, tax transparency and disclosure.

There are several key features that differentiate WXD from other KYC products:

  • With WXD, clients can enjoy a single view of their UHNW clients by combining wealth analysis with other essential KYC checks.
  • WXD reveals the individual's source of wealth, underpinned by Wealth-X's proprietary valuation methodology.
  • It provides detailed information on PEP status, sanctions, significant litigation, and any other adverse information such as the vulnerability to dealing with proceeds of crime.
  • It enables clients to properly understand social and business networks through the characterisation of PEP and known associate relationships.
  • It is a competitive, cost-effective intelligence solution.

Dr Rohan Bedi, a compliance expert with more than 20 years of experience and author of Money Laundering - Controls and Prevention, commented: "Wealth verification is at the core of the KYC process for wealth managers and is a separate and distinct process from negative news verification. Without proper quantification of wealth it is difficult to interrogate transactions both individually (by comparing with investible assets) and in aggregate." 

Wealth-X CEO Mykolas Rambus commented: "This evolution of the Wealth-X dossier that can now incorporate additional critical elements of risk auditing represents an opportunity for companies to integrate their KYC processes with the proven UHNW intelligence that Wealth-X already provides. WEALTH-X DILIGENCE gives organisations in both the private and non-profit sectors the means to properly understand the background of an individual's source of wealth and any attendant risk factors."

A powerful addition to Wealth-X's product portfolio, WEALTH-X DILIGENCE enables clients to meet their compliance obligations, and alerts them to high-risk information or features relating to prospective customers.

About Wealth-X

Wealth-X is the world's leading ultra high net worth (UHNW) intelligence and prospecting firm with the largest collection of curated research on UHNW individuals, defined as those with net assets of US$30 million and above. Headquartered in Singapore, Wealth-X has 13 offices on five continents.