Tell us a little about your organization and why you got into this space.
For 25 years, Armadillo has been developing one of the most comprehensive datasets in the world for the purposes of KYC and due diligence. Our solution, the Armadillo Hub, is a scalable, cloud–based, end-to-end automated RegTech platform, giving global regulated businesses the tools to conduct the appropriate background checks on corporate and private clients. Our innovative systems have earned us a place on the RegTech100 for 2021 and 2022.
The network of information Armadillo has created includes data on 420 million companies, 1 billion businesses and 5 billion individuals worldwide, sourcing information from 1,000 local registries across 220 countries. It is the most thorough KYC, due diligence and compliance solution that exists for regulated financial and professional services businesses.
Armadillo was subject to many inspections in the early years. We passed them all; but saw many parts of the inspection process that could prove problematic for other regulated businesses. As a result, we pivoted away from being a corporate documents provider and increased spending on technology. This created the Armadillo Hub, which allows any regulated business to tap into information from anywhere in the world with ease.
Who are your clients and what types of challenges are they facing?
Armadillo works with financial institutions and other regulated businesses that need to carry out extensive and ongoing due diligence on their clients – including KYC, AML, PEPs and sanctions data.
Regulated companies all over the world are facing an ever-changing regulatory landscape. Also, data suggests that the global pandemic has increased the amount of digital and online crime, meaning companies are having to work extra hard to remain compliant.
Even in some of the largest companies, in-house compliance teams can struggle to keep up with these pressures. Lengthy and admin heavy processes also leave a great deal of room for human error, which can prove very costly in the form of fines and reputational damage.
What type of emerging technology do you think will have the greatest impact on your business/industry?
Cloud technology and robotic processing automation (RPA) are two technologies that greatly impact our business. We work with very large amounts of data, and thanks to Cloud technology, we don’t physically hold onto any of it, removing an entry point for hackers and bad actors.
RPA is an essential tool as it automatically re-works the raw data in a useable format – or even inserts it straight into a clients database through an API or direct feed. Automaton removes many of the processes that are subject to human error, ensuring any decisions made are based on 100% accurate data straight from the source.
Other areas where Armadillo are progressing are in the use of AI and blockchain capabilities.
Why did you join the CRTA? How do you think the CRTA will help your business (industry)?
The CRTA creates productive conversations around compliance and technology solutions at a time when regulated businesses are at risk. We joined because we believe our world leading technology and easy-to-use solutions makes us a natural fit. The CRTA is an ideal venue to speak about compliance challenges and the RegTech solutions that could change the way companies approach them.