RiskPass

RiskPass, a team of financial consultants from the Cayman Islands, involved DA-14 in the development of anti-money laundering and counter-terrorist financing  (AML/CTF) compliance software. The app was aimed at assessing risk levels of potential business partners and investments.

Client’s Background

RiskPass is a compliance consulting firm founded in 2005 in the Cayman Islands, one of the most popular tax havens in the world. The company provides fund administration, insurance management, banking, and other financial services to offshore companies. They put an increased focus on aligning business processes with AML/CTF requirements, helping their clients protect brand reputation, secure their investments and prevent inadvertent violations of law.

RiskPass SaaS platform

The challenge

Our global task was to create an innovative fintech software solution that would identify and address financial crime risks from scratch. RiskPass shared with us some UI mockups and domain-specific business requirements as a basis for UI/UX design and business logic to be implemented into the code. Considering the fact that fintech was a relatively new industry, our team took on the role of early adopters and quick learners in fintech software development to meet the client’s requirements and contribute to the project.

Importance

The fight against money laundering and terrorist financing is now a top concern for financial services over the world. With AML regulations becoming more elaborate and being constantly revised, complying with them takes a lot of time and effort. Businesses have no margin for error as the slightest infraction of AML / CTF rules can carry punishments amounting to several hundred million dollars.

To stay up-to-date with the latest changes in domestic and international law, financial firms are actively adopting digital identification systems and other technologies streamlining AML compliance. By 2023, it’s predicted that common AML practices will be fully automated, while human financial consultants and compliance officers will deal with the most complicated issues.

Our Approach

Adding TypeScript to AngularJS project

Initially, RiskPass wanted their app to be written with Angular 2. At the time, the framework was still in alpha version, so we ended up choosing the latest stable version of AngularJS. Our developer added TypeScript to create more structured, scalable, and robust code, keeping in mind the possibility of future migration to Angular 2.

Regular meetings

Our front-end developer held daily scrum meetings with the RiskPass’s senior consultant from Canada and the back-end developer living in Latin America. Besides that, we had regular discussions on the functionality being developed, so the client could receive updated information about the progress of the project.

Quality assurance testing

With the project getting complex functionality, we engaged a QA engineer to make sure that each feature worked properly. We used various testing methods, including negative testing, which helped to find weak points and to guarantee that the app wouldn’t crash in case of invalid inputs and unexpected user behavior.

The project

RiskPass software performs total AML / CTF risk assessment based on detailed information about a person or company. The system takes into account various factors, from the country of registration to credit history. It also checks names of individuals and companies against international sanctions lists, Interpol watch lists, etc.

The app reduces time and operating costs spent on detection of risky clients and organizations. It also protects businesses from being associated with organized crime and government corruption.

Main Functionality

Detailed profile

The app allows administrators to set risk criteria and profile properties of a person/company being checked.

RiskPass risk criteria and profile

Detailed profiles contain various data, including address, organization structure, and equity story. Each piece of information is taken into consideration when investigating money laundering and terrorist financing risks.

risk-assessment-financial-platform-risk-management

Risk matrix

The app uses a risk matrix to summarize key information and define the level of risk. The assessment procedure involves a quick AML search to screen individuals and companies against sanctions, PEP (Politically Exposed Persons), and Interpol data.

financial-risk-management-platform-fintech-software

Comprehensive dashboard and other features

Data is visualized on the dashboard by means of clear, easy-to-apprehend graphs and charts.  

RiskPass dashboards

 

Extended reports can be downloaded in PDF/Excel format.

RiskPass reports

A convenient push notification system keeps track of the latest changes and deadlines.

RiskPass notifications

 

Involvement

Duration: November 2015 - July 2016

Team:

  • Project manager
  • Front-end developer
  • QA engineer  

Contract type: Dedicated development team 

Project investment: $40,000 to $199,000

Technologies & Integrations:

  • AngularJS 1.5x
  • Bootstrap 3
  • TypeScript
  • Webpack
  • Gulp.js
  • Bower
  • Sass
  • Drone
  • Nginx
  • Git
  • Node.js
  • Pug.js (Jade)
  • npm
  • Protractor
  • Twitter
  • Google Charts

Project type: SaaS platform

Industry: Financial Services

Country: Canada / the Cayman Islands

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