Guillaume Vieira de Carvalho (Smart Oversight): Meeting KYC/AML Compliance Requirements
“We really wanted to develop a tool to support small and medium-sized companies in their obligations to fight money laundering and strengthen their KYC processes with competitive pricing,” states Guillaume Vieira de Carvalho, Co-Founder of Smart Oversight. Explanations.
What is the core business of Smart Oversight?
Smart Oversight is a company based in Luxembourg that offers a SaaS solution to assist businesses with their KYC/AML compliance requirements. Smart Oversight supports companies in reducing the manual workload and gives them the opportunity to focus on their core businesses. We bring clients technology to reduce costs and flexibility and to streamline the main steps of the on-boarding processes: Searching, analyzing, and monitoring. Small and medium-sized businesses in the financial and real estate sector have the same anti-money laundering requirements as a large international bank. The idea for creating Smart Oversight came from this simple observation.
“We offer them the opportunity to tailor their AML/CTF tool and build a process related to their own risk-based approach”
What are your innovation plans?
We are innovative in two aspects. The first is the technological input into the search mechanisms using semantic algorithms. We also use an expert system for personalized learning mechanisms for each of our clients. In addition to the technological innovation, there is also an innovation aspect in the tool’s flexibility. Our clients, even if they come from the financial sector, have different regulators and therefore different compliance requirements. We offer them the opportunity to tailor their AML/CTF tool and build a process related to their own risk-based approach. We benefit from a dynamic ecosystem with players who support us daily including the Luxembourg House of Financial Technology, the Chamber of Commerce and the House of Entrepreneurship. For Smart Oversight, Luxembourg is also a dynamic financial place where regulators are available and look for solutions to support supervised entities. This allowed us to quickly complete and offer our solution on the market. Luxembourg must continue in this direction to maintain this dynamism.
Where do you see Smart Oversight in the next two years?
We’ll continue to rapidly adapt our solution to clients’ needs in a perspective of continuous improvement. We anticipate developments that involve setting up new partnerships with CRM tool publishers. We will also develop new functionalities through our API to offer ever more integrated solutions. We have a product that meets regulatory requirements at the European level, making it our goal to expand into the European market over the next two years.