JOHANNESBURG - Ugandan firm Screen Technologies is helping local companies stay in full compliance with government and other regulatory frameworks, and plans to take its expertise to the rest of Africa.
Incorporated in 2017, but operational since 2014 on an informal basis, Screen Technologies has built a platform that Ugandan companies can use to ensure that they comply with anti money laundering (AML), customer due diligence (CDD) and 'know your customer' (KYC) regulations.
It also supports compliance with Financial Intelligence Authorities (FIA), and Revenue Authorities (tax) regulatory bodies, says managing partner Oscar Ofumbi.
"Every year criminals use the financial system to launder billions of dollars, the financial industry then spends billions of dollars on regulatory fines, people and software; the Financial Intelligence Authorities respond by adding new sets of 'accountable persons', many of whom have no budgets or capacity to comply," Ofumbi told the African News Agency.
"We build Compliance-As-A-Service platforms that support compliance teams to get, stay and update their compliance functions across AML/CDD/KYC regulations."
Ofumbi said Screen Technology had stepped in to fill a gap after realising that many companies found it hard and costly to stay up to date with compliance.
"We are coding the future of compliance for the world's leading regulated companies, governments and enterprises by helping them create, build and meet their growing need for compliance in a rapidly growing regulatory environment," he said.
One challenge Screen Technologies has encountered is the fact that African public data sources are difficult to access efficiently and in some instances, are nonexistent in a usable format.
In such instances, the company has learnt to improvise by including manual data load. Based in the capital Kampala, Screen Technologies currently offers its services solely in Uganda, but is establishing partner networks especially in Kenya and Nigeria.
"We see an opportunity in each and every African country as multinationals shift focus to enter African markets," said Ofumbi.
"For as long as anti money laundering and countering financing of terrorism remain a global problem, we will grow our business."
- Africa News Agency (ANA)