A KYC Check Assistant allows organizations to rapidly collate all information necessary to assess the potential risks of a business relationship. This process, which is often demanded by law, is a real burden for organisations as business users have to navigate through lengthy internal guidelines and policies. The tool replaces manual and time-consuming processes. Users are able to quickly evaluate business partners and customers against respective regulatory tests and internal policies. The application also enables users to generate automated triaging and documentation of tasks and functions, based on highly customizable risk-scoring models. All verification efforts are documented in an audit trail. If desired, a report and dashboard is generated to monitor key factors such as risk type, transaction value or geographic location.
Organizations such as banks, financial institutions, brokers, agents, consultants, accounting firms, law firms and notaries are required by law to assess whether business partners comply with certain regulations (e.g. anti-money laundering or anti-bribery regulations).
With the KYC Tool, this process is automated and the tool assesses business partners against various data sources such as sanctions lists. The user is guided through an interactive questionnaire, based on which the information necessary for performing all key KYC functions is queried. If specific scenarios require it, the legal department is automatically notified and an approval request is sent via email which enables the creation of a customized KYC workflow.
How it works
Through a customizable, user-friendly and interactive questionnaire, all relevant customer data is collected and processed. The tool is then able to assess a client’s background and transactions. The application can also be connected to external databases to include specific searches and checks.
A risk profile is generated from the initial assessment, flagging certain activities or persons for their respective risks, thus providing recommendations for mitigation. To streamline the KYC check, the risk assessment can be intertwined with other processes such as internal approvals and handovers.
A dashboard allows to monitor risk assessment efforts and to document all activities. This helps to hold risk owners accountable and also offers metrics on overall risk reduction.