Aqubix attended the Global RegTech Summit 2018 in London, presenting a very successful presentation on how KYC Portal challenges the norm in compliance and due diligence processes. Below is the 20 minute presentation which saw the audience through some of the most innovative features within the product and how they address the operational challenges of compliance.
KYC does not stand for Know Your Customer but actually Knowing your Customer, a mistake that changes the dynamics of the entire compliance challenge. Knowing your customer extends the process from just on-boarding to the entire on-going aspect. Based on statistics gathered across our client base, it is proven that the cost of compliance consists of 40% being the cost of on-boarding and 60% being the cost of the on-going due diligence of subjects. A percentage that is further supported by the cost ratio of 1:3 - for each cost of on-boarding a client, you will have three times as much cost to monitor the client throughout the lifetime of the subject.
Making matters worse is the fact that organisations are mostly focusing on solving the on-boarding issue. Using technologies to on-board subjects faster is only leading to a bigger on-going issue as one would only be funneling more subjects more quickly only to create a bigger cost in the on-going side of compliance.
This presentation showcases some of the most innovative aspects that help in streamlining such issues and reduces the risk that companies are exposed to on an on-going basis. Features such as the uniqueness of records across services, the communication nightmare with subjects, the automation of third party data and embedded risk mechanisms for real time perception of any AML and due diligence issues.
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