For the purpose of the video above,
KYCP has been linked with Acuris Risk Intelligence API.
We are not going to delve into the merits of when should a screening
check happen and on what type of subject. There are companies who conduct this
on all of their subjects, some based on the risk level of the subject, some
based on the nature of the transaction or when a particular alert has triggered
the need for a search. What is evident from current market trends is that
companies are trying to further minimize the risk by conducting searches on all
of their subjects to put their mind at rest. This however requires time and
resources by having to search, wait for the results, analyse each false
positive to ensure the validity of the match, conduct an audit of all searches
and then storing them in the file of the subject and repeating this regularly
based on the risk.
All of our clients ask us to integrate their preferred third-party data
supplier into KYC Portal to automate such a process. We can integrate with any
third-party of your choice (should the third party provide the technical means
to allow us to integrate). Once integrated, KYC Portal offers a streamlined
approach to such a process, auditing the entire experience throughout the
lifetime of the subject, from on-boarding all the way through the entire
relationship that you have with the subject.
KYC Portal allows your team to be able to run searches in two ways the
manual approach as well as the automated approach both of which offer numerous benefits.
KYC Portal also allows you to integrate more than one third-party
provider into the system. We have customized requests based on various scenarios
such as screening low-risk subjects against one supplier and high-risk subjects
with another. Another scenario was based on the country of residence of the
subject in which, based on the country, we run the search against a specific
supplier. All combinations above we can service and assist clients with, these
will lead to economies of scale and efficiencies within this field.
- Manual Search
Once embedded with a third-party, an agent within your company can trigger a manual search on any type of
entity. This allows the agent to press on the “screen” button without having to
leave KYC Portal. This will pick up all the relevant data on the subject in
KYCP and trigger a request with the third-party of choice. Without having to
switch between systems, the results of the third-party supplier are presented
to the agent in KYCP allowing them to view the returned results and view all
the required data to be able to decide whether it’s a “match” or “no match”.
All of these actions are audited and allows the agent to input a comment to
describe the action chosen. Whilst this search is being conducted, KYCP is
instantly auditing who is running the search, when, based on what data and what
results are returned which is in line with the regulatory requirement of
auditing all searches. Such searches are stored against the subject record in
If you would have previously
matched a subject record, KYCP will once again keep a full audit of such
decision allowing you to revert to the record and view the entire audit. Also,
should you have opted for ongoing monitoring with the third-party of your
choice, KCYP will seamlessly integrate with such a process to alert you on all
the subjects that you require rather than having to keep track of all alerts
Another important aspect is the
fact that KYCP stores the unique record of a subject. The task of such checks
is streamlined across the system. If you have a subject called “John Brown” who
is involved in multiple organisations across KYCP, the alert from such
screening services will be reflected across his involvement, however the
decision on the record is taken once reflecting the change across all involvement.
Separate from the above manual approach which offers the ability for an agent
to be able to trigger an instant search on a subject, this automated feature is
something that all clients opt for. With this feature, KYCP will automatically submit
any newly added subjects to the automated monitoring service with the third-party of your choice. This means that the system will generate an automated
search for all subjects. This is fully audited within the system without a
human triggering the search. If a result of a potential match is returned on
the subject, then KYCP will alert the respective team members, so that they can
view the results and investigate accordingly. This automated process removes
the need of having resources checking, searching and auditing all actions on
all subjects that would have never returned any results in the first place.
Here is a list
of all the third-party suppliers that we have integrated
with to date based on client requests. However, this is not a final list, we are constantly adding providers based on client requests, as we go along.