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Automating PEP and Sanctions checks and adverse media alerts August 05, 2019 The task of having to search your subjects against third party databases is a small step within your current processes. However, it is one that can consume a large amount of your teams resources, simply due to the nature of how it is handled and processed. The task of having to search a subject and audit the fact that you conducted the search is as time consuming as it is for a zero-risk subject and a high-risk subject. KYC Portal automates this for you.
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.

  • 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 KYCP.

    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 coming in.

    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.

  • Automated Search
    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.
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.

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 finite list, we keep adding providers based on client requests as we go along – https://www.kycportal.com/partners.
Feature
Specifications
Targeted For Banks, Financial Services, Insurance, Payments, Gaming, Legal
Status LIVE
Keywords KYC Portal, PEP, Sanctions, Adverse Media, Automation
Direct Benefits Automating the checks on all your subjects for PEPs, Sanctions and Adverse Media reducing your risk exposure instantly and also the effort to keep up with such checks.