Automating the ongoing aspect of due diligence

March 12, 2019

The ongoing obligation of KYC and due diligence is one of the most expensive parts of the overall process of knowing your client, customer or any other B2B relationship such as suppliers and operators. Streamlining this process leads to increased efficiencies across the entire operational aspect of KYC and due diligence leading to improved efficiencies all throughout.

When on-boarding subjects, be it individuals or corporate structures we often focus on the on-boarding side of KYC. The process of collecting all the details, documents, evaluating risk and many other factors. However, the most expensive aspect is the ongoing concern. Ensuring that the documents on file are always up to date, evaluating the risk exposure on all subjects, ensuring that reviews are conducted in a timely fashion and keeping an eye out for any change in market happenings (such as PEPs, sanctions and adverse media) as well as any other risk factor that might impact your subjects on file. This process lasts throughout the lifetime of the relationship with the subject. This ongoing aspect of KYC is often addressed by employing resources whose task is that of keeping up with all these aspects on a daily basis. A task that is often overlooked leading to increased risk and also the potential of regulatory fines.

KYC Portal focuses on streamlining the operational nightmare of ongoing KYC. It allows the compliance team to streamline and define within the system all that has to do with the ongoing side of KYC and due diligence alerting your teams when something needs to be addressed rather than having a team of employees who are constantly on the lookout for such happenings.

Based on a fully dynamic configuration which is in the hands of your compliance teams, KYCP allows you to define your review process at subject level based on risk, define the document requirements also based on the enhanced due diligence process, integrate with third-party screening services for constant daily alerts on changed risk levels of subjects and calculates risk in real-time on all data being fed. Such real-time actions on all subjects allows KYCP to instantly alert your team when there is anything that needs to be worked on based on the risk being exposed that same day. Whether a document is about to expire, if a review is due based on entity type or risk, or if further documentation needs to be requested, the system alerts the teams to act on the specific issues case by case.

With a system like KYC Portal, the work that is usually all done on the date of the review of the respective application is spread throughout the lifetime of the subject based on what needs to happen when.
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Targeted For Banks, Financial Services, Insurance, Payments, Gaming, Legal, Pharmaceuticals
Status LIVE
Keywords KYC, AML, Automation, Ongoing Due Diligence
Direct Benefits Ability to reduce the burden of ongoing due diligence on your teams and streamline the entire operational processes whilst reducing the risk.