Coronavirus - dealing with due diligence, AML and KYC throughout a pandemic

March 24, 2020 It is in unprecedented times like these that technology becomes crucial for the on-going business of due diligence and risk-related industries. With most of the global population being advised to stay indoors and non-essential services being forced to close their doors, the only way to win customers is online! This is easy for the retail store around the corner however a huge challenge for those organisations who are still obliged to risk assess their customers and adhere to AML and regulatory processes. Unless geared up for such a situation (which really and truly is not something that anyone had forecasted for), major institutions who can only on-board new customers by conducting full due diligence on their clientele, are facing a mammoth challenge. Banks, insurance companies, financial services, aviation, pharmaceuticals, payment services and many more. These are all industries that need to cope with such a challenge. Not on-boarding new clients until this pandemic is over is not an option for most, and on-boarding new clients without proper due diligence is too much of a risk. This is where technology and KYC Portal comes in handy.

Institutions need to be geared up to offer on-boarding processes through digital and online means. Not only for retail customers but mostly for corporate relationships who (in times like these) are in need of services to overcome their own challenges even more.

“Our compliance department continued to work seamlessly and effectively from home.”

John Caruana
DPO and Head of Compliance
Radix Malta

Online Face to Face Verification
-One of the major features that are allowing such processes to resume as per usual is the embedded face to face video engine in KYC Portal, that allows the institution to conduct face to face meetings with their clientele. With embedded bio-metric verification as well as the instant auditing of all calls that can be played back at any point in time. This ensures that you still keep your risk on new customers low as they would still qualify as having been “met in person”.
Online Face to Face Meetings 
Outreach Modules
-KYC Portal’s outreach modules are indeed helping our clients maintain the service with their existing clients and also still on-board new clients. The process of reviews on their existing clientele is running smoothly by sending their client access to upload documents, fill in the necessary questionnaires and also the required forms.

B2B Customer Outreach Tool
-The Customer Outreach Tool for on-boarding of corporate relationships is another great add-on. KYCP clients are able to offer the same services that used to be offered over meetings through this tool allowing their clientele to apply for new services through this digital experience.
B2B Customer Outreach Onboarding 

Embedded Audited Chat
-The embedded CHAT module in the Customer Outreach Tool is also allowing for the personal experience to still happen through the digital forum. The chat module allows any customer to be able to request assistance at any point in time. The chat itself is instantly audited against the application in KYC Portal. The chat also allows for a fully recorded audio call with clients which can be played back at any point in time.

For more info contact us directly on or schedule your live demo with us today.
Targeted For Banks, Financial Services, Insurance, Payments, Gaming, Legal
Status LIVE
Keywords onboarding, client communication, AML, KYC, due diligence, pandemic
Direct Benefits Able to communicate with clients directly through online means including full on-boarding, on-going reviews and conducting face to face meetings.