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Streamlining of AML Risk and Overall Client Risk Assessment (CRA) - Loomis FXGS Case Study

May 26, 2023 One of the main remits as to why organisations approach KYC Portal is to streamline their customer risk assessment and have an overview of the AML risk across their client database. Having a proper CRA in place is an essential process for a more accurate analysis of the potential risks that a new customer might bring. The obligation of KYC and due diligence is one of the most expensive parts of the overall process of knowing your client or any other B2B relationship such as suppliers and operators. Streamlining this process leads to increased efficiencies across the board.
An ideal example for this is one of our esteemed clients, Loomis FX, Gold and Services who implemented KYCP because they had “no algorithm to score customers AML risk and no tool for storing the analysis of the AML risk of customers”.

 

One of the biggest advantages that KYC Portal brings to the table is the peace of mind that your reputation is safe guarded. KYC Portal allows you to build and manage your entire risk matrix with all the required categories, weights and band combinations across all of the data points that you decide to centralise in KYCP. From regulatory risk to reputational damage, ESG, responsible gaming, credit risk and any type of risk you might want to perceive.
 
This risk engine is working in real time on all the risk factors you define into the solution allowing you to be in full control at any point in time to tweak and adapt the solution based on market happenings and changes in internal policy. The solution comes packaged with over 15 different risk algorithms addressing the needs and requirements of all our clients across the globe within various industries.
 
Loomis FXGS have been using KYCP since 2021, and some of the product features that attracted them to our platform were “the scoring algorithms and the real time risk dial”. The “possibilities of customisation and the reporting capabilities” offered by KYCP have exceeded their expectations since working with KYC Portal. Some other benefits that they have encountered are the “better audit trail and follow up of onboarding and KYC reviews. Implementation of a validation workflow / escalation process / improvement of the controls on KYC thanks to the reporting module and features such as the checklists and verify function.”
KYC Portal CLM - GRC automation 

To date, KYCP has delivered everything they hoped for and they plan on integrating their screening service provider and making use of our Customer Outreach Tool in the near future.

 

For more info contact us directly on info@kycportal.com or schedule your live demo with us today.   

 

Feature
Specifications
Targeted For Trading Platform
Status LIVE
Keywords Case Study, Risk Assessment, AML automation
Direct Benefits Streamlining AML Risk and CRA