When setting up a
screening service provider in KYCP, one would need to configure the setup of the
chosen third party (such as Refinitiv, Dow Jones, Acuris or Lexis Nexis). The
settings are done at third party level (such as the threshold of accepted open
matches as well as the categories listed by the provider. The settings also
include elements such as setting up the monitoring daily, when the search has to
happen (such as on first save only or when the screening fields are changed), as
well as the ability to set recurring auto searching based on number of days.
Separate from the
above the solution then allows you to define how KYC Portal CLM should act on
such screening based on complex rules or type of entity. As for the latter, the
customer can decide to place entities of type UBO and Shareholder on a daily
monitor but all other entities to be searched once every 90 days, for example. The rules are
more complex and allow for very specific detail such as the ability to
differentiate on the risk of the application or fields within the entity.
The new feature
allows for the application of multiple screening profiles even using the same third
party supplier. Within a screening profile one can add the following:
- Selecting the third party provider and the
account given
- Assigning a profile name
- Setting the search threshold for a Legal Entity
- Choosing the categories that you want to include
for a Legal Entity in this profile
- Setting the search threshold for an entity of
type Natural Person
- Choosing the categories that you want to include
for a Natural Person Entity in this profile
This level of
flexibility is beneficial as it leads to greater flexibility when it comes to
setting the parameters. One can set legal entities to be searched only for
specific categories whilst natural persons on others. One can setup the
profile with all categories only for HIGH risk subjects whilst LOW risk subjects
are only checked for Sanctions. The benefit of such flexibility is that of
increasing your risk control measures whilst reducing the operational cost of
maintaining such risk.
IMPORTANT to highlight: the above settings of profiles
is only applicable to the SEARCH (manual and auto). To apply similar settings
on the monitoring side of KYCP we would need to assist technically to add the
configuration at server level.
For more information, contact us directly on
info@kycportal.com or
schedule your live demo with us today. If you are an existing client and you would like more information about this feature, please contact our CRM Team.