Many have records for the same person dispersed across
different data systems and, all too often, the data held in those different
systems is inconsistent. With fraud and money laundering remaining high on the
regulatory and risk agenda, detecting and preventing identity theft continues
to demand attention. Firms must remain focused if they are to control the
fast-changing threats to which they are exposed.
Achieving a single view of the customer is a significant
challenge for several reasons, including different data collection methods,
independent or disparate systems, and the inevitability of occasional human intervention
and error. However, having a SCV will assist greatly when conducting due
diligence on your subjects.
company it is simple, you can search by C-number, TIN number or VAT number.
However, with an individual there is the problem of having multiple identities,
multiple passports, which lead to the risk of the organisation not knowing that
the same person is already involved in another company.
fully dynamic programmes
section of KYC Portal, we have what
we call an IDENTIFICATION key. This key allows your compliance team to tell the
system what makes an entity unique, across all your services. This uniqueness
works on 2 types:
ALONE key – If this field, on its own, matches with another entity, the system will
alert your team that you already have this person in your system.
then has a very powerful COMBINATION key. This is usually set on data that does
not change across identities like DOB, nationality or country of birth. The
system will constantly use this data to be able to flag your teams with an
alert saying that they are, for example; trying to input a John Doe however there
is a certain % match on another subject which might be the same therefore it
needs to be checked. This is purely there to reduce the probability of not
knowing that a subject is already in your system.
the uniqueness of these identification keys within KYCP, you can tell the
system to show you an organigram, of John Doe’s involvement not only
in one application but across your entire KYCP. This is very powerful as it is
giving you a full, birds-eye view of John’s involvement as a director and/or
shareholder under multiple companies, whilst being colour-coded for ease of
reference. This module will instantly show you the risk that you are
exposed to on the multiple involvement of the entity across structures.