One of the significant hurdles faced by
organisations of any size when dealing with
setting the parameters required to ascertain
full regulatory compliance is that different
jurisdictions often pose vague, undefined
requirements in reference to the expected
verification data required, in turn resulting
in the constant moving of goalposts.
The net result often is that operators are
in a quandary on whether too little data is
being sought or conversely, that their AML
and CDD requirements are too stringent,
in turn potentially resulting in loss of
business through inefficient processes.
Through KYC Portal, customers can
anonymously share and query each and
every data set, rule or parameter other
participating operators are utilising,
comparing against the prevailing industry
average processes and in turn determining
how to fine tune their processes.
Additionally, in an equal anonymous
manner operators can interact with each
other through the inbuilt interface to
further ascertain the validity or otherwise
of their methodologies and identify gaps
in the process.