KYC Portal has been named as the answer to alleviating “the burden on overworked compliance teams” by international specialist website efinancialcareers.com in their roundup of the most interesting and innovative solutions in the FinTech arena.
It was released that “Deutsche Bank’s latest fine – $630m to settle alleged mirror trades used to launder $10bn out of Russia – suggested that its compliance team were overworked. One Deutsche Banker complained they had “too many jobs” and “had to deal with many things and had to prioritise”, according to regulator documents. Investigating suspicious behaviour wasn’t one of these priorities, it seems.”
KYC Portal is the industry's most advanced CDD and AML data collection and collation platform that centralises and simplifies the customer due diligence process, allowing you to automatically generate uniform risk ratings based on your organisation’s risk appetite while removing human bias and the exclusive dependence on specialist risk and fraud teams.
KYCP eases the risk management processes, reducing costs, customer touch points and overall duration - effectively increasing efficiencies by over 60% across the board through:
a) seamless integration with any external 3rd party data provider of choice (from screening services to document verification and beyond) as well as existing internal data infrastructure, be it local or geographically fragmented, allowing full control over how the KYC process is executed.
b) delegation of data collection – both internally and with the assessed subject in person;
c) automated acceptance and screening of newly on-boarded and previously assessed subjects alike;
d) extended features for ongoing anti-money laundering assessment and risk evaluation as may be transaction monitoring, betting pattern analysis etc.
As ‘efinancialcareers.com’ correctly point out, KYC Portal is the first solution on the market that allows organisations of any size or type to rapidly collate all information relating to entities and applicants being assessed. All in a single, centralised, secure repository with fully customisable parameters, fields, rules, user rights and collaborative practices.