One of the most time-consuming elements in due diligence processes is the research that the compliance teams must conduct in order to build the key principles and related entities behind a corporate structure. A never-ending task that requires a lot of manual input and checking. Checking, that is often conducted across multiple sources to ensure that the data that is being input into KYC Portal is as correct as possible.
Clients often use third-party systems that offer such data services. There are many private entities that offer such services as well as public entities such as Companies House Data. These are interfaces that one can trigger a search on a corporate and receive the details of its structure. Yet, following such searches, your team have the time-consuming task of adding these detail into your internal systems.
KYC Portal has now launched an invaluable module within the product to address this challenge – the Corporate Source Register (CSR). This module allows any KYCP user to trigger searches with selected third-party providers, from within the product. A feature that allows you to review the results, choose the corporate or individual that you would like to import the data for, as well as all the related parties and key principles behind such corporate, at a click of a button.
This module allows you to even view the differences between the data you already have in KYCP as well as the data that the third-party provided, for comparison purposes and you decide which data you would like to store in KYCP. Upon import, KYCP will build the entire hierarchy with the related parties and documents that the third-party provided.
This is the first phase of this module in KYCP. Our team are already working on allowing such searches to happen against multiple providers allowing for more consistency and certainty on the data being imported as well as other features such as ongoing monitoring of imported applications adding even more value on reducing risk on all your subjects in KYCP.