Unlimited capacity of subjects -CDD, AML and Compliance Management Tool

UNLIMITED CAPACITY OF SUBJECTS

KYC Portal allows you to configure and streamline the entire due diligence process, from on-boarding to on-going. Such processes allow for the automation of the entire process, including the facility to interact with subjects directly.

How many more resources can you place within the compliance team to handle the ever increasing complexity of the subject? The on-boarding vs on-going cost ratio is 1:3 - a never-ending viscious circle. Automation is the only feasible way forward.

The need to fully identify subjects ahead of acceptance, ascertain full compliance with regulatory frameworks and the ongoing quest to identify and avert risk exposure transcends industries and sectors, organisation sizes and market positions.

KYC Portal was conceived with the express intention of meeting each customer’s specific needs, being perfectly configurable to match current needs and to demand next to no change in operational procedures.

The benefits of automation, together with significantly reduced dependence on specialist resources, directly impact the volume and speed with which organisations of any size can handle new applicants and accurately and efficiently manage previously approved, active clients.

Onboarding Questionnaires

Fully tailored onboarding questionnaires, designed for each individual subject type and risk assessment programme, speed up the initial entity identification process, by taking the onus away from dedicated risk specialists and fully automating the process by securely transmitting a securely authenticated, remote link for entries to be directly compiled by the subjects being assessed.

Questionnaire responses can be set to additionally auto-complete individual entity fields in the main application screen and will in turn directly impact assessment scoring and application recommendations.

All submitted answers are further physically and electronically signed off by the responder and form part of the end-of-process audit trail.

Document Collection

KYCP allows for the creation of mandated document types per individual subject being assessed.

While still subject to physical verification, the definition of document types allows for the upload of required documentation directly by the entity being assessed (via secure encrypted link and 2-factor authentication) as well as including mandated document types as part of the individual entity verification process and scoring methodology.

In addition, KYC Portal operates along the principles of “uniqueness of records”, wherein previously verified documentary evidence anywhere across the system and departments is available for automatic inclusion and approval should the subject feature in a new KYC application at any point in time.

Automation of All Low-Risk Subjects

In the majority of cases, currently, each single applicant is vetted manually and followed by risk specialists throughout the client’s lifespan.

This approach is exceptionally inefficient, with up to 75% of specialist resources dedicated to reviewing past applicants and that only the remainder being assigned to signing new leads.

KYC Portal allows organisations to refocus their specialist expertise, and through the automation of the onboarding process, the system does away with human overview till the risk assessment portion, the resultant of automated rules compared with information supplied directly by the subject.

At this stage, if the customers are deemed to be beyond the acceptable risk threshold, these can be outright rejected or be scheduled for extended investigation. Conversely if they are green-lighted as low risk, they are automatically approved, in turn allowing the risk and fraud teams to focus exclusively on the remaining 20% of customers that require extended due diligence and that may actually qualify, but currently pose a high enough risk to merit direct attention.

Equally, the same methodology is applied for all ongoing clients, where reviews are conducted in the background by the system, becoming a mere formality as input is only required from specialist resources in cases of flagged activity.

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