Traditional “know your customer” (KYC) processes have frequently failed to identify fraudulent activities. Increasing regulations put pressure on financial institutions to improve compliance.
Goals and Objectives
Ongoing, automated analysis and screening of existing customers to ensure conformity to KYC regulations.
Risk-based analytics to continuously assess client risk levels, Integrated workflow with document collection, search capabilities, reporting, and recording, Early warning system of client credit quality deterioration
Use Case Summary
There is continuous tracking of client activities within the institution, combined with external search mechanisms to support early identification of KYC transgressions.