A Future-proof, Innovative Anti-Money Laundering and KYC operating model

Know Your Customer (KYC) guidelines ensure that a financial institution understands their customers and their financial dealings better, and protects the bank from being used for money laundering activities.

While it has always been important for financial institutions to be aware of whom they are doing business with, recent regulatory measures across the world have made rigorous due-diligence key. For example, the 2001 USA Patriot Act required all financial service providers to establish Anti-Money Laundering programs in order to catch potential cases of terrorism financing. Section 326 holds institutions accountable for their ongoing KYC and initial customer screening.

Mphasis recognizes the fact that Financial Institutions (FIs) are walking a tight rope. On one hand they face stringent scrutiny from regulators and any non- compliance attracts heavy penalties forcing them to strengthen Customer Due Diligence (CDD) processes and on the other hand, the recent banking crisis challenges FIs into rationalizing all spends. This impacts the overall budgets available towards KYC-related spend – Routine as well as event based.

While organizations find themselves in battling conflicting mandates, we believe that FIs need to adopt a flexible, innovative, KYC operating model which is cost effective and assures compliance to complex and changing regulatory requirements.

Mphasis has designed a cost-effective, innovative KYC and AML offering that incorporates our experience in managing regulatory-intensive processes across banking products. The offering spans people, processes, domain knowledge, technology and partners to create substantial value for our customers:

  • Set strong compliance standards
  • Streamline AML processes across your organization
  • Eliminate/Minimize operational risk
  • Create single view of your customer to develop centralized utility services across your organization

Services Offered


Ongoing PEP Screening
  • Design Phase: Mphasis helps FI’s in designing the PEP frame-work, including implementing the screening technology to identify Politically Exposed Persons (including their associates and family members) populations within multiple banking products customer base.

  • Technology Deployment Phase: Mphasis deploys screening technology by leveraging our expertise and best practices in managing multiple deployments.

  • Manage Alerts: Mphasis supports alert processing by screening customers against a consolidated PEP database, and confirms matches for compliance verification etc.

  • Sanctions Filter/Watch-List Scanning: Mphasis supports the end to end sanction screening process for our clients. Our AML experts will conduct all screening per regulatory requirements be it OFAC, SDNs, HMT and also resolve potential “hits”. Mphasis monthly reports ensure compliance with sanction screening requirements.
Remediation Process
  • Design Phase: Our customers can leverage our vast experience in managing multiple remediation processes like KYC remediation - while designing a framework to identify the population and the strategy for remediation.

  • Case Management Tool: This Mphasis in-house remediation tool ensures 100% case management and reporting during the remediation process.

  • Remediation Process: Mphasis will manage the end-to-end remediation process for identified population, including identification, verification, and sourcing of documents. We also review the existing KYC document to perform gap analysis in line with regulatory requirements.
Fraud Management

Mphasis ensures reduction in fraud losses by managing end-to-end fraud management, both during the on-boarding stage to identify potential fraudulent applications as well as during the transaction monitoring phase, where fraudulent transactions are identified and blocked.

Platform Implementations

Mphasis has engaged with multiple platform providers in the AML/KYC space. We have worked on industry-leading platforms like Mantas, ACTIMIZE, Acceleus and have provided product implementation and operational support.

Mphasis has also entered into partnership with two leading AML/KYC platform providers to create "point" solutions. They are used to provide an end-to-end Global Risk and Compliance (GRC) solution that leverages a robust data model and offers comprehensive dashboard functionality. The framework delivers a single transparent, holistic view of all GRC-related activities across the enterprise. This will help you identify operational inefficiencies that increase noncompliance risks and the overall cost of compliance.

Brief descriptions of our partners

We have built a strong ecosystem of partners to bring in the right set of products and consulting depth to enhance our KYC solution.

  • Alacra: Alacra develops workflow applications that enable 300,000 end users at financial institutions, professional services firms and corporations to search for, extract, and analyze mission-critical business information.

  • Fenergo: Fenergo is a global leader in client onboarding life cycle management software for corporate, investment, and private banks.

    Fenergo’s market-leading Client Due Diligence (CDD) / KYC solution enables financial institutions to manage the end-to-end risk assessment and scoring for new and existing clients throughout the entire customer life cycle—from initial onboarding through to ongoing due diligence (ODD) and enhanced due diligence (EDD) for higher-risk clients. The solution automates the risk-based client re-evaluations (ODD) based on client data changes and periodic data refresh exercises (including AML, KYC and Politically Exposed Persons (PEP) refresh).


  • BMR Advisors: BMR is a professional services organization offering a range of Tax, Risk and M&A advisory services. They have a comprehensive range of consultancy and operational services to enable banks and FIs to comply with AML regulation in a highly cost-effective way. BMR’s core strengths are in regulatory knowledge, business processes, finance and IT with a deep specialization in AML/KYC.

Engagement Models

  • End-to-end Offering: Mphasis will support your operations and either bring relevant technology assets or maintain your existing applications.
  • Build Operate and Transfer: Customers engage us in creating an utility model across banking products for multiple geographies, where our clients intend to run the operation once we establish and optimize.
  • Managed Services: Mphasis brings our process and operational expertise to run our customer’s KYC & AML operations through our global delivery centers, including delivering operations from near-shore, off-shore, on-shore and client locations.

KYC Shared Service Solution

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The Mphasis Value Proposition

We have rich experience executing large KYC engagements across multiple geographies, lines of businesses and products, for onboarding and remediation related programs

Over 3000+ resources support onboarding services across multiple banking products, globally

  • Investments and focus in GRC (contributes more than 21% of our financial services business)
  • Hiring knowledge services talent – 40% of our Banking and Capital Markets Operations are delivered from the US
  • Specialists in identifying portfolio risks - Best predictors of risk in mortgages and MBS
  • Servicing all major banks and FIs in this area
  • Largest due diligence, risk management, and quality management solutions provider in the US. Established KYC center-of-excellence in Phoenix
  • KYC remediation platform for tracking and reporting overall remediation activity
  • Next Gen 'KYC as a Service' Model on a variable pricing model
  • 410+ resources in AML/KYC operations across onshore and offshore

All supervisory and managerial resources are ACAMs certified.