KYC solutions are crucial for verifying customers' identities, understanding their financial activities, and assessing the associated risks. This process is an essential part of banking procedures. It is usually carried out before establishing a new relationship, opening an account, or changing signatories, mandate holders, or beneficial owners.
KYC is also essential for corporate clients. It is critical to have a comprehensive understanding of the client's legal entities, relationships and any negative news related to the corporate client.
Customer Identification Program (CIP) initiated where a new/existing customer’s information is collected and verified.
Risk Assessment, known as Customer Due Diligence (CDD), is carried out. Client is classified as low-risk, medium-risk, or high-risk.
If a client is identified as high-risk during CDD, Enhanced Due Diligence (EDD) is initiated and contract terms are modified accordingly.
Our teams guide telecommunication enterprises across TM Forum’s telecom application map (TAM), neutral architecture (TNA), business process framework (e-TOM), and information framework (SID). We have valuable experience and expertise across capabilities from gap analysis to master data consolidation.
Party Data Consolidation
KYC Platform provides a holistic view of a customer’s activity and risks. This translates to better risk management and an enhanced risk assessment, which enables the offering of multiple services or products to a particular financial entity and other customers affiliated to it.
Beneficial Owner (BO)/Ultimate Beneficial Owner (UBO) Identification
Identify BOs/UBOs for an entity and help curate and enrich the associated BO/UBO attributes for AML/KYC analysts.
Third-Party Data Integration
The platform has the ability to effectively integrate with external third parties to process and enrich KYC data for an entity.
Reaction to External Events
The platform has the ability to proactively respond to external news events (positive/negative) related to a client and use the same to re-calculate the risk score and recommend the overall impact of the news on the bank/financial institution.
KYC solutions help organizations verify customer identities, assess risk, and prevent financial crimes by collecting, validating, and monitoring customer information.
They are critical for regulatory compliance, fraud prevention, and trust. Mphasis KYC solutions combine domain expertise, digital workflows, and AI powered platforms to automate customer due diligence, risk scoring, onboarding, and ongoing compliance efficiently.
Digital KYC solutions reduce compliance risks by automating identity verification, customer due diligence, and ongoing monitoring.
They minimize manual errors, ensure consistent application of regulatory rules, maintain real time audit trails, and quickly detect risk changes, helping organizations stay compliant with evolving regulations.
KYC and AML solutions work together by combining identity verification with ongoing transaction monitoring.
KYC establishes who the customer is and their risk profile during onboarding, while AML uses this information to monitor behavior, detect suspicious activity, and trigger enhanced due diligence or reporting. Together, they create a continuous, risk based defense against financial crime.
Yes. KYC solutions can automate regulatory screening by continuously checking customers against sanctions, PEP, watchlist, and adverse media databases.
Automated screening reduces manual effort, improves accuracy, updates risk profiles in real time, and maintains auditable records, helping organizations quickly identify high risk entities and meet evolving regulatory requirements.
