KNOW YOUR CUSTOMER
Enhance operational efficiencies and reduce the cost of compliance for your firm's Know Your Customer (KYC) needs
Know Your Customer is an integral part of any banking function. It is initiated either prior to establishing a new relationship, while opening an account, or when there are changes to signatories, mandate holders or beneficial owners, or if there is negative news related to a corporate client.
It helps establish the customer’s identity, understand their financial activities, or assess the risks associated with a particular customer. For corporate clients, there is an increased need to comprehensively understand the nature of their legal entities and their associations.
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.