Any ‘Know your Customer’ (KYC) process starts when on-boarding a new customer. This is when you gather your initial information about your clients. The purpose of this information is to identify the natural person(s) controlling the account, also called the ‘ultimate beneficial owner’, and whether restrictive sanctions apply or not.

The goal of the KYC process is to assess the level of risk this person imposes on the bank when serving them. Based on this risk assessment, the bank decides on accepting the client and if so, to define the initial risk rating and potential additional risk remediation measures to be put in place. This solution includes the periodic account review, to re-assess the risk rating for a client.

Features and processes included in the solution are:

  • A standard, automated process for on-boarding.
  • Predefined information to be gathered for identification/verification
  • Connectivity to the relevant internal and external data sources
  • Compliance with the ‘designed for privacy’ requirement of GDPR
  • Checks against sanction, PEP and adverse media lists
  • A scoring model for unambiguous risk rating
  • Comparison of this risk rating within the peer group
  • Periodic account review, for re-assessment of the risk rating
  • A standard, automated process for off-boarding and ‘the right to be forgotten’

The other ForensicCloud solutions by BusinessForensics

Regulatory compliance

Know Your Customer (KYC)

Proof of value

Are you interested in the HQ products but would you like to experience what our solution can do for your business? Then contact us for more information and a “proof of value”.

During the proof of value we can show what the added value and the features are of the HQ products, what we can do with your data and what your savings will be, in a short timespan and with the use of your own data.