Know Your Customer (KYC) is one area, if done right, would not only protect your institution from financial crime, but would also meet regulatory obligations. In order to meet all the following compliance obligations & to insulate your institution from future regulatory requirements, it is essential that you get a multi-dimensional perspective of your customer under the KYC norms: - Know Your Customer - Know Your Customer’s Customer - Know Your Employee - Know Your Intermediary, Partner, Correspondent Bank etc. - Treating Customer Fairly - Financial Product Suitability - Fraud Detection - Financial Crime - Anti-Bribery - Anti-Corruption - Anti-Money Laundering - Anti-Terrorist Financing KYC is a common thread that runs through the above regulatory obligations. The essence of KYC compliance is the establishment of an effective customer identification program (CIP) within an organization, which is comprehensively managed within the KYCsphere toolkit. This would make your institution compliant with various domestic & international customer centric regulations. KYCsphere Tools: - Customer On-Boarding: Capture all new customer attributes & documentation through intuitive user interfaces. - Sanction/Watch-Lists Screening: Filter out a true name match from haystack of false matches and block sanctioned individuals, entities & countries. - Adverse Media Research: Identify high risk PEPs, Fraudsters, Criminals and Terrorists. - Risk Management: Dynamically assess overall customer risk and calculate their risk matrices. - Customer Due Diligence: Undertake simple, standard and enhanced customer diligence as per risk categorization. - Transaction Monitoring: Monitor customer behavior against expected, historical and peer groups. - Alert Management: Manage tidal wave of alerts & prioritize them through efficient risk based processes. - Case Management: Group multiple alerts, investigate them, capture comments & documents and seek permissions from senior management prior to regulatory report filings. - Regulatory Reporting: Generate management and regulatory reports including cash & suspicious activities. - Regulatory Compliance News Alerts: Keep track of compliance news, regulatory announcements & actions and published reports. Manage Risk through the KYC Process: KYC fulfills a risk mitigation function under the risk based approach. The approach requires covering customer profile; products, services & delivery channels subscribed; activities & transactions performed and the geographies involved. The KYC process begins with the key requirement of checking that a prospective customer is not named in any watch/sanction lists of wanted money launderers, known fraudsters, financial criminals and persons belonging to terrorist outfits. After name screening of the customer, attention has to be paid to any adverse news published against such individuals and entities. This is to be followed by an assessment of customer attributes on the basis of risk matrices. Higher risk customers have to be routed through enhanced due diligence and their transactions need to be monitored and alerts are to be generated if the customers' activities are not as expected. Finally, for suspicious activities, cases are to be created for investigation and once approved by the senior management, suspicious activities reports in desired type & formats need to be filed with the regulators or Financial Intelligence Units (FIUs). KYCsphere automates this entire process with necessary audit trails and retention of records, with added benefits of generating operational risk matrices. Minimize Costs of KYC Compliance: KYC compliance, traditionally would include cost of firstly software licensing; purchasing hardware servers; downloading & cleaning multiple watch/sanction lists available in different formats; modifying the application every time regulatory changes warrant it, etc. These cycles of cleanings & modifications would have to be undertaken on an ongoing basis. Additionally, this compliance infrastructure would need IT personnel to maintain it and Operational & Compliance manpower to manage this environment. When you consider all other KYC compliance obligations as mentioned above, these sunk as well as recurring costs tend to start multiplying rather quickly. What if you have an option that involves zero sunk costs & much lower operational costs? KYCsphere from Divas Software happens to be such an option. KYCsphere is a regulatory compliance toolkit, wherein each of the tool snap-fits with others in the suite and therefore can be implemented incrementally. We take care of all the updates and modifications without any costs to you, to give you secure, robust, flexible compliance at much lower Total Cost of Ownership (TCO) as compared to especially on-premise software applications.
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