RegTech firm KYC Portal has launched a module aimed at simplifying the process for compliance teams of building a corporate structure.
According to KYC, one of the most time-consuming elements in due diligence processes is the research that compliance teams must conduct in order to build the key principles and related entities behind a corporate structure. This process often requires a lot of manual input and checking – with the latter often conducted across multiple sources to ensure the data is correct.
KYCP noted many of its clients often use third-party systems that offer such data services, however this is time-consuming for teams who have to input details into internal systems.
This is why KYC Portal has launched the Corporate Source Register. The company remarked that the module allows any KYCP user to trigger searches with selected third-party providers from within the product, which enables a user to review the results, choose the corporate or individual that you would like to import the data for – such as all the related parties and key principles behind a certain corporate.
KYCP said, “This module even allows you to view the differences between the data you already have in KYCP as well as the data that the third party provided for comparison purposes. You can then decide which data you would like to store in KYCP. Upon import, KYCP will build the entire hierarchy with the related parties and documents that the third party provided.”
The company concluded that this is only the first phase of the module in KYCP, with its team working on enabling searches against multiple providers. This, the firm claims, will allow for more consistency and certainty on the data being imported and will include other features such as ongoing monitoring of imported applications.
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Copyright © 2018 RegTech Analyst