KYC Portal has released a new solution that aims to reduce the most time-consuming elements in due diligence, which is the research compliance teams need to conduct to build key principles and related entities in a corporate structure.
The RegTech company stated that the process needs a lot of manual input and checking, which is often conducted across multiple sources to ensure that the data inputted is correct.
Clients often use third-party systems that offer data services. While there are many private and public entities that offer these types of services, they still require the team to waste hours inputting the details into their internal systems.
This problem is what KYC Portal hopes to resolve with the new product, Corporate Source Register (CSR). This module allows any KYC Portal user to trigger searches with selected third-party providers from within the product. It also lets the client review the results and select the corporate or individual that they wish to import the data for, including all the related third parties and key principles behind said corporate. This can all be done from the click of a button.
Furthermore, the module allows users to see the differences between the data they already have in KYC Portal, as well as the data that the third party provided for comparison purposes. The client can then build the entire hierarchy with the related parties and documents that the third party provided.
In a post announcing the tool, KYC Portal said, “This is the first phase of this module in KYCP. Our team are already working on enabling searches against multiple providers. This will allow for more consistency and certainty on the data being imported and will include other features such as ongoing monitoring of imported applications, adding even more value to reducing risk on all your subjects in KYCP.”
Kristoff Zammit Ciantar – founder and CEO of KYC Portal – recently spoke to FinTech Global about the future of KYC. Zammit Ciantar stated that the days of traditional KYC could be numbered, with perpetual KYC set to take its place.
He said, “Zammit Ciantar concluded, “KYC used to be perceived as the step where you need to identify or verify an individual. KYC however is more than that. KYC is the ability to know your customer, be it an individual or a corporate. KYC is the ability to know who they are, what they are doing and how they might be able to expose you and your brand to risk. KYC is the entire lifetime of a subject; from the day you onboard them all throughout the ongoing reviews.
“The new concept of perpetual KYC is not changing any of this. It’s just making the whole lifecycle of this process more secure and regular.”
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