A blogpost by KYC Portal has detailed how an ongoing know-your-customer (KYC) approach can help firms reduce their risk exposure to hours instead of weeks or months.
The company claims that through its automation and dynamic configuration engine, companies are able to adopt perpetual KYC by continuously monitoring their customers. By switching from manual periodic KYC reviews to those triggered by anomalous patterns of customer behaviour, KYC Portal believes this can ‘bring a totally new approach to how you do KYC’.
The firm said, “All the KYC aspects, workflows, processes and alerts that are usually handled on a manual basis are fully automated by KYC Portal. Based on the customisation that you would have defined within the system; it will handle all the aspects of compliance and alert your team when something goes wrong.
“KYC Portal will also allow you to tweak the tool to cater for new regulatory requirements and market changes, instantly applying and re-assessing such tweaks across all your past subjects. Even if your team had to be so efficient that all your on-going concerns are up to date and checked, the period between the review obligation exposes your organisation to risk due to market changes. KYC Portal also automates such concern, on a daily basis.”
All of this, KYC Portal claims, ensures that businesses can always be aware of all the aspects of risk on all on their subjects and through the continuous monitoring of transactions, is able to raise an alert if an activity does not fall in line with what is expected.
KYC Portal remarked that the perpetual KYC approach also reduces risk and optimises the use of compliance teams and resources.
The full blogpost can be viewed here.
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Copyright © 2018 RegTech Analyst
