KYC Quest has launched to provide financial institutions with a customisable questionnaire platform to develop, manage and execute compliance processes.
Headquartered in Amsterdam, KYC Quest offers regulated institutions an online questionnaire platform aimed at providing the compliance team with automated and fully customisable questionnaires. The aim is to help these teams deal with repeatable activities such as customer due diligence, enhanced due diligence, client file reviews, transaction monitoring, third party screening, alert handling, incident management, privacy assessments and outsourcing screening.
Questionnaires can be enriched with innovative features such as preset risk triggers, references to applicable laws and guidance, a risk module and work flow management for four eyes and senior management approval. The result is logged in an audit report which then can be easily implemented in existing systems according to co-founder Niek Roselaers.
He told RegTech Analyst: “Most financial institutional have an automated solution in place to on-board their customers. These solutions mostly focus on separating the low and high risk cases so that for the large bulk of the cases no manual repetition is required and the process is as seamless as possible to the customer.
“However, if a firm does encounter a case which imposes an increased risk, they often rely on secondary tools such as Word, Excel or even paper documents. KYC Quest tries to close this gap.”
KYC Quest’s platform makes it possible to develop questionnaires for tasks such as Enhanced Due Diligence, PEP & Sanction Alerts, Third Party Screening and KYC Remediation projects. Compliance Analysts can use those questionnaires to perform their tasks in the same tool, creates a fully auditable and easy to manage environment for financial institutions to continuously stay compliant.
The idea for KYC Quest came when Roselaers was working as Head of Compliance at an innovative Payment Service Provider.
“I found that the key to running a compliant operation highly depends on how you deal with the excesses. On a daily basis, I received complicated compliance cases on my desk for which the firm had no procedures or the required specific knowledge.”
With a range of KYc solutions in the market, KYC Quest differentiates itself from the rest by providing SaaS standalone application, meaning no integration into existing systems is required.
“Our solution can be used at any place at any time, with or without other applications, as long as there is an active internet connection available. This makes the tool very flexible and user friendly,” Roselaers added.
Charco & Dique, Connective Payments – Strategy Consulting and Execution and international KYC all contributed to the development of the platform.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
