When on-boarding subjects, be it individuals or corporate structures
we often focus on the on-boarding side of KYC. The process of collecting all
the details, documents, evaluating risk and many other factors. However, the
most expensive aspect is the ongoing concern. Ensuring that the documents on
file are always up to date, evaluating the risk exposure on all subjects,
ensuring that reviews are conducted in a timely fashion and keeping an eye out
for any change in market happenings (such as PEPs, sanctions and adverse media)
as well as any other risk factor that might impact your subjects on file. This
process lasts throughout the lifetime of the relationship with the subject.
This ongoing aspect of KYC is often addressed by employing resources whose task
is that of keeping up with all these aspects on a daily basis. A task that is
often overlooked leading to increased risk and also the potential of regulatory
fines.
KYC Portal focuses on streamlining the operational nightmare
of ongoing KYC. It allows the compliance team to streamline and define within
the system all that has to do with the ongoing side of KYC and due diligence alerting
your teams when something needs to be addressed rather than having a team of
employees who are constantly on the lookout for such happenings.
Based on a fully dynamic configuration which is in the hands
of your compliance teams, KYCP allows you to define your review process at
subject level based on risk, define the document requirements also based on the
enhanced due diligence process, integrate with third-party screening services
for constant daily alerts on changed risk levels of subjects and calculates risk
in real-time on all data being fed. Such real-time actions on all subjects allows
KYCP to instantly alert your team when there is anything that needs to be worked
on based on the risk being exposed that same day. Whether a document is about
to expire, if a review is due based on entity type or risk, or if further
documentation needs to be requested, the system alerts the teams to act on the
specific issues case by case.
With a system like KYC Portal, the work that is usually
all done on the date of the review of the respective application is spread throughout
the lifetime of the subject based on what needs to happen when.