Based on client requests, KYC Portal has integrated it’s platform with the data provisioning services of ComplyAdvantage. The integration is automated through the use of the APIs available by both tools. Using the API of KYC Portal to be able to push and pull data requests from the API of ComplyAdvantage allows for further automation in the process flows of KYCP.
The main scope of integration is always based on two aspects, the automation of tasks to rely less on the manual effort involved in screening subjects and also the traceability of actions internal to the compliance team. Integrating KYC Portal with such third parties allows the customer to be able to conduct the entire service using one audited platform.
The integration with ComplyAdvantage kicked off through a request of a bank whereby they wanted to streamline the process of on-boarding subjects first time round and automate the ongoing process based on the results being flagged by ComplyAdvantage. This integrations caters for a number of features within KYCP.
-
Manual Search
Within KYC Portal there is a button that allows the agent to trigger a manual search. This will pick up all the data in KYCP for the respective subject and submits a call to the API of ComplyAdvantage. Should any matches be found they are presented to the agent within the same interface of KYCP allowing the agent to use one system only. These results will include all the data returned from the API of ComplyAdvantage including personal details, political positions, adverse media and much more. The interface allows the agent to be able to choose which is the right match and which are the false positives at any point in time. All the actions above are instantly audited within the system against the subject by user and date time.
-
Automated Search
The bank in question also set KYCP to automatically trigger search on subjects without requiring any human intervention. This eliminates the need to have a human being conducting the search so no time is wasted. It also ensures that all subjects are searched. Should a match be found on the submitted record KYCP will alert your team the following day in the morning with a Notification to be able to then manually check the results. All of these actions are also instantly audited against the subject.
-
On-going Monitoring
Also via the API, ComplyAdvantage allows KYC Portal to hook up for on-going monitoring. This will allow KYCP to ensure that all of your subjects in KYCP are up to date on a daily basis. Should the monitor alert anything, KYCP will raise a notification to the respective team to be able to act on the process flow within the solution.
** Vendor supplied text
ComplyAdvantage helps firms make intelligent risk decisions, faster. Providing the world’s only dynamic, real-time database of people and companies, to present the real risk of who you are doing business with. We offer broader coverage allowing us to spot tens of thousands of risk events from within millions of structured and unstructured data sources, everyday. Providing a different approach to financial crime data with a modular solution which seamlessly integrates to help you automate and comply with Sanctions, AML and CTF regulations.
Further detail about their services can be found
here.