Following client feedback, KYC Portal (KYCP) has integrated
its platform with GBG. Through the use of APIs, the integration will enable
further enhancements to KYC Portal via automated push and pull data requests
from GBG.
The integration will reduce the need for manual intervention
involved in screening a subject, while meeting the needs of compliance team by
producing an audit trail. Additionally, it will simplify the workflow for the
user by conducting the entire process through the one platform.
The integration with GBG has provided clients with multiple benefits
including, but not limited to, the following functionality:
- Manual search
The manual search functionality within the
KYCP allows the user to extract all available data on a subject by submitting a
call to the API of GBG. If a number of matches are returned these are presented
to the user, within the same interface of the KYCP through automated alerts,
meaning the agent only needs to use the one system. These results include photos,
personal details, political positions, adverse media and much more. The user can
select the correct match and determine the false positives at any point in
time. All activity against the subject is instantly recorded within the system
by user, date and time.
- Automated search
An all-time favourite when dealing with a large
volume of subjects. Clients can opt to submit a subject to the GBG database
automatically once it has been added to the KYCP without having to manually
trigger a search. This eliminates the need for manual searching, and therefore improves
time efficiency and ensures that all subjects are searched. If a match is found
on the submitted record,KYCP will send a notification to the respective teams so
the results can be checked manually. All of these actions are also instantly
audited against the subject.
- On-going monitoring
Via the API, GBG allows KYCP to hook up for
on-going monitoring. This will allow KYCP to ensure that all subject
information within the system is updated on a daily basis. If an alert appears,
KYCP will raise a notification to the respective team for action on the process
flow.
- Automated Enhanced Due Diligence (EDD)
An automated EDD process has been
integrated for clients. Within KYCP the client is able to define the entire
regulatory process including setting the risk scoring criteria on the input
data. The client is also able to tailor the workflow and automatically request
an EDD report from GBG, when a certain risk score is reached. Once the EDD
report has been finalised by GBG, KYCP will automatically contact the
compliance team to notify them that the report has been filed against the
subject, with a full audit trail.
** Vendor supplied text
GBG, the global
identity specialist provides various services including global address
validation, email and mobile validation, Global electronic identity
verification including PEPs, Sanctions, Adverse Media, Document Verification,
Age Verification, AML checks, Enhanced Due Diligence reports etc, Ongoing
monitoring services, Fraud Bureau, Tracing and investigating, Transaction and
behaviour monitoring, Document scanning and facial recognition, Data cleansing.
Further detail about their services can be found
here.
KYC Portal CLM is agnostic to third-party data providers. The solution can be integrated with any third-party of choice and it’s up to each client to decide which screening data provider/s they wish to integrate with their instance of KYCP.