The need to meet regulatory requirements in relation to client on-boarding and KYC have never been so important. Penalties for non compliance are increasing, reputational damage wipes millions off share prices and enhanced regulatory scrutiny amounts to far more than mere inconvenience.
The biggest issues being:
The ICX4 businessDNA solution, with its links to a large selection of external data sources, can provide the most relevant match and discount 60-80% of all false positives based on user defined parameters and collate/prepare relevant information from multiple sources to speed investigations.
The benefits of this approach include:
1. Refocus expensive analyst resource onto more exciting, less repetitive activities such as the creation of Enhanced Due Diligence reports.
2. Reduced false positives.
3. Shorten on-boarding process.
4. Faster time to value for new clients.
The ICX4 onboarding solution can also be used for event driven KYC reviews, avoiding much of the periodic review process.