Minimise risk beyond onboarding customers
Ensure data precision and make accurate risk-based decisions
Adopting a proactive model for compliance facilitates a multi-layered approach to KYC. Financial institutions need to define, implement and measure a due diligence program that occurs systematically throughout the customer life cycle. After onboarding a customer, it is fundamental for institutions to conduct periodic remediation checks to enhance their customer data and make accurate risk-based decisions.
Reduce and manage risks
Inaccurate and incomplete customer data can lead to unwanted false positives and additional ECDD checks. Our unique name and address cleaning solution can update incorrect or missing customer details, enhance name and address formats, and identify errors with provided document details.
Risks change over time, and there is no 'one-size-fits-all' approach for risk management. Periodic remediation of your customers will help you to review and update their risk assessment continuously. These controls ensure the effective use of your resources and identify the need for enhanced customer due diligence.
Enhanced customer due diligence requires you to carry out defined risk-based measures appropriate to the situation. In high-risk situations, you must clarify, update and re-verify identification provided by the customer, including collecting additional customer information.