Companies must adhere to the Know Your Customer (KYC) procedure, which entails verifying the identity of their clients. Consequently, IDMkyc assists businesses in assessing the potential risks associated with engaging a particular customer.
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The demand for KYC (Know Your Customer) and AML (Anti-Money Laundering) protocols remains robust, yet they place a significant load on financial institutions. This burden has become so overwhelming for banks that it hinders their ability to carry out their routine operations effectively. The implementation of technology offers a promising solution to alleviate the challenges currently faced by financial institutions.
Leveraging technology to automate these processes offers numerous advantages. An automated system can generate risk scores that seamlessly integrate into transaction monitoring systems, thus enabling the establishment of a wider array of rules and scenarios for heightened risk awareness. While some argue that conducting customer risk assessments at the inception of a customer relationship is most beneficial, others contend that it remains valuable throughout the entire duration of the customer relationship.
Customer Risk Assessment
When a new customer is onboarded, a risk assessment is performed. Typically, inquiries are directed to the customer through a screening software for this purpose. The software then assesses their answers, and if they meet the criteria, the customer becomes eligible to establish an account and engage in financial transactions through the institution.
Customer Screening Process
It is a crucial procedure involving watchlist checks to safeguard against unlawful activities and misconduct. This screening is implemented when customers update their account information or when there are alterations in the watchlist data. It involves consistent and recurrent screenings to ensure security.
Instant Customer Screening
This form of screening is initiated whenever a particular transaction, such as a wire transfer, is executed. In the case of a wire transfer, the system ensures that the wire undergoes a thorough check against a watch list before it exits the internal infrastructure of the financial institution. Wire transfers are a service provided by the financial institution, accessible 24/7. This screening process must be carried out swiftly and on demand.
Azine Technologies Provides One Solution Platform for Multiple Problems
To facilitate the adherence of banks and various financial institutions to regulatory requirements, Azine Technologies provides an extensive array of identity verification solutions tailored to the banking and finance sector. Within Azine Technologies solutions, you can find services encompassing identity verification, Know Your Customer (KYC) procedures, fraud analytics, credit risk analysis, and due diligence.
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