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 on-boarding solution can also be used for event driven KYC reviews, avoiding much of the periodic review process.