Periodic reviews are one of the fastest growing operational costs in the Banking industry. Due to regulatory changes, financial organisations across the globe are under increasing pressure to demonstrate “Know Your Customer” or KYC. Not only at time of client on-boarding but throughout the client lifecycle.
This has led to two costly initiatives financial institutions must complete
Both activities are expensive as they require a vast amount of manpower to access multiple data sets, wade through countless false positives, complete internet based research and finally, build or add to a KYC file.
Unfortunately almost as soon as either activity is complete, the value of the review degrades, as people, corporations and situations change. This means that the review does little to reduce regulatory risk.
Using a tailored version of our core suite of products, ICX4 continuously match any internally held data, to a large selection of external data sources (Known End State). Ranging from corporate registries, ID & V, to global regulatory databases.
Based on user defined rules, we are the able to alert you of any material changes or automatically update non-material changes. This ensures that your internal data is consistently current and any potential risks are dealt with — reducing workload on further reviews by at least 60%.