Organisations worldwide are increasingly seeking ways to optimise their customer risk assessment (CRA) and anti-money laundering (AML) risk management strategies. Implementing effective CRA and AML procedures plays a crucial role in providing an accurate analysis of the potential risks that new clients might pose.
This responsibility, which forms part of the know your client (KYC) and due diligence process, represents a significant expense in the broader context of establishing client or business-to-business relationships. Therefore, the streamlining of this process enhances efficiency throughout the organisation
A case in point is Loomis FX, Gold and Services (Loomis FXGS), a client that adopted the KYC Portal (KYCP) to meet these needs. Initially, the company struggled as it lacked an algorithm to score customers’ AML risk and a tool for storing AML risk analysis.
KYCP provides a crucial service that helps to secure your reputation. It allows for the construction and management of an entire risk matrix, which includes the necessary categories, weights, and band combinations for all data points. This centralisation offers comprehensive risk coverage, encompassing regulatory risk, reputational damage, ESG, responsible gaming, credit risk, and other potential hazards.
What sets KYCP apart is its real-time risk engine, designed to work with any risk factors defined in the solution. This feature allows for complete control, with the flexibility to adjust the solution based on market dynamics and changes in internal policy. Furthermore, KYCP comes equipped with over 15 unique risk algorithms, meeting the diverse needs of clients in various industries across the globe.
Loomis FXGS has been using KYCP since 2021. The platform’s scoring algorithms and real-time risk dial were among the features that initially attracted them. KYCP’s customisation possibilities and reporting capabilities have since exceeded their expectations. The platform has provided further benefits, such as improved audit trails and follow-up on onboarding and KYC reviews. It has also enhanced their validation workflow, escalation process, and KYC controls thanks to the reporting module and features like checklists and verify functions.
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