New enhancements in AML screening profiles within KYC Portal

As part of its continuous efforts to enhance data orchestration within Know Your Customer (KYC) parameters, KYC Portal is launching a new feature designed to provide increased flexibility in the integration with third-party data sources.

This upgrade comes as a response to the industry’s need for more efficient screening procedures for politically exposed persons (PEPs), Sanctions and Adverse Media.

Implementing a screening service provider within KYC Portal requires the configuration of the chosen third-party entity. Notable examples include Refinitiv, Dow Jones, Acuris and Lexis Nexis.

These settings are applied at the third-party level and include the determination of accepted open matches and the categorisation provided by the supplier. Additional configuration components encompass the scheduling of daily monitoring and determining when searches should occur. Furthermore, the system also allows the setting of recurring auto searching intervals based on the number of days.

In an innovative move away from traditional systems, KYC Portal’s solution empowers users to customise how it responds to such screening, contingent upon complex rules or type of entity.

For instance, customers can decide to schedule daily monitoring for entities of type Ultimate Beneficial Owner (UBO) and Shareholder, while opting for less frequent searches, perhaps every 90 days, for other entities. The system’s complex rules enable highly specific customisations, such as differentiating based on the risk level of the application or specific fields within an entity.

The standout feature is the application of multiple screening profiles, even when using the same third-party supplier. Screening profiles can include the selection of a third-party provider and the provided account, assignment of a profile name, setting of search thresholds for both legal and natural entities, and choosing categories to be included in a profile.

Such flexibility offers numerous benefits, one being the ability to define the parameters. Users can set legal entities to be searched only for specific categories while applying different categories for natural persons. Similarly, profiles for high-risk subjects can include all categories, whereas low-risk subjects might only be checked for Sanctions. This flexibility not only improves risk control measures but also decreases the operational costs associated with maintaining risk.

It’s important to note that these profile settings are only applicable to the search function, both manual and auto. For monitoring settings, technical assistance is needed to add the configuration at the server level.

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