KYCsphere

Screening Against Sanction, Watch & Embargo Lists

Key Challenges

• Ability to precisely filter individuals and entities from your existing or potential customers that are listed on any of the local, regional & global sanction & watch-lists. In other words, you should never miss out on a single True-Positive match.
• Ability to drastically reduce False-Positives to save on unnecessary due diligence & KYC compliance costs.
• Ability to manage the entire Customer Identification Program (CIP) in a single application including updating of customer information as per changing risk categorization, expiration of documents, processing of raw sanction/watch-lists, etc.
• Ability to demonstrate robust Risk Based Customer Identification Program (CIP) under the overall KYC compliance process, during regulatory inspections.

Please fill-in your name along with email & press the button on the right and we would explain why these & many other challenges need to be addressed.

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KYCsphere Solution

The KYCsphere Screening Tool empowers your users to pick up a needle from a hay-stack in an efficient manner. It helps you in screening not only customers but also employees, vendors, intermediaries, partners and others against your internally compiled lists and lists of PEPs, defaulters, corrupt, money launderers, fraudsters, criminals, terrorists and other global sanction & watch-lists. The screening process follows the FATF recommended risk-based approach, which truly constitutes the technology back-bone of the entire KYCsphere toolkit.

You have the freedom to select lists that are important to your institution with its operations in specific jurisdiction(s) from over 150 such lists from all of the global sanctioning bodies, law enforcement agencies and financial regulators worldwide. Thereon our watch-list maintenance team monitors & picks up these raw lists as soon as they are published, validates for data consistency, translates, localizes & loads into the KYCsphere back-end. This list customization process ensures reduction in the number of false positives, while minimizing risks of true positives escaping. These watch-lists are constantly watched over by us for incremental updates, additions & deletions towards ensuring that your institution does not miss a single heart-beat to keep undesirable elements out of your business process. This feature-rich tool thus gives your institution market agility and regulatory flexibility without any capital expenditure and with the least of IT intervention.

Beyond the challenges of the managing lists and screening your customers & others against them, your institution is obligated to find out the true identity of them. This is where a multi-layered Customer Identification Program (CIP) section of the KYCsphere can help. It allows you to capture, validate, verify and authenticate ID & Address proofs and other details of individuals, entities and their beneficial owners in face-to-face & non-face-to-face situations.

Please fill-in your name along with email & press the button on the right and we would showcase to you how this could be achieved.

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Key Benefits

• Protects your institution against defaulters, corrupt, money launderers, fraudsters, criminals and terrorists becoming your customers or sending/receiving payments & remittances.
• Sanction/watch/embargo lists around the world usually get published in such diverse & raw forms at irregular intervals that managing them is one of the most difficult tasks of the KYC screening process. Outsourcing this activity gives your compliance team the much needed time to focus on filtering out high risk individuals & entities including HNIs, Non Residents, PEPs and blocking out ultra high risk persons & organizations.
• Robust features of the tool facilitate entity resolution by way of advanced name and address matching algorithm that has tolerance for misspellings, alternate spellings, abbreviations etc. The matched results are risk prioritized with extent & probability of match, while giving you the control of setting the thresh-holds, under which much of false positives are automatically handled by the tool, without any manual intervention.
• Efficient batch scans against updated lists and constant surveillance based ad-hoc & periodic KYC reviews of existing customers and their payment transactions.
• You can manage the entire KYC compliance process in simple Internet browser, including new customer account opening process, ID & Address verification, further integrated with risk management, due diligence and regulatory reporting tools. This would accelerate the process of profitable customers’ on-boarding and would mitigate the risks of losses due to criminals exploiting your institution.
• In addition to zero capital expenditure for using cloud based KYCsphere screening infrastructure and since you can choose from the global, regional and your country's local sanction/watch-lists, you only incur subscription fees only for lists that you subscribe to.
• This tool provides organizations with a fully auditable process, look backs and reporting to be able to withstand Customer Identification Program (CIP) regulatory scrutiny.

Please fill-in your name along with email & press the button on the right and we would help you to arrive at substantial cost savings by using Microsoft® Azure Cloud based KYCsphere.

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