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In assuring that KYC processes comply with the Bank Secrecy Act and other mandates, institutions face several challenges:
1) The need to adapt to custom policies and procedures
KYC is highly integrated with an institution's front-office, which continuously changes based on customer demographics; new product offerings; and financial, regulatory, and legal requirements.
2) The need for flexible customer risk scoring and classification
Institutions require flexibility to create risk models based on their operating exposure, customer demographics and product offerings. This approach reduces the compliance footprint on the vast majority of low-risk normal behavior.
3) The need to link internal data with external data
In order to "know" customers, institutions must integrate data they collect about their customers with data from external sources. These sources have numerous formats and access mechanisms. Moreover, new sources are coming online every month.
4) The need for an integrated investigative workflow
To meet compliance deadlines, institutions implemented application silos for CIP, EDD, KYC, Case Management, and regulatory reporting. The next step is to break down the walls between these silos with a composite view across applications. This enables institutions to improve the investigative process, reduce risk, and audit the entire relationship flow.
5) The need for consolidating data across dimensions
KYC requires consolidation of data across different product-specific transactional systems, customer-account systems, alert generation systems, investigation tools, and regulatory reporting systems. Regulatory requirements across geographical boundaries and product types often make it difficult to physically consolidate them.
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With Digital Harbor's KYC solution, information is intelligently related across transaction monitoring tools, customer account systems, and regulatory reporting systems - even the results of a Google or Lexis-Nexis search. This is achieved through collection of adequate data in the front-office, followed by investigation and continuous analysis and monitoring in the account maintenance cycle.
Digital Harbor KYC solutions include three modular components:
Account Origination
- Automated feeds from data entry screens
- Customized data entry screens
- Interactive, contextual, risk-based questionnaires
- Auto-lookup of document imaging systems
- Document tracking
- Entity aggregate and individual 326 risk scoring
- Restricted and internal list screening
- Interactive identification validation call-outs
- Concurrent fraud modeling
- "What-If" modeling workbench
- Automated CIP documentation, decisioning and audit trail
- Integrated with entity resolution and name disambiguation
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Account Screening
- Automated 312 ID, scoring and workflow
- Automated 314[a] screening and response facilitation
- Integrated policy-based decisioning
- Automated pre-population of alert and case files
- Configurable automated escalation and workflow
- Consolidated, query-able customer data and investigation file
- Retrospective screening for list changes and full-file scans
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Account Monitoring
- Automated scan of customer profile changes
- Integrated, risk-based customer lifecycle scoring
- Closed loop link to AML monitoring for sensitivity adjustments
- Triggered, facilitated review of high-risk customers
- Management dashboards, reporting and audit trail
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| The Benefits |
Digital Harbor KYC solutions are ideally suited to tracking, correlating and resolving issues across the multitude of systems financial institutions use.
Compliance investigators and analysts no longer have to go to multiple pages or systems to gather information related to an issue. Instead, they can see disparate information in a single view and create action plans and reminders for issues based on customizable criteria. Together, these capabilities enable institutions to:
- Reduce operational risk associated with customers
- Facilitate compliance and protect against fraud
- Preserve the customer experience
- Reduce costs by automating previously manual efforts
- Provide visibility to management and compliance
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