Businesses are required to follow the Know Your Customer (KYC) process, which involves confirming the clients' identity. As a result, IDMkyc helps business firms to determine the possible risk involved with working with a certain client.
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The need for KYC and AML procedures remains strong, but they create a burden on financial institutions. Banks are being overburdened to the point they are unable to perform their other daily functions. Introducing technologies will help reduce the stress financial institutions are currently facing.
Using technology to automate this system provides several benefits. Risk scores from an automated system can be integrated into transaction monitoring systems to create more rules and scenarios for risk awareness. Some believe that customer risk assessment is most beneficial when conducted at the beginning of a customer relationship, while others argue that it is beneficial throughout a customer's entire relationship.
Customer Risk Analysis
A risk analysis is done when a new client is brought on board. Usually, questions are posed to the client using the screening software to accomplish this. The system evaluates their responses; if they pass, the customer can open an account and conduct transactions through the financial institution.
Customer Batch Screening
Conducting a watch list discipline is a very important process. The purpose of this screening is to prevent criminal activity and other misconduct from occurring. When a customer modifies their account details or the information on the watch list changes, this kind of screening takes place. Systematic and repeated screenings are conducted here.
Real-Time customer screening
When a specific kind of transaction, like a wire transfer, takes place, this kind of screening takes place. If a wire transfer takes place, the wire is checked against a watch list before leaving the financial institution's internal system. The financial institution offers wire transfers as a service, which can happen at any time of the day. This kind of screening must be done promptly and as needed.
One Solution Platform for Endless Problems
In order to help banks and other financial institutions adhere to compliance rules, IDMERIT offers a wide range of identity verification solutions for banking and finance. Identity verification, Know Your Customer, fraud analytics, credit risk analysis, and due diligence are all provided by IDMERIT solutions.
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