Key trends in KYC due diligence
ESG and leveraging technology for enhanced due diligence were key topics in 2023. smartKYC’s CEO, Dermot Corrigan and COO, Hugo Chamberlain regularly contributed their insights on ESG, AI, supplier due diligence, adverse media screening and the regulatory landscape for compliance and due diligence professionals. Some of smartKYC’s most popular blog posts included:
KYC due diligence
A guide to KYC Screening in Private Banking and Wealth Management
In this article, we offer a guide to digital KYC screening in Private Banking and Wealth Management (PBWM) and how it can transform screening processes.
We consider the specific difficulties and advancements in Know Your Customer (KYC) screening within and highlight the need for comprehensive solutions and a broader perspective beyond identifying red flags.
Perpetual KYC v Periodic Refresh – A False Choice?
Perpetual KYC (PKYC) has become a buzz phrase in the last few years due to a combination of heightened scrutiny from regulators and huge advancements in automation technology.
In this article, smartKYC’s CEO Dermot Corrigan provides insight on the definition of perpetual KYC, the implications for other KYC monitoring activities, such as periodic refresh, and points to some of the solutions that can meet the technical challenges perpetual KYC presents.
ESG and supplier due diligence
In today’s complex and increasingly regulated business environment, multinational corporations are challenged to ensure the integrity and compliance of their expansive supply chains. As they navigate the task of supplier due diligence, they stand to learn valuable lessons from the banking industry and its evolution in Know Your Customer (KYC) practices.
In this article, you will find smartKYC’s CEO, Dermot Corrigan‘s thoughts on the relationship between KYC and supplier due diligence.
The importance of implementing comprehensive due diligence processes cannot be overstated, particularly as global supply chains become increasingly complex. Central to this is adverse media screening, which involves searching for negative news about entities, be they companies or individuals, to determine their reputability.
In this article, smartKYC’s CEO, Dermot Corrigan, explores the shift towards leveraging Natural Language Processing (NLP) to enhance adverse media screening for supplier due diligence.
AI
How Multilingual Natural Language Processing Can Unmask Modern Slavery
In a globalised business environment, ensuring ethical practices across supply chains is paramount.
One of the most egregious violations of ethics is the persistence of modern slavery, a term that encompasses a variety of human rights abuses, including forced labour, human trafficking, and child labour. It is estimated that over 40 million people worldwide are victims of modern slavery, highlighting the critical need for businesses to scrutinise their suppliers for such practices.
In this article, we explain how multilingual Natural Language Processing (NLP) helps unmask modern slavery.
Regulations
How the EU’s Corporate Sustainability Due Diligence Directive affects multinational corporates
On June 1, 2023 the EU Parliament paved the way for regulation that will have fundamental implications for the way companies operating within the EU assess and monitor their supply chains for the risk of human and environmental rights violations.
The EU Corporate Sustainability Due Diligence Directive (CS3D) will require obliged entities to identify, prevent, mitigate, and end negative impacts on human rights and the environment in their value chain, or face the financial consequences.
Find out more about the CS3D and its impact on multinational corporates in this article.
GDPR and KYC – Living Together in Perfect Harmony?
The General Data Protection Regulation (GDPR) and Know Your Customer (KYC) screening are two important regulatory frameworks in the world of data protection and financial services.
However, GDPR and KYC screening can conflict in several ways, particularly in relation to the collection and storage of personal data.
Read our article and learn how to comply by balancing the requirements of each and take appropriate measures to protect personal data.
24/7 risk vigilance is here
smartKYC launched smartEYE, a perpetual risk vigilance solution that intelligently scans for adverse media in real-time.
smartEYE represents the ultimate defence against risk with a continuous system that monitors vast amounts of unstructured data such as web pages and news to deliver pertinent, real-time alerts.
“With smartEYE, financial institutions get risk-relevant, real-time alerts about their customers that allows them to act decisively and quickly. Compliance teams no longer have to wait for a periodic refresh cycle. Instead, they receive adverse media trigger events in the form of precise alerts, as that news breaks. smartEYE represents the ultimate solution for perpetual KYC risk monitoring.” —Dermot Corrigan, CEO, smartKYC
Discover smartEYE for banks here and multinational corporates here.
smartKYC’s award-winning technology
smartKYC garnered six awards this year, including an award for their latest product, smartEYE.
smartKYC receives high rankings in Chartis’ KYC Data and Solutions Report
In addition to these awards, smartKYC was also included in the 2023 Chartis KYC Data and Solutions Report, which gives an overview of the KYC solutions landscape.
smartKYC received high rankings for its capabilities in each category of reporting and dashboarding, KYC risk scoring, customer profile enrichment with additional data, customer onboarding and customer maintenance.
Speaking engagements
smartKYC’s CEO, Dermot Corrigan, shared his expertise in adverse media monitoring throughout the year at leading industry events and talks.
He discussed automating third-party due diligence and ongoing monitoring with advanced multilingual AI in conversation with Ian Lawless, Head of Content Partnerships & Events Director, Procurement Leaders.
He also took part in a panel discussion on the topic of ‘Adverse Media Screening for Effective KYC’ at The Financial Crime Summit – London.
smartKYC also proudly sponsored several industry events, including SIBOS, Money 20/20 and Procurement Leaders.
We look forward to all that smartKYC has in store for 2024! To keep up-to-date with smartKYC and gain further insights, please follow us on LinkedIn.
