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. GDPR and KYC screening can conflict in several ways, particularly in relation to the collection and storage of personal data. However, it is mandatory for organizations to comply with both by carefully balancing the requirements of each and taking appropriate measures to protect personal data.

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.

In 2022 we planned ahead and took an active approach to new regulations, sharing our opinions on several industry trends and creating new solutions for industry trends. Our 2022 AML research gave insight to key industry shifts.

As we addressed in our latest adverse media post, there is an array of categories—and subcategories— of negative news screening that need to be properly screened for accurate and relevant results. But how do people look for and analyse adverse media in foreign languages? And why is this still so difficult?

On 1st December 2022, the Wolfsberg Group published its Principles for Using Artificial Intelligence and Machine Learning in Financial Crime Compliance. It is a welcome piece of commentary and advice and is inline with our thinking at smartKYC.

We have won the award for ‘Best Proposition for AI, Machine Learning’ at the Data Management Insight Europe Awards!

We have won the award for ‘Best Financial Crime Solution’ at the RegTech Insight APAC Awards!

It is well known that ‘adverse media’ screening is the process of searching for negative news and other data sources about an individual or company for due diligence purposes.

We have won the award for ‘Best Financial Crime Solution’ at the RegTech Insight USA Awards!

We are honoured to announce we have won the award for Best ESG KYC surveillance provider at the ESG Insight Awards 2022!

smartKYC has pioneered the use of artificial intelligence to address the very shortcomings MAS identifies. Here we review MAS’ observations regarding areas for improvement in each of the four categories that formed the scope of its inspection, and how smartKYC has been designed to meet the challenge of each.

We are pleased to announce the launch of our smartLISTS module. smartLISTS are a better way for financial crime teams to manage and screen against their internal watchlist data.