In today’s complex and increasingly regulated business environment, multinational corporations are challenged to ensure the integrity and compliance of their expansive supply chains.

A crucial component of risk management is the practice of adverse media screening, which involves scrutinising entities for negative news and potential red flags.

smartKYC today announce the launch of their new product for banks: smartEYE – the ultimate defence for 24/7 risk vigilance.

Multilingual NLP in adverse media screening can help unmask modern slavery

From manually reviewing news articles to using natural language processing (NLP) to analyse open source data online, adverse media screening processes have changed substantially in recent years. But the goal remains the same: to protect your institution and your customers from potential risk and improve KYC processes. With AI solutions, that goal is now significantly more attainable.

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 current role of KYC screening in PBWM KYC screening plays a crucial role in PBWM industry, ensuring compliance with regulations, mitigating financial risks, and maintaining the integrity of the financial system. As the industry evolves, the adoption of digital KYC screening processes becomes increasingly important to streamline operations. However, this sector faces unique challenges

Adverse media screening dates back several decades and has evolved alongside the changing media landscape.

KYC (Know Your Customer) screening is an essential process for businesses to identify and verify their clients’ identities as well as surfacing any potential risks associated with them. This process helps mitigate the risk of financial fraud, money laundering and other illegal activities by following KYC regulations. The information gathered during KYC screening can come from various sources, including both structured and unstructured data sets; processing these data sets presents several difficulties that businesses must overcome.

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.