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.

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!

In this final article, we share our last set of best practices for Adverse Media Screening, a tool increasingly important for individuals and companies in monitoring online news and media.

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

smartKYC’s contribution to the due diligence industry results in awards across several disciplines, including technology, AI and ESG.