Perpetual KYC v Periodic Refresh – A False Choice?

By Dermot Corrigan
On: 26 January, 2023,
Categories: Adverse Media, Continuous Monitoring, KYC

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.

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Negative News Screening: Processing Foreign Languages

Adverse Media | AI | Continuous Monitoring | Explainable AI | Fintech | KYC

19 December, 2022

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?

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smartKYC Comment on the Wolfsberg Principles for Using Artificial Intelligence and Machine Learning in Financial Crime Compliance

AI | Explainable AI | Fintech | KYC

9 December, 2022

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.

Adverse Media Screening: 10 Best Practices – Part 3, Tips 7-10

Adverse Media | Continuous Monitoring | Explainable AI | KYC

2 November, 2022

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.

smartKYC Wins ‘Best ESG KYC Surveillance Provider’ in ESG Insight Awards 2022

Awards | Explainable AI | KYC

25 October, 2022

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

Adverse Media Screening: 10 Best Practices – Part 2, Tips 4-6

Adverse Media | AI | Continuous Monitoring | KYC | Uncategorized

30 September, 2022

This article continues with tips 4-6 for better implementing a continuous or high-frequency negative news screening programme.

Adverse Media Screening: 10 Best Practices – Part 1, Tips 1-3

Adverse Media | AI | Continuous Monitoring | KYC

15 September, 2022

Adverse media screening, sometimes referred to as negative news screening, is essentially the process of searching an individual or company for adverse news or media relating to them, which can be found in open source intelligence online.

smartKYC launches smartLISTS

AI | Fintech | KYC

4 August, 2022

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.

Automated Enhanced Due Diligence Using AI

AI | KYC

2 August, 2022

Historically, and still in many instances, Enhanced Due Diligence was exclusively a manual process using human intelligence, but with the advent of real world uses of artificial intelligence and other innovative technologies, more and more firms are using tools to automate their EDD processes as much as possible.

smartKYC Wins Two Prestigious Awards

Awards | Explainable AI | KYC

29 July, 2022

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

Jargon Buster: Entity Resolution

AML | Jargon Buster | KYC

26 April, 2022

What is entity resolution and why is it important?

When carrying out Know Your Customer (KYC) screening, a challenge many organisations face is determining whether data refers to the same entity or multiple, different entities. Entity Resolution (ER) is a technique that allows you to know if real-world entities are linked—or not. Once the entities have been determined as equivalent, a common identifier is added, linking the different records. This enables you to create unique customer profiles and avoid duplication.

smartKYC: Computing Awards finalists for the third year in a row

AI | Awards | Explainable AI | KYC

13 April, 2022

We are honoured to be finalists in the Computing AI & Machine Learning Awards again this year in the categories of ‘The Most Innovative Use of AI’ and ‘Explainable AI Award.’ These prestigious awards ‘recognise the best companies, individuals and projects in the AI space today.’