Know Your Customer (KYC) processes have traditionally been the backbone of financial institutions’ efforts to prevent money laundering, terrorist financing, and other financial crimes. Historically, KYC screening focused primarily on identifying red flags such as suspicious transactions and connections to criminal activities.  

The emergence of Natural Language Processing (NLP) technologies offers a promising solution to revolutionise KYC procedures, enhancing efficiency, accuracy, and compliance.

Four years ago, we posited in our white paper, Eyes Always Open, published in Money Laundering Bulletin, that best practice guidance on KYC screening would soon include perpetual monitoring of adverse media as opposed to just screening at onboarding and re-screening at intervals.

In the realm of financial services and beyond, ‘Know Your Customer’ (KYC) has long been a foundational principle.

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.

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.

We have won the award for ‘Best AI/ML Solution for ESG’ at the ESG Insight Awards!

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.

smartKYC announces Mike Byrne as the company’s new Business Development Director.

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.