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.

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.

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

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

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.

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.’