Private Banking & Wealth Management
Private banks and wealth managers face unique KYC demands. Their clients will often be considered higher risk due to their association with certain jurisdictions or sectors, the sophistication of their banking and investment needs or their raised public profile. This presents significant due diligence challenges, including:
- The information requirements checklist is much more extensive than for a retail bank.
- Multiple sources in multiple languages need to be searched to ensure no risk-relevant intelligence is missed.
- Names and their various permutations need to be searched with linguistic and cultural sensitivity.
- There is often a lack of result confidence as identity ambiguity is more prevalent.
- There are additional obligations to determine and corroborate source of wealth, identify associated party risk and support the journey to wealth with the appropriate narrative.
Fortunately, smartKYC was built from the ground up to meet each of these challenges. As a consequence, KYC research and analysis is automated, onboarding lead times are much shorter and new possibilities like continuous monitoring become an affordable reality.
smartKYC’s rich feature set removes a lot of the drudgery of background research by automatically surfacing risk-relevant and contextual useful intelligence about your client.
To reduce false positives, instead of matching on a name and its appropriate variants alone, smartKYC uses additional identifying attributes like age, birthplace, nationality and company affiliation to score hits for accuracy. And not just hits from watchlists but also from media and web articles.
smartKYC goes way beyond adverse media references to provide a 360° view of your client.
- Net worth, assets and source of wealth are identified, as well as a journey to wealth narrative (e.g. birth, education, career) to support plausibility assessment.
- Individual and entity relations are extracted, not just from corporate director and shareholder sources but also from media articles. This ensures personal relationships such as family members, friends and associates are identified and potential risks in those relationships highlighted.
- Exposure to politicians, as well as client-defined high-risk industries and countries, are presented ensuring these potential risks are factored in at onboarding and throughout the relationship.
This intelligence is not only generated from English language sources. smartKYC operates as effectively in most Indo-European languages and the main non-Latin scripts (e.g. Russian, Arabic, Chinese, Hindi, Thai).
With such intelligent automation, private banks and wealth managers can empower their front-of-house teams to be an efficient and effective first-line of KYC defence and focus their compliance teams where it really matters.
Adverse Media: Advanced, multilingual Natural Language Processing (NLP) to pinpoint risk in global web and media sources.
Source of wealth: Identify and corroborate the source of your clients wealth to ensure it corresponds with your data held on file.
Network Mapping & Relationship Risk: Reveal the whole network, from formal and official relationships to friends, associates and family members.
List Screening & Entity Resolution: Name screening that marries sophisticated matching technology with cultural sensitivity.
ESG Risk Intelligence: AI-powered ESG risk intelligence about your supplier, business partner or investee companies.
Periodic Refresh & Continuous Monitoring: Monitor entire client bases, periodically or continuously and receive genuine information deltas, not things you have seen already.
Robo onboarding: Robotically onboard your clients an industry-first approach that not only verifies identities in minutes but conducts full due diligence too.
Batch Remediation: Automatically screen an entire client base overnight. smartKYC will only highlight cases with potential risk.
Lead Generation and Target Profiling: Empower business development with intelligence-led relationship building.
Corporate & Investment Banking
Remove the complexity of legal entity KYC by unifying all sources and checks
AI-driven automation of KYC tasks, even adverse media checks
Compliance Advisory & Support Services
Elevate the quality of your due diligence and mechanise the entire process
Identify and mitigate all 3rd party risks through AI-powered due diligence