smartKYC’s modular design means its sophisticated search and unstructured data processing power are well suited to a number of financial services and corporate applications
Know Your Customer
smartKYC can be deployed for every stage of the KYC process; bulk remediation, day-to-day onboarding, periodic refresh and event-driven monitoring. Our extensive risk array spans legal risk, political, country and industry exposure, personal and professional associations, extent, source and evidence of wealth, aliases and much more.
Prospecting and Target Profiling
Our sophisticated rules engine mines intelligence in multiple sources and languages to identify liquidity events that could trigger opportunity. Rich subject profiles can then be generated to include a subject’s background, assets, source and display of wealth, interests and relationships.
smartKYC can deliver automated, behind the scenes go / no go decisions according to a client’s risk-based approach and source preferences. Fuller enhanced due diligence reports can be invoked automatically for cases that are to be escalated for human review.
Supply Chain Integrity
Not only does smartKYC screen for the full panoply of financial and non-financial crime risks but our ESGOL framework™ ensures environmental, social, governance, operating and labour risk factors are elicited. It is also designed to find evidence of security breaches on or offline, product recalls and threats to assets. Vendor monitoring can then be set up based on client-defined risk factors such as initial risk score, country domicile, relationship criticality etc.
Does an understanding of your subject’s network pose risk or present opportunity. smartKYC not only maps associations in real time but also automatically describes the nature of the relationship. Such relationships aren’t limited to directorships and shareholdings as derived from corporate registries but also non-professional associations (e.g. through family, membership of bodies, patronage / support of causes, recreational interests).
smartKYC’s can be applied to understanding trade finance risk through extended due diligence on all counterparts in the chain, vessel and route verification, and goods screening (e.g. for dual use and price plausibility).
GDPR Compliance and E-disclosure
The principles of open-source intelligence gathering for KYC can and should be applied to GDPR compliance. Arguably the biggest challenge for organisations is not the creation of GDPR-compliant policies and procedures but understanding where the current liability is ahead of any influx of SARs (Subject Access Requests). Names, languages, a mix of structured and unstructured sources represent familiar challenges that smartKYC has already overcome.
While some might consider simple ID verification checks as sufficient employee due diligence, the emergence of the insider threat as a key risk to organisations suggests that more extensive risk and relationship screening is a necessity rather than a luxury.