Batch KYC Remediation

Transform your due diligence efforts by taking an AI-powered approach to KYC remediation. smartKYC combines multilingual natural language processing, advanced name and identity matching, federated search and fact extraction to perform batch screening on large volumes of clients, only highlighting cases with potential risk.

Batch KYC Remediation - smartKYC

Challenges of KYC Remediation

The ongoing process of satisfying regulatory KYC requirements is typically slow and very manual. KYC remediation exercises are arguably the most arduous of all KYC tasks. Internal policy uplifts, new external regulation and senior leadership changes are among the main reasons why the KYC remediation requirement persists.

But surely it makes no sense to conduct these KYC look backs on a book of business in the same manual way? Whether done inhouse or outsourced, applying human resources to the task when only a small proportion of the client base may have risk attached is unnecessarily wasteful of both time and money. 

Compromising by only reviewing a selection of files based on perceived rather than actual risk also isn’t a satisfactory answer.

Automated KYC Remediation Solution

The solution is to have automated KYC software that processes in hours what it would take a team of humans to achieve in many weeks or even a year. 

smartKYC remediation uses artificial intelligence and other innovative technologies to automate initial checks, on an overnight batch basis, so that only potential risks are triaged for human review, reducing time, labour and ultimately the costs of large remediation projects. 

As an example, smartKYC recently undertook a KYC remediation project for a bank that was compelled by the regulator to rescreen a book of clients equating to 6,000,000 individuals. These clients were run through the bank’s existing screening solution and produced 15.2 million hits for review. Humans initially spent 15 months reviewing the first 1.2 million hits. They calculated that 120,000 man hours would have been needed to complete the task. smartKYC completed the exact same task in 53 hours.

The combination of smartKYC’s artificial intelligence technology, linguistic know-how and tailored methodology meant smartKYC was able to drastically reduce the time and labour required to perform the bank’s daunting and high-risk task, allowing the client to meet its regulatory requirements.

The same approach can be applied to any other institutions facing this same challenge of excessive false positives. 

Discover our Automated KYC Remediation Solution

With smartKYC, cultural sensitivity to names and their relevant variants, name origin detection and sophisticated identity matching are combined with highly accurate relevance filters so that the KYC remediation process is delivered far more quickly and with fewer resources than was previously possible.

If you’re interested in learning more about our award-winning KYC software, book your demo today.