Periodic Refresh & Continuous Monitoring
While 24/7 proactive client monitoring could be considered the ultimate KYC defence, it is fraught with challenges:
- Will it create another SARs type headache – lots of alerts that turn out to be false positives?
- Can a solution combine monitoring of media sources as well as databases like watchlists or company information?
- Will analysts be inundated with previously known intelligence about the client and multiple reports from multiple sources about the same piece of information for days on end?
- Will alerts be of sufficient criticality to merit real time alerting?
- Will it require big capital investments or significant increases in operating expenditure such as content or people costs?
smartKYC’s sophisticated solution addresses these challenges.
By using other identifying attributes like age, nationality and company affiliation in the search rather than name only, all hits, including those from media sources, can be scored for relevance, regardless of the language of the article.
A federated search unifies all preferred client sources regardless of whether they are structured databases like watchlists or unstructured sources like websites or media archives.
smartKYC’s strength in eliciting facts from media content ensures an intelligence baseline is created at the onboarding stage. This means that new monitoring alerts comprise genuine ‘net new facts’ rather than the endless repetition of prior knowledge.
smartKYC not only looks for specific event types in structured sources, such as registry filings, but it also discriminates between types of adverse media hits. Events can be classified based on criticality so that alerts and their escalation pathways reflect client risk policy.