KYC “Know your customer” principle is an important part of the European Directives against money laundering and terrorist financing.The new AML regulatory framework have introduced as requirements for financial institutions to adopt more sophisticated risk based approaches to combat the risk of money laundering and terrorist financing. The changes addresses inconsistencies in the supervisory regime across sectors and aligns Know Your Customer (KYC) requirements of professional services firms with those applying to the finance industry. Our software, KYCOS®, offers a modern solution for companies to comply with the new regulations.
Based on the internal policies of each company, our software searches robotically structured and unstructured sources of information to automate KYC (Know Your Customer), AML (Anti-Money Laundering) and EDD (Enhanced Due Diligence) policies for a smooth customer onboarding and regulatory compliance.
KYCOS® has been developed according to a single window concept in which multiple information sources are integrated in a web interface to get a clear overview with one mouse click only. That is why KYCOS® is seen as a cost and time-effective workflow based enterprise risk management platform for customer onboarding and due diligence. Advantages of this concept are: it brings all your CDD affairs together efficiently in one place, it offers consistent data worldwide, it helps to minimize your risks and it speeds decision making.
Enhanced risk management
KYCOS® is an interactive KYC platform for real-time and automatic client identification, verification, screening and monitoring – against official information databases and public lists (official sanction lists, watch lists, PEP data, insolvency databases and adverse media). The platform is facilitating an accelerated client onboarding and offers the necessary tools to prevent money laundering and counter the financing of terrorism. In order to be able to make a correct and reliable assessment of the clients, a few supplementary risk indicators have been added to the web application. With KYCOS®, companies can easily perform complex screenings at competitive rates.
Customers & Market
Each industry sector has a unique set of requirements that underpin the need to screen and risk profile customers, suppliers, employees and counter-parties. Across all industries there is an obvious desire to manage reputational risk. Institutions include: banks, payment institutions, insurers, investment firms, tax advisers, investment institutions, accountants, lawyers, notaries, trust offices, brokers and appraisers. KYCOS® is also a suitable tool for compliance service providers, implementing dedicated features for these type of services.
Accurate risk assessment
KYCOS® provides the necessary tools to execute an unbiased, in-depth compliance investigation and a correct risk assessment. It checks your business relationships against official public lists. Customer Due Diligence in KYCOS® actually means automated screening with high precision matching to quickly determine the risk assessment. The software ensures a faster customer acceptance process and also sets up an effective CDD/EDD solution eliminating unnecessary redundant screenings for customers occurring in different systems of the same enterprise.
Next-generation screening technology
KYCOS® uses advanced AI for analyzing Big Data and transforming data into valuable information. The software is also using Machine Learning and various fuzzy matching algorithms to significantly reduce false positives and irrelevant notifications. The search and filtering process has been automated and optimized as much as possible, giving the analyst more time to investigate who the client really is and not to spend all his time searching for news sources and structured databases.