KYCOS® is a single window platform offering KYC-as-a-Service for automatic compliance, risk management, monitoring and audit. The platform assists financial institutions, regardless of their size, sector or geographical location to better manage their regulatory requirements related to KYC, AML/CFT and PEP due diligence.
The application executes real-time and periodic screening of clients against official global sources of information and public lists of different organizations. It gives insight into the compliance process, provides a centralized view of client data and activity, and reduces the manual workload of staff. KYCOS® uses advanced AI-based technologies and intelligent matching algorithms to significantly reduce false positives. It meets the requirements set in the GDPR 2018.
These things combined provide a solution that manages to simplify the KYC process whilst being compliant with new regulations and helps making informed decisions to prevent damage to the business reputation.
Based on the internal policies of each company, KYCOS® searches using intelligent process automation and artificial intelligence structured and unstructured sources of information to automate KYC, AML and EDD processes 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 proactive monitoring against official information databases and public lists. The platform is facilitating an accelerated client onboarding. 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.
Some reasons to use KYCOS® for your business as a reliable KYC solution:
* very user-friendly and modern software with intuitive design; * available online anywhere, anytime; * end to end workflow automation; * automated due diligence investigation based on risk assessment; * fast identification and verification of clients and of the ultimate beneficial owner (if applicable); * integrated information sources checked daily for changes; * proactive monitoring with the possibility of reviewing the risk analysis to keep the risk assessments up-to-date; * verifiable due diligence reports; * audit trail; * personal training & support.
KYCOS® consolidates multiple data available worldwide, improving the speed of onboarding and the compliance process. The important elements, including UBOs, PEPs, sanctions and negative news are identified and verified in seconds to enable the compliance team to make better risk decisions.
KYCOS® helps you make smarter decisions through analyzing risks related to different types of AML datasources:
Adverse Media The dynamic nature and volume of negative news make it almost impossible for analysts to process all related risk data generated online every day. By using the latest technologies, such as machine learning, KYCOS® makes it possible to identify the relevant risks more efficiently and cost-effectively. The search results are clearly presented, so that the compliance team can make a quick and easy assessment.
Global Sanctions Screening With the compliance solutions offered by KYCOS® you perform effective screening for your clients and their relations against all important national and international sanction lists that are updated in real time. In addition, a link with your own blacklists can be realized. To make a correct and reliable assessment of your research, a number of country risk indicators have been added.
Watchlists KYCOS® makes it possible to screen your clients against different official investigation lists. Automatic and advanced searches are performed.
PEP data KYCOS® uses the content of some global databases that contain more than 2.5 million PEP records from 200+ countries. All PEP profiles are enriched with additional information from another sources (if available).
Regulatory reports We introduced through an embedded analytic platform various integrated dashboards, interactive reports and analytical views to enable our customers to gain a better understanding of their data. The use of the BI (business intelligence) provides state-of-the-art reports and analyzes. Different ready-made reports with findings related to your client can be generated and printed in order to be able to make faster and better informed decisions. We can also implement on request additional customized reports that meet exactly your requirements.
The Monitoring module of KYCOS® allows you to proactively manage your compliance portfolio. This gives you quick and easy insight into changes in your client’s situation. The data collected from a client is kept up-to-date through the execution of this service. The Monitoring service of KYCOS® uses an optimized Machine Learning algorithm that ensures that your client and his relations are periodically re-screened against the latest updates. The frequency of the execution of this service is tailored to the risk category of the client. In this way KYCOS® helps you to meet your legal obligations.
The dynamic audit module offers the proof of adherence to KYC policy en full traceability of the implementation of the AML investigation. Every decision and activity taken is recorded in the audit trail. This information can be assessed by internal auditors and supervisors to understand decision-making processes. KYCOS® provides transparency by easily identifying all critical moments in the compliance process, the measures taken, the availability and reliability of the information sources used.
For whom? Available for all institutions subject to AML that are supervised and regularly have to prove adequate implementation of the legal requirements and a correct regulatory compliance.
Key benefits: • Saving audit costs with an out-of-the-box functionality: the automatic saving of all records improves data quality, generates greater operational efficiency and lowers compliance costs. • Limit exposure to regulatory and reputational risk: a proven compliance process that provides accurate accountability is evidently minimizing risks for companies.
“Without risk there is no success. But how much risk do you need to be successful? We help you use opportunities proactively in a responsible manner.”
KYCOS provides regulatory compliance solutions as-a-service for financial institutions through enabling innovative technology.
Our solution Our platform is designed to help companies that are required to collect and evaluate KYC/AML data, by providing tools to automate the collection, continuous update, selection, and assessment of information related to their clients and track business integrity online and in real-time which saves time and money over traditional methods.
Our vision We strive to become the most reliable provider of regulatory compliance solutions for financial institutions by simplifying the KYC/CDD process and bridging the communication gap between supervisors and supervised using innovative technology. KYCOS will be the key accelerator for firms in meeting increasing regulatory expectations just in time.