Clari5 provides Financial Institutions a complete lifecycle assessment and re-assessment of customer risk as part of know your customer (KYC) applicant on-boarding and ongoing customer due diligence processes. The solution streamlines money laundering risk assessment, improves customer understanding, and allows firms to better identify, manage, and mitigate customer related risks.

KYC generally refers to the steps taken by a financial institution to establish the identity of a Customer and be satisfied that the sources of the Customer funds are legitimate. This includes:

Customer Identification Program.

Customer Due-Diligence – CDD is information obtained for all Customers. Information obtained for CDD should be used to verify the identity of a Customer and assess the risk associated with the Customer.

Enhanced Due Diligence – EDD refers to additional information that would be collected for those customers deemed to be of higher risk.