Finantix Automated KYC

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Overview

Finantix Automated KYC has been developed from the ground up to solve the human research and linguistic challenges of KYC across all client lifecycle events. Finantix Automated KYC will not only meet the functional need but it is designed for Top Tier enterprise architectures and is able to provide the scalability and accuracy this global solution requires both through its own user Interface or via APIs.

Core to the Finantix Automated KYC Solution is an innovative, designed-for-purpose and widely adopted engine developed in collaboration with smartKYC, which offers true multi-language, natural language processing (NLP) AI-powered technology specifically framed for regulatory purposes.

Finantix Automated KYC is a revolutionary tool that convey search and analysis across number of sources allowing to calibrate desired precision to eliminate false positives. Using semantic technology, system scans structured and unstructured results at the fraction of time and cost of human equivalent.

Key Features

Finantix Automated KYC

  • Aggregate multi language searches against any internal (WorldCheck, Experian, others) or external (Google, Bing, others) structured or unstructured information sources. Semantic/grammatical interpretation in a wide range of languages which means less reliance on expensive language experts plus stronger risk controls as often in non-English speaking nations red flag articles are written in the local language.
  • Filter documents relating to your target for Sanctions, PEPs, Legal Issues, Adverse Media, Source of Wealth and Biographical information.
  • Make searches accurate going beyond keywords by understanding searcher intent and the contextual meaning of terms and sentences as they appear in the searchable data space. Powerful search aggregation capabilities such as content de-duplication and screen scraping where electronic interfaces do not exist. This saves human searching across multiple systems (often across multiple name variations), reading, highlighting, collating and commenting.
  • Fully customise engine’s rules based on your organization and KYC/AML criteria. Whether you have your own list of high risk countries, or your own criteria for what you consider as a PEP, the whole automation of search and filtering can be configured in the console.
  • Rule based recursive searching which means less human initiated searches which makes significant difference in Entity onboarding with complex multi-party searching. Semantic and grammatically sensitive textual analysis which when applied to large bodies of unstructured content means the snippets relevant to the target can be pinpointed instantly.
  • Provide a comprehensive audit trail, keeping a record of who read what and when, and more importantly, who decided to disregard what piece of information for the report and why
  • Repeated checks for rescreening purposes remembers all disambiguated and disregarded documents evidencing only new red flags. Potentially KYC refresh processes can now be done every day
  • Identify associated people and entities will multi level scans that identifies the full network, connections and structure of individuals and organizations.
  • Deploy as a stand alone solution and console, as an invocable engine via APIs by your internal on boarding systems or integrated within Finantix Digital Onboarding solution and components. Wide coverage of data provider connectors which together with natural language processing means a much wider body of content can be analysed compared to a human’s capability to read.
  • Tight integration into enterprise workflow systems to enjoy the benefits of tightly coupled enterprise architectures and full digital client lifecycle management.

Key Benefits

  • Reduce extreme labor-intensiveness and overall cost of compliance. Reduction of overall human effort per case on average between 30% (simple cases) to 60% (complex multi-party cases)
  • Develop a dynamic perspective on risk, not one derived from static databases alone
  • Reduce risk of human error by machine-reading and analyzing every line. Key pillar to achieve high frequency monitoring of news on the entire customer base.
  • Reduce risk and difficulty of due diligence in a foreign language jurisdiction
  • Shorten account opening times and reduce relationship abandonment. Key pillar to enable automated onboarding for clean cases.
  • Mitigate reputational as well as compliance risk. Lowering overall compliance risk due to deeper and wider searching than could be done by human researchers alone.
  • Single, fully auditable process. Faster recall and case history preparation for Regulator review
  • Reduce internal friction between relationship management and compliance teams. Significant elimination of duplicated searching between onboarding team and compliance when onboarding a customer
  • Flip KYC to be competitive advantage, i.e. intelligence-led targeting of the right business prior to onboarding.