KYC Remediation

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Overview

As the regulatory environment continues to evolve, your client’s data can rapidly become inaccurate, out of date or no longer meet current obligations. You need to be aware of the impact of constant regulation changes and how to avoid regulatory fines. To ensure ongoing compliance, you need an automated solution that efficiently cleanses all data, removes contradictory facts, and creates a golden customer data record. This is pivotal in protecting your business against AML, corruption or terrorist financing.

The sheer volume and complexity of client data that needs to be updated, means remediation projects are often resource-intensive, manual and costly. Deploying the effective remediation solution from Fourthline will reduce risk, manage costs and accelerate conversion.

Key Features

  • Risk-sensitivity By segmenting customers more finely, Fourthline's remediation solution automatically eases the burden on low-risk customers, ensures that adequate information is collected for higher risk customers, and highlights areas where manual intervention is required.
  • Full Compliance We are aware of the constant regulation changes and help you to avoid regulatory fines by being fully compliant. Fourthline is the only KYC provider regulated as financial institution (both by DNB and FCA).
  • Automated Process Our automated and scalable offering is the default solution for clients undergoing KYC remediation in high volume segments.
  • Unique Formula Our unique combination of AI, machine learning and the human eye identifies hits, prevents fraudsters and eliminates false positives.
  • OCR Our Optimal Character Recognition can extract information from old customer records for validation or pre-population.
  • ID authenticity Leverage AI to establish whether a document is truly authentic, localize and mark security features on a randomized full audit trial.
  • Database checks Check 500+ databases, incl. sanctions/watchlists, PEP, adverse media, police and country-specific databases.

Key Benefits

  • Reduce risk Fourthline's risk-sensitive approach is vital to avoid regulatory fines, set appropriate remediation activities and protect your business against AML, corruption and terrorist financing.
  • Reduce costs To lighten bank's workload and costs, Fourthline's offering is the default option for clients undergoing KYC remediation in high volume segments. Our self-service will reduce marginal execution costs to near zero.
  • Reduce time Our automated solution will speed your KYC remediation process tremendously and improve it continously.