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Fortent's Know Your Customer Solution
Know Your Customer (KYC)
Financial institutions operate in an environment where "knowing your customer" has been become an essential part of doing business. It has become a legal requirement in many geographies including Europe and the US and is considered to be one of the cornerstones of an effective anti-money laundering risk strategy.
The Fortent solution has been developed to meet the KYC challenge and offers a unique anti-money laundering solution designed specifically to allow financial institutions to take a risk-based approach to KYC.
Using Fortent KYC , AML officers, and compliance and risk managers can implement comprehensive and consistent KYC practices, reducing risk, increasing efficiency, and lowering operational expenditure.
How KYC works
KYC automatically identifies, verifies, and reports on high-risk individuals and companies by aggregating, linking, and processing information from a wide variety of public and private sources (see The KYC Process diagram).
Fortent KYC is a fully scalable solution for managing vast quantities of structured, semi-structured, and unstructured data, turning it into usable - and actionable - information. Utilizing its patented metadata management platform, KYC actively seeks out the relationships between data from sources as diverse as CRM databases, international watch lists, and customer activity databases to trusted news and other Internet-based information resources identifying complex relationships between the data held on your existing internal systems.
From raw data to risk assessment insight
KYC provides financial institutions with an automated risk scoring framework that can link together all Customer Identification Programs (CIP) and Enhanced Due Diligence (EDD) activities to provide a 360-degree customer risk assessment. Based on the risk assessment, the solution then creates a highly accurate Customer Risk Profile and Risk Score classifying the potential risk associated with every individual or corporate customer. This critical feature allows compliance analysts and risk teams to focus their efforts on making decisions, not on collecting data.
Ensuring AML compliance
The KYC solution allows financial institutions to deploy an adaptable, risk-based approach to complying with non-documentary identification, verification, and enhanced due diligence processes, as required by legislative regulations, including:
The solution includes workflow features that can be customized to print automatically all reports and alert compliance officers to specific risks when certain triggers are found.
Because Fortent KYC is fully customizable to your specific requirements, it represents a sound investment that can adapt to the changing requirements of the KYC environment. As a result, a single investment will help protect your organization against money laundering both today and for years to come.
The advantages of Fortent KYC are:
Financial institutions operate in an environment where "knowing your customer" has been become an essential part of doing business. It has become a legal requirement in many geographies including Europe and the US and is considered to be one of the cornerstones of an effective anti-money laundering risk strategy.
The Fortent solution has been developed to meet the KYC challenge and offers a unique anti-money laundering solution designed specifically to allow financial institutions to take a risk-based approach to KYC.
Using Fortent KYC , AML officers, and compliance and risk managers can implement comprehensive and consistent KYC practices, reducing risk, increasing efficiency, and lowering operational expenditure.
How KYC works
KYC automatically identifies, verifies, and reports on high-risk individuals and companies by aggregating, linking, and processing information from a wide variety of public and private sources (see The KYC Process diagram).
Fortent KYC is a fully scalable solution for managing vast quantities of structured, semi-structured, and unstructured data, turning it into usable - and actionable - information. Utilizing its patented metadata management platform, KYC actively seeks out the relationships between data from sources as diverse as CRM databases, international watch lists, and customer activity databases to trusted news and other Internet-based information resources identifying complex relationships between the data held on your existing internal systems.
From raw data to risk assessment insight
KYC provides financial institutions with an automated risk scoring framework that can link together all Customer Identification Programs (CIP) and Enhanced Due Diligence (EDD) activities to provide a 360-degree customer risk assessment. Based on the risk assessment, the solution then creates a highly accurate Customer Risk Profile and Risk Score classifying the potential risk associated with every individual or corporate customer. This critical feature allows compliance analysts and risk teams to focus their efforts on making decisions, not on collecting data.
Ensuring AML compliance
The KYC solution allows financial institutions to deploy an adaptable, risk-based approach to complying with non-documentary identification, verification, and enhanced due diligence processes, as required by legislative regulations, including:
- Sections 312 and 326 of the USA PATRIOT Act
- Title III of the International Money Laundering Abatement and Anti-Terrorist Financing Act
- The Third European Money Laundering Directive
- Part 7 of the UK Proceeds of Crime Act 2002
The solution includes workflow features that can be customized to print automatically all reports and alert compliance officers to specific risks when certain triggers are found.
Because Fortent KYC is fully customizable to your specific requirements, it represents a sound investment that can adapt to the changing requirements of the KYC environment. As a result, a single investment will help protect your organization against money laundering both today and for years to come.
The advantages of Fortent KYC are:
- Streamlined KYC process - offers automation and simplification of complex and fragmented processes, reducing the time and risk associated with the acceptance process and decreasing the cost and resources associated with KYC checks.
- Effective risk profiling - delivers combination of wide variety of data sources and focus on the associations between information returning a more accurate and comprehensive risk profile.
- Auditable and ongoing verification - provides audit trail of the information sources automatically created and verified against the resulting risk profile. Risk profiles updated automatically whenever there is a change in the underlying information sources. KYC also creates electronic reports that are automatically maintained for audit purposes.
- Flexibility beyond compliance - integration with existing processes to enhance or support related process workflows.
- Accuracy - KYC delivers an extremely accurate customer risk assessment.
- Speed and ease of use - the solution enables quick and easy screening based on defined risk factor.
- Flexibility - KYC has been developed to allow it to adapt to changing KYC and related legislation.
- Cost reduction - streamlines the complex business processes, reduces overheads and the time taken to complete the identification and verification process.
- Model Driven Architecture
- Built for Performance
- Unique Categorization and Classification
- Advanced and Patented Semantic Metadata Enhancement Architecture
- Support for Multiple Metadata Formats
- Optimized Data and Content Aggregation
- Language Independence
- Metadata Integration
- Handles Multiple Media Types.
For more information, contact us.
How KYC works - click to enlarge