Know Your Customer
Financial institutions and other gatekeepers, such as lawyers and notaries have to pay special attention to the customer acceptance process. The acceptance of new customers follows clearly defined rules and measures to prevent criminals from being able to access the products and services of the institutes that provide them. Besides being compliant with regulative requirements these institutes also fulfil high ethical standards by preventing that revenues from illegal activities are laundered and put into circulation in the legal economy.
The disclosure of identity documents, the identification of politically exposed persons (PEP) and the detection of the ultimate beneficiary owners of a company as well as evaluation of customer information are duties that are required by regulations and institutes policies. The evaluation of customer information means questions such as the purpose of a business relation and account opening or the origin of funds as well as the expected transactions. How does these institutes make sure that the information provided during customer acceptance is continuously checked for deviations in actual customer behavior?
SironKYC – Risk rating during customer acceptance – online and in real-time
This gap is closed by SironKYC. The solution provides a standardized electronic input of customer data, automated matching with PEP and embargo lists on customer acceptance and enabling the institution to determine an initial risk rating for a potential customer. This leads to specific instructions for customers acceptance officers. In case of high risk the money-laundering officer is notified by automated e-mails. Based on the checked data, the decision to accept or reject customers can be taken immediately, followed by the risk classification (e.g. low, medium, high or unacceptable).
Continuous Monitoring of customer information
SironKYC processes all relevant data and information acquired and checked during the customer acceptance process according to institution-specific risk classification for money laundering, fraud and the financing of terrorism. For ongoing risk monitoring, this data is automatically sent to Siron AML , the money laundering research system and to the anti-fraud system, SironFD . In case that the current customer behavior shows a significant deviation compared with the stated behavior during customer acceptance, the risk classification can automatically be increased and an alert will be send for revision of the customer.
SironKYC at a glance
- Designer tool for creating individual/flexible and dynamic questionnaires for customer acceptance
- Record the beneficial owner(s)
- Automated check of customer information against sanctions, watch and blacklists
- Integration of third parties (e.g. PEP databases, ...)
- Real-time risk rating during customer acceptance
- Automatic transfer of customer information into the anti-money laundering and/or anti-fraud research system
- Continuous monitoring of initial customer acceptance information at research (Ongoing customer due diligence)
- Audit-proof documentation of all actions and decisions taken
- Easy integration into existing customer acceptance processes