ONLINE KNOW YOUR CUSTOMER (KYC) REMEDIATION PLATFORM
Over the last decade regulatory driven requirements including AML/CTF, Foreign Account Tax Compliance Act (FATCA), Common Reporting Standard (CRS), Dodd-Frank, Markets in Financial Instruments Directive (MiFID), European Market Infrastructure Regulation (EMIR) and other regulations has seen client on-boarding and account management being viewed as critical business functions, that must stand up to audits and regulatory scrutiny.
In many cases, ineffective implementation and/or maintenance of client on-boarding, enhanced customer due diligence processes and other know your customer (KYC) activities can result in regulated entities in having to perform KYC remediation activities to collect and verify customer information, sometimes for tens or hundreds of thousands of customers within tight regulatory or self-imposed deadlines.
Regulators expect financial institutions and other non-financial regulated entities to maintain effective Know Your Customer (KYC) records. For certain requirements like FATCA, this involves back-scanning data warehouses containing millions of customers and tens of millions of accounts in an attempt to correctly classify customers. Inevitably, even despite the implementation of sophisticated rules engines to assist with this segmentation and aggregation process, a certain sub-section of customers will need be contacted directly to provide additional information or confirmation whenever there is a gap.
Traditional methods of contacting thousands of customers using direct mail outs are expensive, with incredibly low response rates which is why we designed the ezyKYC Remediation Platform to cut-down on the massive paper-chasing exercise by automating this process.
What is the ezyKYC Remediation Platform?
The ezyKYC Remediation platform is solution that allows regulated entities to manage any KYC remediation activities online. The platform facilitates the batch population of thousands of self-certification/application forms from core systems in minutes, which can be distributed securely via tailored emails, allowing clients to complete online, digitally sign and return with a few clicks – saving time and money, as well as, minimising the impact on the client.
The ezyKYC Remediation platform also contains dashboard reports that allow organisation’s to visualise the progress of remediation activities and interrogate any areas of interest.
ezyKYC works in 5 easy steps:
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