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ONLINE 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:

  • Prepare KYC form

    Download the KYC from our library or update your own.  Modify the design, if required (e.g. add logos, add fields) and publish.

  • Source Client Data

    Download the excel form schema and source KYC data from core banking systems (e.g. name, dob, address) and upload as a batch file which will auto-populate the form.

  • Distribute Form

    Create a custom email template, if required and bulk email the populated PDF form to your client who will receive a secure link to complete, digitally sign and return.

  • Review Completed Form

    Returned forms are directed to a review folder to either be approved or rejected, which sends another tailored email response to the client to amend and resend the form.

  • Analyse Responses

    Real-time operational dashboards provide the status of forms during the remediation cycle which are fully drillable to provide meaningful insights on remediation activities.

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ezyKYC – Case Studies

Foreign Account Tax Compliance Act (FATCA)

FATCA was enacted in 2010 by the United States Congress to target non-compliance by U.S. taxpayers using foreign accounts. FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. FFIs are encouraged to either directly register with the United States Internal Revenue Service (IRS) to comply with the FATCA regulations (and FFI agreement, if applicable) or comply with the FATCA Intergovernmental Agreements (IGA) treated as in effect in with over 110 jurisdictions.

FATCA requires FFIs to comply with a detailed and complex set of requirements including customer due diligence for existing and new customers and financial reporting on certain account holders, where aggregate balances in reportable financial account products exceeds the reportable thresholds to domestic tax authorities, which under reciprocal IGA’s, will be shared with the U.S. IRS.

In complying with FATCA requirements, FFI’s are required to undertake customer and account level segmentation and perform internal and external data searches in an attempt to classify the account holder for FATCA purposes.  Despite best efforts to achieve this systematically, it is inevitable that many FFI’s will have to contact account client’s directly to obtain a self-certification, essentially a declaration of their tax residency status.

In many cases, FFI’s have tens of millions of customers and even more actively held accounts and even if <0.5% are identified as potential U.S. account holders, even a subset of these that are unable to be identified systematically presents a major challenge to obtain this self-certification manually, which is where the Online KYC Remediation Platform can deliver huge time and cost savings by automating this process.

OECD Common Reporting Standards (CRS)

The OECD Common Reporting Standard (CRS), calls on over 95 participating jurisdictions to obtain financial information on certain account holders from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis.

Similar to FATCA, CRS sets out common due diligence procedures that financial institutions must follow but broadly speaking the reportable account holder’s extends far beyond U.S. account holders and includes non-domestic tax residents, which as a proportion of the financial institutions is significantly greater than that required for FATCA.

The implications of CRS on financial institutions is a far larger number of individual and entity account holders, as well as, controlling persons will have to be identified, either systematically, wherever possible but it is anticipated that there will be a significant proportion of the financial institution’s customer base that will have to contact directly and the Business and Industry Advisory Committee to the OECD has issued a series of sample CRS forms for this purpose.

The Online KYC Remediation Platform includes copies of each of the draft forms, which can be batch populated and distributed to account holders online, with a customised email template which can be bulk distributed for clients to edit, digitally sign and return back to the originating financial institution. The end-to-end process flow is tracked via emails and real-time dashboards to track the status of the KYC on-boarding / remediation activities.

Deployment Options

Fully Hosted

Our solutions can also be deployed in the cloud using our preferred cloud-solution provider, Microsoft Azure, which is trusted by 57% of Fortune 500 companies.

Microsoft has the highest standards of security, privacy, transparency and compliance to ensure your data is securely hosted in an in-country data centre, which can dramatically reduce your ongoing support costs in terms of staffing, hardware and software acquisition, ongoing maintenance and power consumption.

On-Premise

Our solutions can be installed and run on your organisation’s hardware, behind your own firewall and fully supported by your own organisation’s IT support staff which provides control over how the software is used and maintained and provides peace of mind to organisation’s who may not entrust compliance data hosted outside their premises.

Our IT team can provide support to your organisation’s own IT staff to help get you up and running.

The ezyKYC Remediation Platform is powered by FormsBox (c) 2012-2016.

In the media

Our subject matter experts are recognised as thought leaders in financial crime prevention and are regularly featured in leading GRC publications showcasing our knowledge and experience. We often present at conferences and have done our share of webinars too!

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