Regulatory processes are constantly changing, whether its new data being requested or updated risk factors and form requirements. Compliance teams need to be able to keep up with the fast paced changes.
KYC Portal’s configuration engine is designed to give compliance teams full control, enabling them to define and maintain their entire regulatory framework at service level. By leveraging this, a team can create and tailor an entire process based on the risk perceived. Whether this is based on a different service or product being offered or due to a different jurisdiction in which the same service or product is being offered.
Its dynamic settings include the definition of the risk-based approach, the review process, scoring methodology, document requirements, enhanced due diligence and more.
In a blog post talking about the service, KYC Portal said, “Allowing clients to define and tweak such processes, in real-time and at service level, allows for utmost flexibility. The ability of having a real-time perception of the risk, based on the same service offered, but within different jurisdictions is indeed powerful.
“Also, such changes are instantly perceived not only on subjects going forward but also on all past subjects so whenever a change or new adoption of risk interpretation is applied, the system will instantly re-assess all the subjects in the database, re-calculate the risk and alert the compliance team should the subject have moved across the brackets of the risk-based approach.”
The dynamic configuration engine is being used in more than 15 countries, including the US, Dubai, Mauritius, Russia, South Africa, UK and other countries in Europe.
Its clients, of which there are more than 60, are spread across banking, payment providers, corporate service providers, legal, accounting, logistics, gaming, precious metal refineries, oil and gas and taxi booking industries.
Read the full blog post here.
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