How iMeta is helping to transform client onboarding and KYC compliance

A leading investment bank chose iMeta to help it transform its client lifecycle journey by tackling three areas: automation of KYC risk assessment, workflow management, and regulatory compliance.

Firstly, iMeta deployed its client lifecycle management platform (CLM) to tackle KYC risk assessment. The way this works is an onboarding request from the clients customer relationship management (CRM) system is submitted and immediately arrives in iMeta.

The platform triggers an API call to an integrated third-party data source, the appropriate entity record is selected, automatically populating the platform with corporate data. If there is sufficient data, iMeta explained, then electronic identification via another integrated data provider is done at this stage too.

iMeta said this process removes the need for dual keying and copying and pasting from multiple websites.

In this scenario, the rules in iMeta CLM were tailored to the client’s anti-money laundering policy, so this provides an automatic risk assessment.

iMeta said workflow management is designed for control, ensuring there is always a maker checker process. This covers the analyst through quality control, escalation to management, financial crime, and finally to account auto creation in downstream systems.

In addition to AML, the tool is compliant with all other regulatory requirements, iMeta said. Such as MiFIC, EMIR, FSCS, FATCA or CRS.

Streamlining the bank’s client lifecycle management process now delivers high efficiency and uptick in all areas including speed and accuracy whilst maintaining clear audit trails and controls. Somewhat more importantly, iMeta said, it creates a single view of the client with the ability to identify the extent of politically exposed persons (PEP) ultimate beneficial owners (UBO) across the client database and in which capacity they are acting.

All this capability, iMeta continued, puts the bank in a competitive position where cases used to take weeks clients can be onboarded accurately and rapidly in hours. Moreover, by leveraging the power of integrated data, lower risk cases can be onboarded within minutes.

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