Stop doing business with high-risk people: Screen in real-time

August 25, 2017

Onboarding is an essential, if tedious, practice for any financial institution. A labor-intensive process, it’s necessary to ensure that organizations have fulfilled their Know Your Customer (KYC) requirements, and have done due diligence to avoid doing business with high-risk customers or vendors. Because verifying a customer’s identity often takes a great deal of time, businesses are searching for ways to streamline the process so it is more efficient and exposes them to less risk. The newest release of the CaseWare AML Compliance solution will help financial institutions do just that.

The solution’s newly expanded capabilities include an updated API that lets current onboarding systems screen new customers in real-time during the customer due diligence (CDD) phase. This functionality will have a big impact on financial institutions by detecting any issues earlier and preventing high-risk customers from being onboarded.

With CaseWare AML Compliance, when institutions enter new customers into their CRM or onboarding system they can screen the information and gauge the customer’s risk in real-time. Instantly staff can see if the customer is on a sanctions list and can tell the CRM or onboarding system to immediately block the customer. At the same time an alert is sent to the compliance team, notifying them they must investigate and then confirm or override the block. The solution records a copy of the notification so that a history is available for review by regulators if ever needed.

If additional customer information is recorded, such as age, gender, profession, expected cash activity and industry, our solution can also automatically segment the customer against the CRM. The system matches the customer against the CRM to determine their expected activity, which influences the customer’s risk score and helps financial institutions detect and investigate any issues early.

The CaseWare AML Compliance Solution also screens all customers periodically to ensure risk scores—which the solution generates—are always current. It’s important to keep in mind that although a customer might not be high-risk when they are onboarded, over time their risk score can increase. If a customer is flagged after a periodic screening, the solution will send a notification to the CRM or onboarding system with the details, and staff can alert the compliance team to investigate.

To learn more about the CaseWare AML Compliance solution and how its real-time customer screening capabilities can help your bank, money services business (MSB), gaming establishment or other financial institution fulfill its AML compliance requirements, watch the recording of our recent webinar detailing the newest features in the solution. 

 

About Anu Sood:

Anu Sood is the Director of Product and Corporate Marketing at CaseWare Analytics and is responsible for the company’s global marketing strategy. Prior to CaseWare Analytics, Anu worked in various roles in the high-tech industry and her accomplishments range from writing software for telephone switches to launching a new global satellite communication service. Anu has extensive experience in strategic marketing, corporate communications, demand generation, content marketing, product management, product marketing and technology development. 

Connect:    Anu Sood 

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