The NetReveal® for CDD/KYC solution provides a comprehensive and proven enterprise-wide approach to satisfy CDD and KYC requirements from initial on-boarding, to ongoing due diligence, to enhanced due diligence (EDD).
Financial institutions need to effectively screen new applicants and existing customers against restricted entities, negative lists and high-risk parties to identify high risk customers in line with evolving industry regulations and best practices.
Our NetReveal solution for CDD/KYC enables an enterprise-wide approach to managing CDD/KYC requirements - from initial onboarding to on-going due diligence (ODD).
By automating risk scoring throughout the customer lifecycle and supporting the enhanced due diligence (EDD) investigation process for high-risk customers, NetReveal enables organisations to fulfil their regulatory CDD/KYC objectives in a cost-effective way.
Our solution comes with a range of pre-defined processes, workflows and investigative paths and can consolidate relevant information from disparate systems, enabling analysts to make better decisions.
NetReveal addresses all major steps in the CDD/KYC process, including:
- Customer information capture - with the flexibility to handle a wide range of customer and data types required in different jurisdictions
- Validation - supports conducting watch list checks and call-outs to internal and external data and services providers to obtain a detailed view of the customer
- Risk rating - compiles a risk score and automatically evaluates the associated risk level applying an open scoring model using risk characteristics such as customer type, geographic profile and product usage
- Investigation - enables management of CDD/KYC cases, including specific sign-off for high-risk customers and manual risk level override
- Regulatory reporting - automatically generating and filing reports to regulators saves vital investigative time and effort
- Continuous monitoring (ODD) - changes to customer data trigger a re-evaluation of customer risk and highlight any deviation in customer risk profile
- Risk-based approach - enables the implementation of an enterprise-wide consistent risk-based approach
- Beneficial Ownership Risk Rating – compiles a risk score and automatically evaluates on an ongoing basis the associated risk level applying an open scoring model using risk characteristics such as PEP type, source of funds, jurisdiction, etc.