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Products & Services

NetReveal® Customer Due Diligence (CDD) / Know Your Customer (KYC)

Customer Due Diligence / Know Your Customer
The NetReveal CDD/KYC solution enables financial institutions to more efficiently risk assess customers, prospects and ultimate beneficiaries in line with internal, domestic and global CDD and KYC regulations.
Financial Institutions must verify the true identity of prospective and existing clients and their ultimate beneficiaries in order to assess their potential risk in accordance with local and global regulations and internal risk appetite as part of its Risk Based Approach (RBA). CDD supervisors and analysts need a complete picture of a full customer risk profile and must ensure their customers are continuously risk rated for any changes to their attributes that may impact their risk scores such as updates to the Ultimate Beneficial Ownership (UBO) status.

Failure to do this both accurately and quickly, in near real-time, can result in regulatory fines, reputational damage, an increased operational overhead, losing customers to competitor institutions, and ultimately the loss of a bank licence. Institutions must also be able to readily provide a holistic overview of their customer risk to regulators.
 
 

 
 

Fast and efficient onboard, verify and continuously risk assess new and existing customers

The NetReveal CDD/KYC solution provides an enterprise-wide proven approach to addressing an institution’s requirements from initial on-boarding and monitoring to Enhanced Due Diligence (EDD) – all while adhering to new UBO and existing regulatory directives such as FinCEN CDD final ruling or 4th AML Directive.
 
The solution helps consolidate customer information from disparate systems during verification and provides risk assessment for greater resource allocation and faster on-boarding decisions.
 
 

NetReveal CDD/ KYC provides:

  • Dynamic UBO threshold management – enables institutions to adjust the UBO threshold per internal business processes or changes in regulatory UBO compliance mandates
  • Single active CDD alert – ensures that there is only one open alert per customer, creating a 25% reduction in alert volumes. Allows analysts to spend more time making crucial risk decisions and analysing alert information
  • Customer risk dashboard – provides a holistic visualisation of the entire customer risk profile whilst giving investigators greater clarity on customer information to make faster, more informed decisions at onboarding or rescoring stages
  • Individual score contributions – provides a clear presentation of all contributing risk factors (including historical context) to help investigators validate and ultimately decide to retain or de-market a customer
 

Analyst RecognitionBAE Systems positioned as a “Major Player” in IDC Financial Insight’s KYC solutions

IDC MarketScape: Worldwide Know Your Customer Solutions in Financial Services 2018 Vendor Assessment (Doc #US44292018, September 2018)