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).
The evolving industry regulations, such as adherence to the FinCEN CDD Final ruling and the 4th EU Anti-Money-Laundering Directive, have put additional pressure on financial institutions when screening new applicants and existing customers. The ultimate ask is to identify high-risk customers to facilitate the enhanced due diligence processes by continuously risk rating customers and effectively monitoring them throughout the customer lifecycle.
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:
- Speed your customer onboarding and periodic rescoring process – screen, detect, and track beneficial owners (BOs) and their linkages to better account for BOs, controllers, and Relative and Close Associate (RCA) information. The solution allows you to change the required percentage of ownership and role type and flags to raise awareness of links between parties;
- Identify more links faster ¬– with powerful entity resolution and graph visualisation. Empower your investigative team with intelligent tools to rapidly review, monitor, control and deploy detection rules;
- 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, geographic profile, etc.;
- 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 the customer risk profile;
- Data enrichment and investigation – integration with third party data providers such as Dow Jones, World Check and others. Drives more meaningful insights by enhancing core data and identify relationships and risks previously unknown;
- Model Governance – employs auditable, repeatable processes with tailored workflow and reporting functions so managers and supervisors can control and monitor the system and take corrective actions.
CEB TowerGroup, Know Your Customer Systems Market Update, CEB, 2016
This KYC report from CEB TowerGroup analysts is designed to inform about the emerging market trends; in addition it provides insight on the BAE Systems NetReveal CDD/KYC solution in this space.Find out more