Integrated KYC/AML: Specialist debt Financing Firm
Sunday October 1, 2017
Specialist debt Financing Firm
The Company: Our client is a fast growing specialist debt financing firm for Irish and UK investors, thereby subject to EU regulations regarding compliance with a need for an online system aligned with their company strategy.
Problem: The client was looking to partner with a vendor possessing in-depth knowledge in the KYC/AML domain. When they enlisted our services, they had a number of challenges: 1) A growing corporate client base and 2) A commitment to a decision on financing in less than 48 hours. This was further complicated by a desire to maintain their current head count.
Action: Through a series of workshops, Know Your Customer integrated an online KYC/AML function into the customer online onboarding process. Working with a strict priority list of objectives and a fixed timeline for deliverables, our API solution allowed the compliance professionals in the firm to verify their clients against international watch lists and local jurisdictional datasets, and apply forensic level ID forgery and counterfeiting detection to accuracy and confidently approve clients within their advertised timeframe; while providing a full audit trail for the entire lifecycle of the client to meet regulatory obligations.
Result: KYC provided near real-time KYC/AML, ongoing CDD and immediately and simply solving their two biggest needs: 1) A comprehensive and easy-to-use KYC case management solution, and 2) In-house configuration capability for total control without engaging Know Your Customer every time they wanted to make a change.