Development of a Unified KYC Platform

Business Challenge
  • A large US based corporate & investment bank wanted a customized KYC platform to streamline and standardize their KYC process which included customer on-boarding, customer due diligence (CDD), risk scoring and KYC refresh
Solutions
  • Prepared a Business Requirement Document (BRD) for Unified KYC platform that optimized the client on-boarding process
  • Automation of the complete KYC life-cycle, from on-boarding to remediation, including ongoing diligence, refresh and an empirical mechanism to risk rank the clients
  • Standardized global KYC compliance guidelines
Impact
  • Quicker and more accurate Client Onboarding
    Effective KYC remediation mechanism consistent with the standardized policies of the bank
    Integrated Risk Assessment capability in order to Identify the AML risk of clients & arrive at suitable remediation schedules based on the Risk Assessm