KYC E-Screening Solution
KYC E-Screening is a world-class transaction monitoring solution that enables banks and financial institutions to comply with anti-money laundering legislation while reducing exposure to fraud risk. KYC E-Screening allows for automated screening without human interference. Integration is done via API. The KYC E-Screening Solution has a number of features that allow users to perform a variety of functions within the system. These features are embedded in different areas within the solution. The number of features available will depend on the type of package selected for subscription. The functions can be performed through automation or manual processes.
KYC E-Screening scans transactions to detect unusual and suspicious activities. The system uses machine learning to detect any patterns that deviate from the expected norm. These unusual and suspicious activities are reported using alerts and system notifications. KYC E-Screening provides three distinct methods for conducting PEP and Sanction screening. These methods include Batch, Manual and Automated. The method selected for screening will largely depend on the needs and budget of the institution. Each method comes with its advantages to the institution.
The KYC E-Screening system makes it easy for users to manage cases independently or collectively as a group. Cases can be grouped into three distinct categories based on the level of risk identified. Each case can be categorized as a risk case, unresolved case, or resolved case. Such categorization allows for better risk management. The ability to manage risk efficiently is one of the prime benefits of the KYC E-Screening system. The system allows users to detect and mitigate risk with ease. Each search is assigned a similarity index. Each customer is assigned a risk score. Each country is assigned a risk level. This approach allows risk to be identified and mitigated without difficulties.
The ability to properly verify ID documents presented by customers is critical to the success of any compliance program. The KYC E-Screening system allows users to verify ID documents and passports from over 240 territories around the world. It also allows users to verify if the document has been forged. Moreover, the system has a powerful audit trail and reporting functionality. The KYC E-Screening system comes with a reporting feature that allows admin users to download customized reports of different aspects of their compliance program. The reports can be presented to senior management, regulators, or correspondent banking partners to demonstrate the strength of the compliance program.