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.
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. The KYC E-Screening system can be connected to your core banking system via API integration. This allows your core banking system to communicate with the KYC E-Screening system to help identify suspicious transactions. API integration allows the two systems to communicate seamlessly.
KYC E-Screening provides three distinct methods for conducting PEP and Sanction screening. These methods include Batch, Manual and Automated. Manual screening is conducted by searching for customers one at a time. Batch screening is conducted by uploading a list of customers from an excel document into the system. Automated screening is the type of screening that is performed directly by the system itself via API integration. 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. Cases that pose high risk are placed in this category. Cases in this category require extra attention to resolve. Placing them in this category will allow them to be separated from low-risk cases that do not require extra attention. Risk cases are prioritized within the system.
Risk 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. The customer risk score is assigned based on risk factors in the individual's profile along with risk factors in the individual's jurisdiction. The assignment of risk score allows users to make risk decisions efficiently and faster.
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. The KYC E-Screening system allows users to verify ID documents presented by customers. National IDs and Passports from over 200 countries can be verified using the KYC E-Screening system. The authenticity of a document is verified using information from the document.
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. The KYC E-Screening system keeps track of all searches and screening that has been conducted in the system. An audit trail report of all search and screening activities can be generated in the form of a PDF. The user can select the type of activities that should be included on the PDF report.