Solidify important banking relationships, limit risk with authorities and safeguard channel relationships through the process of Knowing-Your-Customers.
Eliminate Errors, Reduce Biases and Accelerate Cycle Times
The objective of KYC guidelines is to prevent banks from being used, intentionally or unintentionally, by criminal elements for money laundering activities. Related procedures also enable banks to better understand their customers and their financial dealings. This helps them manage their risks in a well judged manner.
KYC Compliance Highlights:
Key Benefits of
KYC Compliance with 319 InSight
Unmatched Agility to
Support Changing Regulations
Flexibility to Automate
Any Exception Process
Unparalleled Precision of
Data Collection & Analysis
Compliance business processes are becoming more complex each year
Mengqi Sun of the Wall Street Journal summarizes this phenomenon brilliantly in his piece, "Changing Role of Corporate Compliance Calls for Communication". He notes:
"The traditional tasks of compliance—minding sanctions, defending against bribery and money laundering—are increasingly complex. Corporate culture and executive conduct are testing compliance officers in new ways. At the same time, the geopolitical backdrop is ever more treacherous."
"As a result, compliance departments are taking on new responsibilities or working more closely with other departments to determine how to monitor and mitigate emerging risks..."
As a result, it is a must that your compliance platform is reconfigurable. A reconfigurable platform allows for quick, easy and continual modifications to its data capture, users, portals, dashboards and reports as needs evolve, without interrupting business operations whatsoever. Its unique architecture provides for configuration rather than development; significantly reducing the cycle time to deploy, update and enhance its functionality.
319 InSight is the market leader in reconfigurable technology, and prides itself on its ability to automate any compliance business process across the enterprise.