About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

KYC Global Launches World’s First Risk-Based Customer Screening Solution

Subscribe to our newsletter

KYC identification specialist KYC Global Technologies has launched a new batch screening tool for customer identification, which it claims to be the first in the world to offer a 3D risk-based approach.

In addition to customising how the searching of a customer’s name and meta-data should be carried out according to the customer’s risk profile, the RiskScreen Onsite Batch enables the treatment of metadata to be varied according to what source is being screened against, enabling greater precision of screening and a substantial reduction in false positives.

For example, users can automatically discount potential PEP matches in which the country of the search subject did not match the country of a given company record, whilst specifying that potential sanctions matches should be returned regardless of whether the country data for the subject matched that for the company record found.

The RiskScreen Onsite Batch solution was originally launched in late 2017, and was one of the first to utilise metadata (date of birth, countries of association, gender etc) to increase search accuracy. Users can customise the search algorithm used for their subjects depending on the subject’s existing risk profile – including how the metadata is treated, as well as the search name: meaning that a high risk customer can be given a looser set of match criteria, with low and standard risk customers given a tighter algorithm. When combined with PEP & Watchlist data provided by Dow Jones, the KYC Global claims that the solution reduced user false positives by 70-95% with no reduction in true matches.

The new screening tool is the latest addition to the firm’s portfolio, which also includes its flagship KYC360 solution, a free online AML knowledge portal featuring content from 150 global contributors including industry, regulators and law enforcement.

Stephen Platt, CEO of KYC Global, specifically praised the jurisdiction of Jersey for its support and contribution to the fight against financial crime.

“It’s a testament to Jersey’s dedicated approach to the prevention of money laundering that we have been able to develop the technology here,” he says.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Best practice approaches to integrating legacy data with the cloud

Acceleration of cloud adoption, increasing demand for digital transformation and real-time data management have led financial institutions to rethink their data infrastructure to enable more agile operating models that can respond faster to change and make data a competitive advantage. For many, integrating data from legacy systems and data across the business landscape with a...

BLOG

Sumsub and ComplyAdvantage Deepen AML Screening Partnership as Compliance Demands Rise

ComplyAdvantage and Sumsub have partnered to tighten AML screening by combining Sumsub’s verification and monitoring environment with ComplyAdvantage’s Mesh intelligence layer. The result is a more integrated compliance workflow that brings together customer and business verification and screening within a single platform. For Sumsub users, the partnership adds ComplyAdvantage’s screening intelligence directly into existing workflows,...

EVENT

Data Management Summit London

Now in its 16th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

Enterprise Data Management, 2009 Edition

This year has truly been a year of change for the data management community. Regulators and industry participants alike have been keenly focused on the importance of data with regards to compliance and risk management considerations. The UK Financial Services Authority’s fining of Barclays for transaction reporting failures as a result of inconsistent underlying reference...