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

Upcoming Webinar: Best practices for compliance with EU Market Abuse Regulation

Date: 18 June 2024 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes EU Market Abuse Regulation (MAR) came into force in July 2016, rescinding the previous Market Abuse Directive and replacing it with a significantly extended scope of regulatory obligations. Eight years later, and amid constant change in capital markets regulation,...

BLOG

S&P Global Market Intelligence Adds Quantifind Sanctions Screening Data to Entity Insights

S&P Global Market Intelligence has enhanced its entity due diligence platform, Entity Insights, with the inclusion of sanctions and adverse media screening data. The additional data is provided by Quantifind and enables users to screen more than 30 million entity records from more than 30,000 global sources to meet due diligence requirements and manage reputational...

EVENT

Data Management Summit New York City

Now in its 14th year the Data Management Summit NYC brings together the North American data management community to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

Putting the LEI into Practice

Hundreds of thousands of pre-Legal Entity Identifiers (LEIs) have been issued by pre-Local Operating Units (LOUs) in the Global LEI System (GLEIS), and the standard entity identifier has been mandated for use by regulators in both the US and Europe. As more pre-LEIs are issued ahead of the establishment of the global systems’ Central Operating...