Capture and monitor customer risk for confident compliance.
Know Your Customer (KYC) is a time-consuming but essential compliance process to ensure customers and business relationships aren’t putting your organization at risk. But conducting customer due diligence (CDD) and digging deeper into high-risk customers for enhanced due diligence (EDD) can quickly drive up compliance costs.
SBS’ powerful screening and entity resolution solutions address the operational and regulatory challenges of KYC, providing peace of mind that you’re taking the necessary precautions to thwart financial crime.
At SBS, we know that rules-based screening solutions are the foundation for most KYC processes and first line of defense against malefactors. But they saddle compliance teams with an excessive number of false positives, making it difficult to find that “risky needle in the haystack.”
Our principles-based approach works differently. It delivers a highly accurate result set with fewer false positives. Using artificial intelligence and other advanced technologies, we rank potential identity matches by severity and probability. The resultant ‘hierarchy of risk’ enables prioritized review, immediately improving operational efficiency and streamlining the KYC process. And, our daily surveillance tracks changing client and web information so no sanctioned entities, politically exposed persons (PEPs) or Reputationally Exposed Persons (REPs) fall through the cracks.
With actionable intelligence from SBS’ KYC, CDD, and EDD solutions, you’ll be on sound footing to mitigate risk, comply with AML regulatory requirements and safeguard your institution’s financial and reputational integrity with confidence.
“SBS’ solutions have strengthened and streamlined our KYC/EDD process, enabling us to proactively identify true high-risk customers.”
– Senior Vice President & BSA Officer