Know Your Customer (KYC)

Ensure compliance with Know Your Customer, risk classification and Customer Due Diligence.

Software for customer checks
Automate KYC checks and enable CDD

We help banks, insurance companies and financial service providers automate their decisions. An example of IT-based decision-making is the risk assessment of new aspirants and customers according to the know your customer principle. Running effective KYC programs and classifing risk is crucial for fulfilling Customer Due Diligence requirements.

KYC Profile for more transparency
Decide whether a customer entails risk.

Know Your Customer (KYC) is a building block for managing the compliance risks of any financial institution and insurance company. KYC identity checks are performed regularly for new aspirants and existing customers. Minimum requirements include identifying the contracting party, determining the beneficial owner and clarifying the economic background. The KYC profile and risk classification are crucial for Customer Due Diligence (CDD).

KYC Profiles enable CDD

The KYC profile is an electronic form in which all the required information about the customer is recorded, maintained and managed. It contains information about the business relationship or the UBO (ultimate beneficial owner). This information is relevant when assessing the plausibility of customer behavior and is thus relevant to customer due diligence. Thanks to complete electronic case handling, documentation and historicizing, all steps are retrospectively traceable and can be retained for auditing purposes.

Risk of the Business Relation

The information in the KYC profile is decisive for the customer's risk classification and Customer Due Diligence (CDD). Each business relationship is governed by different logic. The logic depends on whether the customer is engaged in private, retail or corporate banking, or whether the customer is an institutional investor or broker. With ACTICO software, you are taking all KYC aspects into account and classify risks of your business relations reliably.

Risk of the Business Behavior

Naturally, separate business conduct exists for the various banking activities. For example, high inflows and outflows of funds are typical of corporate accounts. For a personal account, this transaction pattern would be unusual and would thus be classified as a potential risk. In assessing the risk for a customer or business relationship, potential risk factors need to be considered:  country risk, transaction behavior, legal status, financial standing, industry, politically exposed person (PEP). 

Products
Software for managing KYC and CDD 
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Software for checking customer identities
Name Matching Customer (NMC)
Check Customer Identity, ensure KYC
Financial companies are obliged to check the identities of new aspirants and existing customers and monitor their customer base on a regular basis. Utilize our Compliance Suite or Know Your Customer module to do just that.
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Software for Intelligent Decision Automation
ACTICO Machine Learning in the area of KYC
Improving and accelerating onboarding and KYC compliance

Machine learning helps to accelerate and improve client onboarding and customer due diligence (CDD). By providing the customers’ risk classification, Machine Learning supports compliance with fulfilling KYC and AML regulatory requirements.