KYC as a Service
Know Your Customer (KYC), also known as Customer Due Diligence (CDD), is a legal obligation for financial institutions arising from AML and sanctions legislation.
KYC
Know Your Customer (KYC), also known as Customer Due Diligence (CDD), is not only a legal obligation for financial institutions arising from AML and sanctions legislation, but also a strategic imperative. Yet many institutions struggle to manage their KYC/CDD process. Costs are rising due to inefficient automated solutions, there is insufficient in-house capacity or knowledge to perform the required functions, or a transparent audit trail is lacking.
Considering the heightened emphasis on fiscal fraud, anti-money laundering and terrorist financing – more & more stringent Know Your Customer (KYC) requirements and obligations are being put forth towards the financial sector. Some of these requirements consist of, but may not be limited to:
- Identity verification
- Beneficial ownership disclosure
- Source of funds verification
- Risk assessment
- Compliance reporting
- Ongoing monitoring
How can we help you?
For those who do not wish to outsource the entire KYC process, we can also provide flexible support. Some of our KYC services:
KYC as a framework
Understand regulatory requirements:
We have a proven track record of helping clients with KYC compliance and keeping up with new regulations. This knowledge is crucial to establish a compliance framework.
Create policies and procedures:
Together with your compliance officer and relevant stakeholders, we will further strengthen existing and/or create new KYC policies and procedures by performing a gap analysis, taking into account the applicable processes already in place. We will define policies and procedures based on factors such as risk appetite, distribution channels, products, and target clients. Furthermore, we will translate AML policies into a risk configuration model to ensure alignment with regulatory standards.
Apply regulatory watch:
We will, together with the relevant stakeholders, utilize the Ruler Tool to assess and measure compliance with laws and regulations pertinent to the organization. This tool will aid in conducting comprehensive reviews of the policies and procedures in place and providing suggestions in line with new regulation and the current best practices.
Capacity
Projective Group uses a tailored KYC (Know Your Customer) tool and managed services setup to streamline operational compliance with KYC obligations. The tool provides an end-to-end solution for customer lifecycle management, supporting secure data handling and compliance with data protection standards. In addition, the Projective Group consultants will create a customised risk assessments to align with specific client requirements & risk posture
Their managed services include:
- Compliance with Customer Due Diligence:
Verifying identity, conducting risk assessments, and gathering information on customer backgrounds. - Ongoing Monitoring:
Continuously updating customer profiles to mitigate risks. - Reporting and Record-keeping:
Ensuring accurate documentation of compliance activities.
These services enhance security and help clients maintain regulatory compliance effectively.
Implementing CDD and name Screening Systems
Choosing the right Customer Due Diligence (CDD) system and effective name screening solutions can be challenging. We can help you select and implement these systems to meet your institution’s specific needs.
Our approach ensures a smooth implementation and that the systems contribute effectively to the organisation’s KYC objectives. By screening customer names against sanctions lists and other risk-sensitive lists, we help minimise risk and ensure regulatory compliance.
- A tool tailored to your needs: Projective Group will help you find a tool that is tailored to your KYC obligations.
- Implementation of your requirements: Our consultants will assess your policies, risk factor lists and RBA and will implement these in the tool. The tool will then generate risk assessments, taking into account your specifications. This will lead to a personalized and effective experience.
- Complete customer lifecycle: As the tool is an end-to-end solution, your complete customer lifecycle can be managed from one central dashboard.
- The use of our KYC tool enhances safety and security measures for both you as well as your clients. It is designed to securely store and process user data in compliance with data protection regulations. By implementing robust data security practices (i.e., encryption, access controls…), the tool will help ensure that sensitive user data is protected from unauthorized access or breaches, thereby maintaining the safety and privacy of the data.
The Ministry of Compliance: standard and tailor-made training courses
While there is nothing wrong with external support, you may prefer to build the necessary skills internally. To ensure that your KYC staff has the necessary knowledge and skills, we offer both standard and customised training courses. We do this through our Training Institute, The Ministry of Compliance.
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