Know Your Customer

As part of the Bank Secrecy Act and the USA PATRIOT Act, financial institutions are required to adopt “reasonable” anti-money laundering (AML) procedures to be able to know the identity of each of their customers, compare those customers against certain governmental lists, ensure those customers do not have correspondent relationships with “shell” banks, and monitor the transactions of those customers for suspicious activity.   Unfortunately the USA PATRIOT Act did not include clear guidelines and limited technology solutions were available, so financial organizations implemented largely manual processes with numerous handoffs between the New Account Opening, Client Identification and Enhanced Due Diligence units.

The Problem: Multiple Data Sources, Custom Risk Scoring and Ever-Changing Requirements Have Resulted in Expensive and Inefficient Solutions

The challenges to complying with KYC are numerous:

  • Multiple data sources are needed for the solution, including internal and external information that is both structured and unstructured
  • Potentially complex risk scoring algorithms must be highly customizable
  • KYC requirements change frequently, due both to internal policy changes and external mandates
  • Multiple customer ‘on-boarding’ procedures and customer identification processes are common across an institution
  • Filing Suspicious Activity Reports (SAR) is one of the most difficult, complex compliance responsibilities financial institutions have.

As a result of these technology challenges, the KYC solutions currently in place at many banks require significant manual intervention and therefore are typically expensive and inefficient.  There are often inconsistencies across different groups within a financial institution, especially within institutions that span multiple regions or grow via acquisition.  And as transaction volumes grow, the inefficiencies and inconsistencies make the KYC process even more arduous and costly.

The Solution: A Flexible Platform that Intelligently Connects All Data to Automate the KYC Process

Know Your Customer from Metatomix provides financial institutions with a highly-flexible, risk-based solution for addressing KYC.  Solution components include:

  • Real-time, non-invasive integration of data from all of your internal and external data sources, including both structured and unstructured data
  • Identity verification from sources including Factiva, Choice Point, D&B, Hoover’s, Bloomberg, and / or your existing internal systems or other providers
  • OFAC and list review from WorldCheck / RDC, Bridger or your existing provider
  • Negative news check from Clear Forest or any other text analytics provider
  • Automated generation of Suspicious Activity Reports (SAR) directly from KYC solution.
  • Case management including all information checks, case classification, document discovery, and workflow
  • Risk analysis and scoring
  • Dashboard for the end user including manual inquiry, case investigation, and administration

Metatomix Know Your Customer Solution

The Benefits: Risk-Based Compliance with Reduced Manual Involvement and Costs

Know Your Customer from Metatomix enables financial services institutions to recognize multiple benefits, including:

  • Compliance with the Bank Secrecy Act and USA PATRIOT Act
  • Reduced risk of fraud and money laundering
  • Improved efficiency via automation
  • Decreased cost of KYC compliance
  • Complete audit trail

Why Metatomix is Different: Integrated KYC Capabilities with Unmatched Flexibility

The Metatomix Know Your Customer solution provides non-invasive data integration from all data sources, a common model across all data, business rules and policies, and a development and run-time environment all in one platform.  The result is an incredibly flexible system that allows you to leverage existing data sources, add or change data providers for any KYC requirements, change system rules as compliance policies change, and define workflow with greater ease than other solutions because coding is not required.  Your cost to maintain the Metatomix Know Your Customer solution – or to develop additional functionality for the solution – is significantly reduced thanks to the flexibility of the system.