Know Your Customer
With stringent anti money laundering regulations, hefty fines & sanctions on non-compliance, there is increased need for banking institutions to have a strong KYC (Know Your Customer) process. Key challenges faced by financial institutions are:
- Ensuring compliance with new regulations such as FATCA & Dodd Frank
- Increased regulatory scrutiny & diverse regulatory requirement across geographical locations
- Lack of clearly defined KYC policy with varying policies procedures across countries and institutions
- Manual processes & sub-optimal case management systems which increases risk & reduce efficiency
- Costs associated with monitoring, auditing and validating processes periodically
What We Offer
VirtusaPolaris' bespoke KYC framework and KYC product partnerships gives a range of offerings to cover different client requirements.
How We Deliver Value
With our deep domain expertise and technological solutions we can help financial institutions adhering to KYC requirements.
Assessment & gap analysis: An assessment framework, which can objectively review your existing KYC compliance process & compare it against industry standards. Assessment recommends an optimal solution & roadmap for the future state
Implementation: We help you in building
- Comprehensive KYC solution meeting regulations with the best client experience
- An Integrated single client view across geographies and subsidiaries
- Cohesive document management system for gathering, storing & retrieving documents for KYC identification, certification, and recertification processes.
- Real time transaction monitoring solution and alert competence
- Gamified/Millennial dashboards for enhanced operational performance
- Scalable and configurable to changing future demands
Remediation: We can assist you in remediation needs of existing clients or backlog lists to bring them in line with current regulatory mandates.
Partner Solutions: We have partnerships with leading industry vendors for out-of-the box KYC solutions.
- KYCnet: KYCnet has a KYC product in hosted/licensed mode. They also provide KYC operation services around their platform. They are specialized in providing ‘KYC as a Service’
- Jocata: An innovative products and services firm specializing in KYC, AML and CFT compliance for financial services industry clients. Their products have strong customization, configuration and reporting capabilities
Benefits We Offer
- Increased flexibility & Scalability: Single customer view, unified due diligence process across organization makes system flexible to adopt changes & improve scalability
- Competitive Advantage: By streamlining KYC compliance process, overall onboarding time can be reduced which can improve customer satisfaction & hence can provide a competitive advantage
- Improved monitoring & increased efficiency: Automation eases monitoring of moving targets, generate alerts & provide interface for regulatory reporting which increase efficiency of compliance process
- One-stop-shop: From technology solutions (bespoke or out-of-box commercial products), consulting and operations
- Gamified/Millennial dashboard: Which can spur employee productivity and ensure there is better client onboarding experience