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