perpetual kyc

Perpetual KYC

Automate periodic review and ongoing monitoring with automated perpetual KYC

Reduce onboarding times, KYC refresh costs and improve the customer experience by proactively monitoring changes in a customer’s circumstances.

The Problem

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The average onboarding time for corporate banking customers is a staggering 90-120 days (Oliver Wyman's Global KYC benchmarking study on Global Banking & Markets KYC).

Regulators are increasing pressure on financial institutions to enhance their KYC refresh efforts, which is often split across multiple teams causing disconnect and delays.

KYC teams are having to perform laborious, repetitive and highly manual processes, across siloed data, to keep up with a backlog of traditional KYC periodic review cycles.

The Arachnys Advantage

data validation

Risk and exception based approach

Resolve and validate existing customer data against primary sources to create a ‘fresh’ baseline KYC file.
data accuracy

Significantly reduced KYC refresh effort

Proactively monitor for deltas in a customer’s circumstances, such as UBO, shareholder or director changes.

Continuous and automatic content acquisition

Compilation from open source data sets, including primary data sources and premium content.
save money

Improved efficiency

Automating the periodic review process removes some of the laborious, repetitive and highly manual processes.
data connections

Enhanced data structuring

Improve the data governance, quality and data structuring across all your customer populations.
perpetual kyc

Improved client lifecycle

Orchestration and configuration of source hierarchies incorporating both structured and unstructured data.

Features

Resolving internal customer data against primary data sources to construct a structured baseline profile of the customer

Single view of the customer and its related parties allows an FI’s analysts to get an holistic 360 degree view of the customer profile and its relationships, facilitating reuse of previously gathered, validated and enriched customer information

Configurable monitoring policies that use artificial intelligence (AI), API connectivity and Robotic Process Automation (RPA) to evaluate corporate changes from structured and unstructured data sources in line with the customer’s risk appetite and budget restrictions

Ability to incorporate changes in customer provided data for real time validation and enrichment

Move towards trigger based reviews by seamlessly integrating with and sending detected changes to the client’s customer lifecycle management (CLM) solution

The Perpetual KYC Cycle

perpetual kyc cycle

Unified Search API

Query any KYC or AML data source – even those without APIs – using a single set of credentials and a unified query language.

Unified Search API

Entity API

Synchronize entity state between your systems and Arachnys, track revisions and changes and resolve entities across datasets.

Entity API
perpetual kyc

White Paper: Achieving Perpetual KYC

How close is the financial world to achieving perpetual KYC?

Oliver Wyman shared with us their Global KYC benchmarking study on Global Banking & Markets KYC, which has found that the overall onboarding time for corporate banking customers is a staggering 90-120 days.

In this white paper, , we look at how banks can reduce onboarding times, KYC refresh costs and improve the customer experience by leveraging better technology and automation across the three pillars of data:

  • Driving efficiency with self-reported customer data
  • Using automation to capture & screen external data
  • Reducing risk through monitoring transaction behaviour

Download white paper

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