A new business relationship with your customer begins with onboarding, so having a streamlined process in place helps set the right tone for the relationship from the beginning.
Successful customer onboarding balances your organization's need to conduct appropriate due diligence. This process also ensures a positive customer experience with minimum hassles.
Automated tools can play a critical role in providing a smooth and speedy onboarding while capturing complete customer information. The same automated tools can be used for efficient ongoing due diligence and monitoring of your customers, resulting in reduced time and resources spent on customer due diligence (CDD).
In addition, incorporating external data sources into the due diligence process can create a more complete picture of your customer, which in turn provides a more comprehensive view of potential risks associated with the customer. This additional layer of verification helps to minimize the chance of unwelcome surprises in the relationship down the road.
FinScan's ID Validation
FinScan's ID Validation tool can instantly authenticate and verify the IDs of your customers and immediately screen the extracted information in real-time against any black lists, internal lists, or government sanctions lists. Our ID Validation tool ensures efficient onboarding of your customers while allowing you to stay in compliance with your industry's regulations and prevent identity theft and losses from fraudsters.
FinScan's Sanctions Screening Technology
FinScan's sanctions screening technology screens incoming and current customers against any watch lists, Politically Exposed Persons (PEP) lists, or negative news/adverse media to minimize your risk of doing business with high-risk individuals or entities.
FinScan's Ultimate Beneficial Owner (UBO)
FinScan's UBO tool helps you investigate business networks, both onshore and offshore, to enable you to meet the latest regulatory requirements, such as the EU 4th AML Directive and FinCEN Final CDD Rule regarding knowing who the ultimate beneficial owners are of your entity customers. It also allows you to verify the customer-submitted information against third-party databases and therefore ensure accuracy and trustworthiness of onboarding information.
Both sanctions screening and UBO tools allow organizations to know exactly who they are dealing with and avoid accidental involvement with money laundering, terrorist financing, or other proceeds of crime.
Know Your Customer (KYC)
Our KYC capability can provide more extensive views into customer profiles, creating a clearer perspective into the risks and rewards of each business relationship. Either FinScan or Synchronos® can act as a central customer hub, enabling an enterprise-wide 360-degree view of the customer and their relationships, which can be easily shared across your organization for common and complete information about your customers.