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Ascent Know Your Customer (KYC) Standards

Ascent KYC
Banks and financial institutions have realized that KYC / CDD (Know your Customer / Customer Due Diligence) is one of the prominent issues in AML (Anti Money Laundering) compliance faced today. Banks found it increasingly difficult to implement and manage complex business processes to ensure regulatory compliance and retain competitive advantage.

Ever growing number and scope of regulatory requirements (like Recommendations made by the Financial Action Task Force (FATF) on Anti Money Laundering (AML) standards and on Combating Financing of Terrorism (CFT), Customer Due Diligence (CDD) for banks by the Basel Committee, KYC/AML/CFT Obligations of Central Bank under Prevention of Money Laundering Act, manual processes, repetitive due diligence requests have increased the burden on administrative, operational and IT resources driving up the total costs, longer customer on-boarding, growing customer dissatisfaction and non-compliance.

Industry is looking for a solution which can automate end-to-end KYC processes like Customer Acceptance, Customer Identification, Risk Management & Customer On-boarding and comply with the regulations.

Ascent KYC solution offers an integrated, enterprise scale, robust platform for end-to-end KYC Compliance. AscentKYC services include Customer Acceptance, Customer Identification, Watch/Black list screening, Customer Risk Profiling, Enhanced Due Diligence (EDD), Customer on-boarding, Integrated Risk Management with Re-KYC, management & regulatory reporting, and Integrated Workflow and Alert & Escalation Management.

Ascent KYC platform is proprietary innovative and first-in-industry KYC Compliance tool which automates the entire KYC process for both new and existing customers like KYC data capturing, applying Central Bank’s mandated Customer Acceptance Policies (screening Black/watch lists, defined risk perception parameters, Risk Profiling)& Customer Identification Policies (verifying customer’s identity based on his risk profile, Unique Customer Identification Code (UCIC) for each customer, extensive customer due diligence (CDD) for high risk customers, Re-KYC Policy, Identity & Address proof verification process).

Ascent KYC Adheres to SaaS Level 3 (on a scale of 0 to 3) Maturity where multiple Business Process are hosted on a single instances, deployed on a load-balanced farm of servers, with each Business Process data being kept in isolation. The configurable metadata provides a unique user experience and feature set for each customer.

Ascent KYC is build on top of our flagship enterprise scale framework CORRECT, which ensures the solution CORRECT Connect, Organize, Reconcile, Report, Evaluate, Control and Transmit the processed transactional data to other business systems/entities.

Benefits of Using Ascent Know Your Customer Software

Faster Customer On-boarding

  • Fully automated KYC process ensures seamless execution of all KYC business processes thus enabling faster customer on-boarding and increasing customer satisfaction.

Fraud Prevention

  • Validates and matches KYC data with foreign black lists (lists issued by US/UK etc regulators) and identifies the suspected individuals which results in fraud/money laundering prevention.
  • Help the bank comply with local and international regulations like UAE CENTRAL BANK, SEBI, RBI, SEC, FRB, BSA, FinCEN, FATF, FSA, JMLSG, and MiFID.

360 degree Customer Profile

  • Identify each customer’s risk parameters and creates its Risk Profile.
  • Removes duplicates and creates a single view of the customer, which gives an organization the ability to analyze the customer behavior in order to better target and personalize future customer interaction.
  • It helps organisations to engage with customers through multiple channels, since customers expect those interactions to reflect a consistent understanding of their history and preferences.

Business Analytics

  • Create Householding information within the bank which immensely helps bank’s marketing programs target people at many levels - as an individual, as head of household or as a member of a given group of people (i.e., club, residence and/or business).
  • Bank can identify behavior patterns based on age or geography or income or household size.

Operational Excellence

  • Integrate KYC application with other AML applications
  • Move towards straight through processing
  • Eliminate on manual processes, minimizing risk of error
  • Reducing costs
  • Freeing staff from routine data analysis, redeploying into higher-value activities

Risk Mitigation

  • Greater Financial Control on the Customer's data
  • Standardization of methodologies around the enterprise
  • Able to set risk thresholds, data access and other controls centrally
  • Better compliance with regulatory requirements

Performance

  • Faster Processing– a million transactions data processed in 2.39 minutes (as tested by HP)
  • Intelligent cleansing Engine to detect and report focused violations

Fast Implementation

  • Enterprise Solution, seamless integration with virtually any Upstream & Downstream Systems
  • Highly flexible and Customizable via Configuration
  • Customer Specific Customization via Configuration for any data structure, business rules and reporting

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