Continuous customer screening for a healthy financial ecosystem - Hyarchis
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Continuous customer screening for a healthy financial ecosystem

published 2022-11-24
byHyarchis

As a financial services company, the start of the onboarding process is one of the first contacts with your customer. This ensures identification and verification at the beginning of the customer relationship, but what about customer screening? Continuous monitoring is essential to be fully up-to-date and compliant during every stage of the customer’s life.  

Preventing financial and reputational damage 

Customer screening is just around the corner, even after onboarding. Laws and regulations are subject to change, so you must adapt your processes. Not only in saving and blurting customer data but also in performing stricter checks on customers. By deploying intelligent software, you reduce the chances of gaps in customer records and contribute to a healthy financial ecosystem.  

Apart from the fact that it is nice and noble to serve your customers well, it is also a requirement of regulators, such as the Dutch Central Bank and the Netherlands Authority for the Financial Markets (AFM). Knowing your clients can prevent impactful integrity risks, preventing financial and reputational damage.  

Risk Management 2.0 

At Hyarchis, we deploy two monitor products for our clients based on Artificial Intelligence: Risk screening and Customer Due Diligence. As a result, you save time and costs by reducing the margin of error in your KYC routine.  

Risk screening

What is often forgotten is that an effortless customer journey is necessary. If customers start onboarding with you, they will exit. So you have a short period to bring them in. In addition to simplicity and clarity, control is also an essential factor.  

By creating and maintaining a risk profile for your clients, you can remove the rotten apples from your client base in no time. No room for money laundering, terrorist financing, or fraud within your organization.  

Customer Due Diligence 

Do you want to avoid being fined millions like Commerzbank for not analyzing the PEP status of your customers? Then it is crucial to have a qualitative Customer Due Diligence process. Thanks to our CDD product, it is possible to establish a customer database that is complete and compliant. In addition, automatically completing customer profiles with state-of-the-art software gives you an edge over your competition. 

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