Remediation is the last of the three major building blocks of a good KYC policy.
Onboarding is the process of ensuring that you do not take on criminals as customers, monitoring means keeping an eye on whether a customer stays on the right path, and remediation is putting things right if there are issues.
The latter may be a bit too simplistic, but it contains a grain of truth. Archives and customer files become contaminated over time. For example, through migration to new systems, or because customers do not report changes in their situation.
If these backlogs increase, it can turn into a major headache. In recent years, many financial institutions have been reprimanded by the regulator because they did not have their customer files in order. The only thing that helps is to free up a lot of capacity (read: manpower) to solve this – capacity that is at the expense of commercial activities.
Automation can help with this process. Our solutions eDiscovery, Document Recognition, GDPR Compliance and Data Integrity help with the automated completion of customer profiles, so that you can cope with compliance risks.
Automation can help
Our state-of- the -art document processing system automatically reads documents, extracts the correct information, compares data with other sources and makes sensitive information unreadable, if required by law. We do this using artificial intelligence and machine learning systems, limiting the use of manpower to a minimum. This can now be employed more usefully elsewhere.
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