Comprehensive Know Your Customer “KYC” policy for financial institutions builds a good foundation for Money Laundering fight. While traditional KYC has had its challenges, non face to face business has worsened the situation.

Today anyone can open bank accounts using a mobile phone from the comfort of their seating room, verification and authentication has proven complex given the fact that most government agencies and banks are still gathering digital data. This calls for financial institution to adapt to solutions with a detailed risk-scoring model, connect to all channels and allows compliance staff members to fine-tune customer risk rating without involving IT.

KYC solution should give financial institutions the ability to implement ongoing customer due diligence to high risk customers. The solution risk scoring model incorporates all risk factors (Age, nationality, residency, county, relationship, customer type, profile, products, sector, credit, ownership, currency etc) to give the bank a holistic trail of the customer details.