STREAMLINING ONBOARDING
&
PERPETUAL KYC
Fincom’s advanced AML KYC/KYB Screening System addresses key KYC screening challenges while ensuring full AML compliance while reducing . Offering Onboarding KYC/KYB, Perpetual KYC (pKYC), and Periodic KYC solutions, it facilitates accurate screening of customer names, be they individuals or entities, against updated sanction, PEP, and/or internal restriction lists. The screening process incorporates additional parameters (e.g., address, location, phone number, etc.) cross-verification, enhancing overall compliance reliability.
Perpetual KYC (pKYC)
Perpetual KYC, also known as pKYC, Continuous KYC, or Ongoing Sanctions Screening, is a proactive ongoing process that replaces periodic reviews.
Fincom’s Ongoing Sanctions Screening provides highly efficient and effective screening
automation, covering the entire Account database once a month/week/day (per
customer preference), ensuring compliance with regulation requirements while considerably
reducing operational efforts and costs.
Fincom’s system is the industry leading fully automated, transparent, and explainable pKYC solution.
Fincom saves human and technological resources and increases compliance by providing a fully automated Perpetual KYC solution. The ongoing process is performed automatically, screening the entire client’s database against the latest version of sanction or PEP lists without disrupting the usual workflow.
pKYC is performed automatically on a daily basis or as configured, screening the entire client database against the latest version of updated sanction and other relevant lists
High screening speed allows for automated screening of the entire database within very short time and with no human involvement
Screening process may also be initiated, when the system is triggered by a batch file upload. The system allows screening an unlimited number of large “mega” files
Reducing the Alert Rate to the minimum:
The built-in Persistence Mechanism reduces the alert rate to the minimum by remembering past decisions, as long as the sanction lists’ data remains unchanged. Only newly alerted cases will require manual resolution.
Onboarding KYC/KYB
Sanctions & PEP Screening
- Screening names, individual or entities, against sanction, PEP, internal, or other required watchlists.
- Validating name match using additional parameters (address, DOB, country of incorporation, etc.)
- Name match verification for various compliance processes, e.g. Adverse Media, supplementary forms submission, etc.
Why Fincom's KYC
Saving valuable time and resources Cutting down operational expenses Ensuring regulatory compliance
Reduce operational costs by >90%
Proven to reduce operational expenses by over 90% in major US banks and Financial Institutions, turning compliance from a cost center into a strategic advantage.
Multi-language screening
Screening customers names across 44 languages in the original alphabets, matching them directly to the corresponding entries in sanctions and watchlists, eliminating the need for intermediate romanization.
Accurate transliterations matching
Even when dealing with transliterated names, the system accurately resolves spelling mistakes and variations, ensuring that nothing slips through the cracks.
Case Management System
Intuitive graphic Case Management System for fast and frictionless alert cases resolution. For more information on the Case Management System click here.
Transparent, Traceable, Explainable
Ensure full AML compliance with clear audit trail.The system is fully transparent, case resolution results are traceable and explainable.
Ad-hoc or automatically triggered Batch Run
The system allows for Ad-hoc run that can be used for either Periodic KYC to review the entire KYC database or for other reasons, when a particular list needs to be screened.
The screening can also be automatically triggered by a Batch file upload. In this case the system will screen the entire batch file against the latest version of required Sanction and/or PEP lists automatically.
Manual File Upload
For periodic KYC checks, there is a possibility of a manual file upload. Your file will be, then, screened against the latest version of updated sanction, restriction, or PEP lists, as per your requirement. For additional information, please contact Fincom.
Fincom offers a robust AML screening solution that utilizes advanced technology for accurate name matching.
The solution incorporates a powerful Phonetic-Linguistic engine with a phonetic fingerprint core-technology, enabling real-time verification of data across multiple sources and 44 different languages in original alphabets. It successfully resolves different name transliterations, pronunciations, and spelling mistakes and variations.
Fincom is specifically designed to provide a high level of effectiveness and precision. The mathematical decision-making mechanism is transparent, traceable, and explainable, aligning with regulatory and operational requirements.
PHONETIC-LINGUISTIC ENGINE
Based on Phonetic Fingerprint
patented technology
Insights
