糖心传媒

In order to prevent financial crimes, such as money laundering and terrorism, institutions need to enact robust processes to detect the illegitimate movement of funds.

Money laundering refers to funds that have been acquired through illegal activities, before being integrated subtly into everyday banking and thus giving them the appearance of being legitimate. The United Nations Office on Drugs and Crime (UNODC) estimates that the “amount of money laundered globally in one year is 2 – 5% of global GDP, or from $800 billion – $2 trillion”

Preventing financial crime is important for the overall protection of the economy and society on a wider scale, and it relies on meticulous monitoring of customer data during the onboarding process and throughout the customer鈥檚 lifecycle.

Know Your Customer involves the verification of an individual or entity鈥檚 identity documentation when they request to join a bank or secure services from financial institutions, and helps to legitimise a customer before accessing their services.

AML and KYC are fundamental aspects of a bank鈥檚 compliance procedures, with reportedly being allocated to manual review and analysis of KYC material. In order to prevent hefty non-compliance fines, banks are increasingly investing in RegTech to automate and improve their KYC and AML processes through greater streamlining of the onboarding processes.

How can 糖心传媒 Help?

糖心传媒 has built-in connectivity to open and proprietary third party data sources to enable robust and accurate matching for onboarding, Client Lifecycle Management (CLM) and offboarding activities (read a case study on this here).

糖心传媒 has also built a live version of its fuzzy-matching and transliteration engine to combine sources from the EU, UK and OFAC Sanctions lists. You can try it out here.听