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AML compliance for digital banks
AML and KYC solutions for digital banks
Harness the power of data and leading-edge technology to turn know your customer (KYC) and anti-money laundering (AML) compliance challenges into opportunities for growth and differentiation.
Effectively address your digital bank KYC and AML challenges.
Digital transformation continues to move across the banking world, offering lower costs, 24/7/365 connectivity and engaging client experiences.
Alongside hyper-digitalisation, financial criminals are becoming more adept at exploiting new, technology-enabled opportunities for illicit activity. Banks are at the front line of regulatory expectations to uncover and root out money laundering, fraud and other financial crimes, however, many struggle to fully meet KYC and AML obligations.
Digital banks primarily target millennials and generation Z’s, who look for quicker and smooth onboarding experiences. However, KYC and AML may add significant amount of friction in that experience resulting in increased costs, drop-off rates and operational inefficiencies. All AML process must be designed with the customer experience at its epicentre.
What are KYC and AML challenges for digital banks?
Digital banks must ensure that they conduct robust AML screening and KYC checks, to meet increasing regulatory obligations and help to mitigate money laundering, fraud and other financial crimes.
Key challenges include:
- Higher onboarding costs and drop-off rates: Customers are looking for friction-less onboarding experience. The highest rate of abandonments of interested customers occur in the eIDV step, meaning higher cost of customer acquisition. 68% of customers abandoned an onboarding process in 2022.
- False positives: The higher the false positives, the higher the costs to remediate them and greater the friction.
- Change of circumstance and ongoing alerts: KYC is not a one-off exercise. KYC is an ongoing process based on customer risk levels and customer interactions such as transactions and payments.
- Fraud: Identity and payment fraud are on the rise since 2020. It is essential to understand who you are onboarding as a customer, and also monitor their transactions.
Our solutions
Helping digital banks to remain compliant with ever shifting regulations
Our solutions combine the power of data and leading-edge technology to solve digital banks KYC and AML challenges in different ways. These solutions enable firms to digitalise their customer (AML) screening, Identity verification, bank account authentication and enhanced due diligence, which in turn enables better, faster frictionless customer onboarding whilst remaining regulatory compliant.
Risk intelligence solutions
- Our award-winning World-Check risk intelligence database contains structured intelligence data on heightened risk individuals, entities, vessels, crypto wallet addresses and many more.
- Our due diligence offerings provide a detailed integrity and advanced background checks on individuals and entities and help understand their source of wealth and UBO structures.
Digital identity and fraud solutions
- Our Identity verification solutions (address verification, signals, document proofing and liveness checks) help verify your customers and confirm who they say they are and help you build that relationship with confidence.
- Our fully configurable and rapidly deployable digital onboarding solution help you go to market quickly and efficiently by digitally onboarding new customers rapidly and by being AML compliant.
- Our account verification solution uses credential and non credential based verification methods to access our database of consumer and business bank account records to safe guard payments and reduce unauthorised returns.
Managed Services
- Our managed services offering helps you remediate your existing high volume of matches (as per your policies and procedures) and puts your mind at ease in being compliant.
- We provide the tools and expertise to perform screening on your behalf either as a once-off or on an ongoing basis.
Wealth management and investor solutions
- Market-leading data, enhanced digital tools and actionable insights drive confident decision making for wealth advisors and investors alike. Create valuable and personalised experiences with our innovative suite of wealth solutions.
- Our flexible and intuitive digital solutions provide investors with the insights and tools to invest with confidence and maximise their financial wellness.
Benefits
An agile and holistic approach to solving KYC and AML challenges
An end-to-end set of digital KYC API solutions that fully addresses identity, AML compliance, sanctions compliance, due diligence, and payments fraud risks in real-time.
Leverage the unsurpassed breadth and depth of data within our industry-leading World-Check Risk Intelligence database, underpinned by a trusted, global brand.
Manual KYC processes can result in protracted onboarding, customer frustration and abandonment. Digital KYC removes these challenges, resulting in quicker, more client-friendly processes and better compliance.
Resources
Learn more about our solutions for digital banks
Our specialists will tailor a KYC and AML solution to help solve your specific needs.
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