Meet CDD Requirements with AI-driven pKYC
Know Your Customer (KYC) is a critical process that financial institutions must undertake to mitigate the risks of financial crime. As part of this process, banks are required to understand the nature of customer relationships, develop customer risk profiles, and conduct ongoing monitoring to identify and report suspicious behaviors. But given the complexity of customer data sources, perpetual customer behavior monitoring has been extremely difficult to achieve. As a key component of the DataWalk KYC software, perpetual KYC monitoring (pKYC) enables you to quickly meet this challenging requirement.
Customer profiling powered by context and AI/ML
DataWalk KYC software enables you to quickly generate the reference profile of your customers using machine learning fed by KYC values from relationships on an ongoing basis. The output from the model is interpreted through descriptive characteristics. For example, DataWalk’s perpetual KYC classifies incoming or outgoing cash transactions with values such as "low" or "high" etc.
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This enables the creation of a self-explanatory customer profile, which facilitates communication among KYC analysts, data scientists, compliance experts, and Government FIUs using a shared language.
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Automated
Perpetual KYC
With DataWalk KYC software, you can create customer segments, develop baseline reference profiles, and then monitor customer behavior relative to those profiles on an ongoing basis. Instead of engaging machine learning experts periodically to recalculate reference profiles for customers, DataWalk KYC software automates the perpetual KYC process. Reference profiles are repeatedly
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checked against new data to see if the customer's reference values have trended in a manner that suggests an ongoing change relative to expected behavior.
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pKYC that alerts you to changes in customer behavior
If an ongoing change in behavior is detected as permanent, an alert is generated to initiate a CDD review. By automatically detecting and alerting on sustained changes in behavior, you can avoid the need to manually do continual reviews looking for such changes. The result is a far more efficient, real-time, and more accurate process for implementing the most challenging element of the CDD Rule.
Easily Explain
When an alert is issued, you can easily understand and explain the reason for the alert via an intuitive panel.
Quickly Deploy
As a key component of the DataWalk KYC software, perpetual KYC monitoring can be deployed very quickly. It enables you to respond to regulators, comply with requirements, and protect your organization from fines. DataWalk customers have deployed a perpetual customer behavior monitoring solution in as little as six months.Supplement your KYC software with DataWalk
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