Streamline your Customer Onboarding Experience

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When onboarding new customers, efficiency and experience are vital. However, implementing only the swiftest process alone is not enough; data quality is essential to remaining compliant in a swiftly changing regulatory environment.

Conducting due diligence using a platform that streamlines digital onboarding not only helps you stay one step ahead of the regulator but also simplifies complex customer data into a single view to keep money laundering risk at bay.

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Understanding due diligence

The UK acts as an influential frontrunner when it comes to policy and regulation in financial services, with ongoing updates in the anti-money laundering (AML) sector. The implementation of Digital ID for AML and know your customer (KYC) purposes is underway, as well as priority in rolling out 2023’s Data Protection Bill. 

This is a welcome change, as the importance of KYC/know your business (KYB) checks cannot be overstated. Understanding who you conduct business with is paramount to avoiding devastating effects, including security breaches or costly fines.

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Common challenges in conducting due diligence

Digital onboarding should be the first port of call for new customers. Without verifying their identities, behaviours, and transactions, high-risk individuals associated with money laundering or terrorist financing can slip through the net, exposing customers and firms to the genuine risks of financial crime.

Legacy systems are not enough to conduct thorough due diligence. Disparate systems can separate essential data points and make any AML compliance protocols tedious, then susceptible to being missed out on a resulting risk assessment. Lapses in data can result in false positives and incorrect alerts that can be lengthy and costly to rectify.

With ever-changing regulations to abide by, when can you do simplified due diligence? It’s a matter of partnering with a technology platform that smooths, not slows, initial customer onboarding and ongoing monitoring for AML compliance operations.

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Using technology to streamline due diligence

A digital future for finance relies on the safeguarding of customer and business data. A modern, flexible platform adaptable to changing regulatory approaches is the answer in the face of ever-sophisticated financial crime.

RelyComply’s single platform leverages innovative technology to streamline customer onboarding, inform more significant due diligence decisions, and ensure regulatory compliance.

RelyComply can:

  • Automate the funnelling of high-risk profiles for further enhanced due diligence (EDD)
  • Integrate our flexible client risk assessment model with your existing system
  • View all salient due diligence data and documents in one unified platform
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Leveraging data and analytics in the due diligence process

Through digital onboarding, automated data processing is possible. This reduces unnecessary and inefficient man hours, all while also optimising stored customer data and drastically streamlining the operational side of AML compliance.

KYC can involve searching thousands of trusted news and media sources to screen customers against politically exposed persons (PEPs) or sanctions lists. Automated KYC can analyse this plethora of risk data at lightning speed, then aggregate it to alert any activity from high-risk individuals and reduce the number of false positives associated with manual investigations.

Further, enhanced due diligence (EDD) on persons identified as high-risk allows institutions to assess their risk profiles against domestic and international checklists. With an advanced AML platform, dynamic risk assessment makes it possible to make intelligent decisions for customer onboarding backed up by accurate data.

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Best practices

Simplified and streamlined due diligence and monitoring are possible through cutting-edge technology.

  • Configure bespoke workflows for high/medium/low-risk customers
  • Utilise robust powerful AI-driven monitoring for real-time risk alerts
  • Automate screening against trusted news and media sources

The FCA and other UK regulators are making strides to combat the influx of financial crime. But the buck for AML and KYC lies with financial institutions and fintech innovators, who can leverage technology to smooth their compliance operations for a better world.

Want to know more?

Have a chat with us or request a demo to see how our streamlined AI-driven solution can address your end-to-end compliance needs and safeguard your processes today.

RelyComply Platform overview