Anti-money laundering regulation requires financial institutions to assess the level of risk that each customer in their portfolio presents. Current approaches are highly manual; they involve sifting through large volumes of data, burdening the customer with long questionnaires, and manually assessing and reviewing the level of customer risk on a periodic basis. This process is complex, time-consuming, and hugely expensive.
Automation can change this. Experian have created an event-driven model which uses automation to proactively monitor portfolios for financial risk. The system will only notify and require human intervention where a change in the data indicates a potential impact to the customer’s risk assessment. Otherwise the data is stored for audit but does not raise an event for review. Through this new approach, financial institutions can dramatically reduce the volume of manual checks and drive major cost-savings for their business.
Use our benefits calculator to find out exactly how much your organisation could save by moving to automated event-driven KYC reviews.