5 Benefits to Automating KYC and AML / CFT Processes

· 2 min read

1. Cost-efficient onboarding

Automate client onboarding by using an identity verification solution like Raytio to send out document requests and handle verification with appropriate authorities, as well as ongoing monitoring to make audit time easier.

2. Improve data accuracy

Historically KYC checks involve humans sifting through large amounts of paperwork looking for inconsistent and suspicious activity. Not only does this take a lot of time but it’s highly susceptible to human error. Service providers can improve data accuracy by using automated KYC / CDD processes, which check against thousands of databases including fraudster checks, blacklists, PEP and international sanction lists.

3. Secure more new customers

Smooth, efficient on-boarding equates to a better customer experience and a higher pass rate, which means your firm can secure more new customers per month.

4. Reduce HR costs

Less people needed to perform tasks means a reduction in HR, AML/CFT and KYC training costs, while automation can help you can avoid costly non-compliance penalties.

5. Minimise opportunities for money laundering across client life cycle

Client profiles can change over time so it is imperative service providers have on-going risk management in place. Ongoing customer monitoring and a process for periodic review can prevent the increasing possibility of becoming involved in money laundering and terrorist financing.