Customer Due Diligence

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MITIGATE RISK AND INCREASE BUSINESS OPPORTUNITY

Problem

Customer acquisition is core to any business. It is the starting point of the customer life cycle. Financial service organisations face a particular challenge in this process: For them, turning prospective clients into customers (the business opportunity, so to speak) comes with risk mitigation.

They need to be able to on-board the prospect in an acceptable time frame, but they are also required to adhere to stringent measures in how they on-board and manage new and existing customers. They not only have to protect themselves against money laundering activities, they also have to screen their customers to prevent the occurrence of fraudulent activity.

This calls for an automated solution that is able to:

  • provide quick and trustworthy matching across multiple sources
  • provide reporting throughout the entire customer life cycle
  • provide smooth customer experience

Solution

The Customer Due Diligence solution of Human Inference is based on the DataHub, combining matching, screening and reporting capabilities in one product. DataHub can be configured to match against all required watch lists and other sources (online and batch). In addition, the product creates golden records, allowing organisations to manage and monitor their on-going CDD requirements, as well as creating a single customer view of their customers.

The core of the DataHub lies in fault-tolerant, high precision interpretation & matching methods, providing timely and trustworthy matching results. All customer interactions are recorded through an audit trail, thus providing control and verification of transactions with new and existing customers.

Value

The Customer Due Diligence solution of Human Inference brings together all relevant data to manage risk mitigation and increase business opportunity. It helps financial service organisations to automatically and quickly identify any customer they want to do business with. At the same time, it prevents them doing business with people or companies that pose a potential compliance risk. The solution is aimed at competitiveness and transparency. It allows financial service companies to provide excellent customer experience, to be compliant to a multitude of rules and regulations in an acceptable time frame and to be able to recognise relevant business opportunities. The Human Inference CDD solution is the starting point for being really competitive in a rather complex business environment.

RELEVANT CONTENT

THE BENEFITS OF HIGH PRECISION MATCHING IN AUTOMATED SCREENING

This whitepaper will carry out how an effective data solution can be set up to manage riks and compliance efforts effectively while also contributing substantially to the company goals.
 

 

SOLVING YOUR COMPLIANCE CHALLENGES WITH A GOLDEN RECORD

Data is a critical resource for organisations. As industries become increasingly commoditized, data – and the way in which it is used – can be a huge differentiator for a business. This whitepaper explains the data challenge; the benefits of a Golden Record; and how to create a record that truly benefits the business.

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CASE STUDY: HITACHI

In order to ensure compliance with UK-specific laws and regulations, Hitachi Capital is obliged to check the entities and individuals on every request for finance against external fraud agencies and internal industry and business compliance data.

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