KYC and Client Due Diligence

Fast-track KYC checks, eliminate duplicate data entry, reduce false positives and cut compliance costs

ENSURE COMPLIANCE

How can wealth managers cut the length and expense of KYC checks without compromising compliance?

Getting the balance right between fully satisfying KYC compliance requirements and diligently checking every individual or account in depth—at great expense—can be challenging.

With few systematic controls and insights to help prioritise high risk prospects early in the sales process, vast amounts of time and money can be spent deepening engagement with individuals who are unlikely to pass due diligence checks.

Capturing data for KYC checks and actioning updates quickly involves endless paper form-filling and re-keying of the same data into multiple due diligence systems. Manual KYC processes are inefficient and often impractical for everyone, especially when working remotely.

Risk changes daily, for both new prospects and existing clients. Incorrect, incomplete and stale data can severely impact the reliability of your screening and put your business at risk.

Wealth management client due diligence

WHO BENEFITS FROM A CLM SOLUTION?

WealthTech Personas

How do you identify, prioritise, review and remediate high risk prospects early in the sales cycle?

KYC Know your customer wealth management

By replacing manual processes with automated workflows you will accelerate due diligence processes, improve client experience and dramatically cut compliance costs.

Routine updates are instantly reflected in the central database, so your due diligence is always underpinned by the latest available data.

By re-using KYC data captured during prospecting to pre-populate all due diligence systems, processes and dashboards, re-keying is eliminated. You can also save time and add convenience for clients by providing easy-to-use client portals for online KYC data submission.

With Intelligent KYC (iKYC), prospect data is fed into rules that initiate automated compliance checks, reduce false positives and trigger alerts when remediation is required.

Compliance and relationship managers can view due diligence data via easy-to-interpret, role-specific dashboards, in a form that is relevant to their individual requirements.

WHY CHOOSE WEALTH DYNAMIX?

  1. An award-winning CLM solution, purpose-built for wealth managers by WealthTech experts
  2. We pioneered the transformation of CLM processes with innovative applications of data modelling, predictive analytics and sentiment analysis
  3. Used by the world’s most successful wealth managers to achieve process efficiencies and return on investment spanning the entire client lifecycle, not only parts of it
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