• Know your customer ("KYC")
The objectives of KYC guidelines is to prevent banks from being used, intentionally or unintentionally, by criminal elements for money laundering activities. Related procedures also enable banks to better understand their customers and their financial dealings. This helps them manage their risks prudently and KYC policies usually incorporate the following pillars;
  • Customer Acceptance Policy
  • Customer Identification Procedures
  • Monitoring of Transactions
  • Risk Management
KNOW YOUR CUSTOMER ('KYC') IS THE PROCESS OF A BUSINESS IDENTIFYING AND VERIFYING THE IDENTITY OF ITS CLIENTS.
  • Financial Institutions have anti-money laundering regulations they need to govern and use the KYC customer process
  • Financial Institutions have anti-money laundering regulations they need to govern and use the KYC customer process
  • Banks and insurers are increasingly demanding that customers provide detailed anti-corruption due diligence information
FOR THE PURPOSES OF A KYC POLICY, A CUSTOMER/USER MAY BE DEFINED AS:
  • a person or entity that maintains an account and/or has a business relationship with the bank;
  • one on whose behalf the account is maintained
  • beneficiaries of transactions conducted by professional intermediaries such as Stockbrokers, Chartered Accountants, or solicitors, as permitted under the law; or
  • any person or entity connected with a financial transaction which can pose significant reputational or other risks to the bank, for example, a wire transfer or issue of a high-value demand draft as a single transaction
KYC CONTROLS TYPICALLY INCLUDE THE FOLLOWING
  • Collection and analysis of basic identity information such as Identity Documents
  • Name matching against lists of known parties such as politically exposed person (‘PEP”)
  • Determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft
  • Creation of an expectation of a customer's transactional behaviour
  • Monitoring of a customer's transactions against expected behaviour and recorded profile as well as that of the customer's peers
DRACORE PROVIDES VARIOUS KYC SOLUTIONS THAT ARE DELIVERED THROUGH CUSTOMISED SOLUTIONS FOR ITS CLIENTS. OUR SOLUTIONS ENABLE OUR CLIENTS TO;
  • Reduce onboarding costs
  • Shorten the onboarding process
  • Continuously monitor customers
  • Ensure an exceptional customer experience
SETUP ALERTS WHERE YOU CAN RECEIVE UPDATES SUCH AS;
  • Liquidation Alerts
  • Sequestration Alerts
  • Deceased Alerts
  • Administration Alerts
ALL OUR KYC SOLUTIONS ARE AVAILABLE USING THE FOLLOWING DELIVERY METHODS;
  • Mobile APP
  • Web Portal
  • Web Services

Costs

Client on-boarding

ongoing monitoring

the client experience

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Managing fraud and identity can sometimes feel like taking one step forward, and two steps back. You fortify your processes and systems against known threats — only to experience a new and different attack. Or, perhaps you don’t realize the extent of your exposure until it’s too late, and all you can do is try to stem your losses.

Whether proactive or reactive, fraud and identity management is an unrelenting cycle of increasing risk, expense and frustration. It’s particularly irritating for good customers who experience cumbersome verification and validation efforts when they just want to access their account or conduct everyday business.

You need to ensure the person on the other end of the transaction isn’t a fraudster without sacrificing a legitimate customer’s experience.

The multiplicity of customer touchpoints, including increasing self-service remote channels makes doing this more complex, but also more critical. and deflect fraud before it starts with superior risk intelligence.

A one-size-fits-all fraud and identity program doesn’t work. Our layered, risk-based solutions harness the industry’s most authoritative identity verification and authentication, fraud analytics and investigation capabilities. Streamline new account application and account servicing. Reduce customer friction. Optimize processes and create a more nuanced authentication approach.
Dracore

Myce

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