Risk and compliance driven customer due diligence requires swift and exhaustive screening capabilities
Facing high staff turnover, insufficiently trained workers, complex analytical challenges, continuously evolving risk and compliance driven due diligence requirements, many organizations can’t efficiently and timely handle screening of their customers.
That is why Pandora Intelligence’s Customer Due Diligence provides organizations with a comprehensive picture of customers, their situation, their potential involvement in – or ownership of – businesses, and their presence in sanction lists or other registries of relevance.
Customer Due Diligence provides the analytical power to correlate information about customers (persons or organizations) and thereby automatically evaluate their risk profile.
For organizations subject to strong screening requirements (such as KYC, KYB and AML in the financial industry), profile analysis can be accompanied with customer profile monitoring to proactively detect and inform analysts about changes affecting customer risk profiles. The overview of customer risk profiles enables analysts to efficiently prioritize their work. This effectively results in organizations’ ability to screen more customers in less time, thereby anticipate risks timely, and remain compliant.
To provide actionable intelligence, Pandora Intelligence’s platform makes use of data from a broad range of sources, which is combined and transformed into operational scenarios. In order to optimize utilization of the platform and sharing of information, it can be integrated with your existing tools and resources.
A financial institution receives a service-subscription request from a new customer. Thereby the organization triggers the onboarding procedure to welcome the newcomer and assess its eligibility to the requested service. Analysts have to request personal information and proof of identification from the customer, which is used as starting point for the screening (KYC) procedure. To proceed, analysts have to manually to assess whether the customer meets acceptance criteria to access the requested services.
In the exercise described hereabove, one analyst spent over two days manually gathering background information from a broad range of sources to be able to perform an assessment. The same result was achieved in less than 2 minutes by the same analyst working with Customer Due Diligence.
By providing customer names and identification numbers as start point, the platform immediately consults all relevant data sources, such as but not limited to chamber of commerce, credit registers, insolvency register, cadastral registration, registry of deeds, sanction lists, PEP lists and adverse media. It then creates a risk profile of the customer, including the information substantiating the risk status. The analyst can then decide to escalate the case or submit the profile for approval. Because the organization is subject to strong anti money laundering regulations (AML), the platform also proactively monitors changes in the profile of the customer to detect and inform analysts about changes affecting its risk profile.