The workflow solution takes a risk-based approach to address operational and regulatory aspects of KYC requirements at all stages of the client lifecycle.
It monitors account beneficial ownership, watchlists and adverse media, from proprietary data providers and open sources.
Ongoing monitoring and managerial insight is intended to detect changes in client risk.
Kelvin Dickenson, head of compliance and data solutions at Opus, commented: “The rapidly- changing shape of financial crimes and the pace of regulatory change, combined with rigorous enforcement, mean that financial institutions of all sizes are under more pressure than ever.”
“Banks can no longer rely on lengthy, infrastructure-heavy IT projects and are increasingly seeking agile, intelligent solutions which can hit the ground running for faster client onboarding and ongoing monitoring.”