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ECS IRIS Know Your Client (KYC) Solution
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ECS IRIS Know Your Client (KYC) Solution

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IRIS-KYC solution assists securities firms to reduce time of client onboarding by up to 80%, eliminate paper and remove manual steps. Iris-KYC solution is designed with flexibility to meet an ...

IRIS-KYC solution assists securities firms to reduce time of client onboarding by up to 80%, eliminate paper and remove manual steps. Iris-KYC solution is designed with flexibility to meet an organisation’s business activities and integrate with core banking systems whilst meeting stringent compliance regulations. IRIS-KYC can be integrated into an organisation’s core systems or sit alongside existing financial applications for batch processing of documents and data.

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ECS IRIS Know Your Client (KYC) Solution Document Transcript

  • 1. Data SheetIRIS-KYCAn On-boarding and Client Interaction solutionEmail: info@extended-content.comPhone: +44 (0)1483 68803040 Occam RoadGuildfordSurreyGU2 7YG
  • 2. Extended Content Solutions DATA SHEET3Solution SummaryBringing new clients on-board faster generates revenue and profits sooner. A professional and efficient on-boarding process also sets the tone of relationship with the client going forward.Know Your Customer (KYC) is the due diligence regulation that financial institutions must follow toidentify customers and obtain relevant information to do financial business with them, as part of theirAnti Money Laundering (AML) strategy. The requirements include recording and retaining specificdocumentation such as account applications, customer identification records, account operatingagreements and large transaction records.In most financial services organisations the process of on-boarding a new client is often manual, paperdriven and involves inter-departmental activity. Extended Content Solutions (ECS) is familiar with thesechallenges and has created IRIS-KYC solution to assist securities firms to reduce time to on-board aclient by up to 80%, eliminate paper and remove manual steps to improve the efficiency of staff leadingto an improved engagement experience for the client on its first interaction with the firm.IRIS-KYC solution is designed with flexibility to meet an organisation’s business activities and integratewith core banking systems whilst meeting stringent compliance regulations. IRIS-KYC can be integratedinto an organisation’s core systems or sit alongside existing financial applications for batch processing ofdocuments and data. The solution offers:Mail Room management &•correspondence trackingDocument Capture and processing•(mandate/application forms etc.)KYC & AML checks (Document•verification, Politically ExposedPersons checks etc.)Workflow , Tasks, checklists,•triggered alerts for compliancecheckingSignature checking•Periodic client reviews•Risk-based client profiling•Dispatch of documents and forms•Reports•Fully transparent and auditable on-•boarding and client interactionprocessesIntegration with backend systems•(CRM, Account opening etc.)Secure web-based multi-office access•IRIS-KYC is designed for:On-boarding new clients•Maintain on-going relationship•Periodic reviewoApplicationFormsCRMAML/KYC DataverificationsystemClient profileIRIS - KYCCentraldatabaseRiskassessmentReportsClient ServicesSupportingdocumentationScanning
  • 3. Extended Content Solutions DATA SHEET4Event-driven review (significant change in business or behaviour)oBacklog processing (one-off review of existing relations)•
  • 4. Extended Content Solutions DATA SHEET5Solution DetailsDocumentsMany KYC solutions focus on the regulation checklists and individual identification side of compliance.These solution offerings rarely offer management or control over the documents that KYC compliancegenerates. IRIS-KYC aims to tackle the document and data management challenge together in onesolution. By handling the KYC tasks alongside the supporting documentation from clients, IRIS-KYCprovides a comprehensive solution for companies to de-risk their customer engagement and meet AMLregulations.Figure 1 shows details of an organisation in IRIS-KYC. The organisation has cleared KYC checks and itsstatus is indicated by IRIS-KYC’s traffic light status method showing a green status at the top of thescreen. Details of the organisation checks can be viewed below with the supporting document outlined inthe blue box. The icon shows a document is linked to one of the required documents, “Letter ofAuthenticity”. By clicking on the document icon, the scan appears in a new window, shown in Figure 2.This enables fast and reliable proof for financial institutions to verify KYC checking. By providing anelectronic copy linked into the KYC system, the financial organisation can store and share this informationsecurely and instantly across multiple branches through a web-browser.Figure 1 - Supporting document linkFigure 2 - Supporting document view
  • 5. Extended Content Solutions DATA SHEET6ScanningThe scanning function streamlines data entry and forms processing. Recognition capabilities streamlinekey-from-image process. Barcodes can be used and optical character recognition (OCR) to automaticallypopulate document data for indexing purposes. Scan all KYC documents and regulatory documentationand store against the client. Scan in application forms, with automatic data recognition classifyingdocuments is simplified.The related data is easily viewable to the side of the scanned document for any additional data entry orcross checking.Below the document IRIS-KYC provides a listing of recent activity and any associated notes.Figure 3 – Scanned document viewClient InformationTo record due diligence efforts against a customer, IRIS-KYC manages information at three levels:individual, organisation and relations between individuals and organisations. A customer can haveunlimited associated beneficiaries; each organisation, individual and relation carries its own list ofdocuments, stored information and an easily identifiable traffic light status indicator is used on all threelevels to instantly show KYC position.IRIS-KYC integrates with Customer Identification solutions to provide a seamless process for the clienttake-on process. A form is provided to capture all information and then checks against a CustomerIdentification system to ensure AML checks have been performed. In situations where a customer’sidentity is not required, management can override the checking process at any of the three levels ifrequired. On any of the client information screens there is an option to drill further down into details tosee the audit history, supporting documents or client information.
  • 6. Extended Content Solutions DATA SHEET7Figure 4 – Failed individual check using integrated Customer Identification systemFigure 5 – Successful individual check using integrated Customer Identification system
  • 7. Extended Content Solutions DATA SHEET8Figure 6 – Adding a new personFigure 7 shows all three customer level statuses. The top green indicator shows the individual haspassed KYC checks. The bottom of the figure shows three of the organisations she has a relationshipwith. Each organisation on the far right has its own KYC check status indicated using the traffic lightstatus method. Additionally, each role the individual has in respective organisation also carries a KYCcheck with traffic light indicators shown on the ticks. In the example shown, Mrs Tara Marchant as anindividual passes KYC regulations as does the organisation, The Centre. But only one of her roles at TheCentre has been successfully verified. The green tick provides a link to the supporting verificationinformation, shown in Figure 8. The KYC history is detailed in the popup window.Similarly, on the organisation details page in Figure 9, the associated individuals are listed along withtheir roles and their KYC statuses. The recognised methods for proving a relationship’s authenticity arelisted. If the user edits the details, for example to verify a relation, the user’s details are recordedagainst the action along with the date and time. This information is later used in reports and systemauditing for traceability.
  • 8. Extended Content Solutions DATA SHEET9Figure 7 – Individual detailsFigure 8 – Individual check with audit trackingFigure 9 – Organisation details
  • 9. Extended Content Solutions DATA SHEET10Figure 10 – Organisation details showing successful relationshipKYC Task TraceabilityAs shown in the figures above, IRIS-KYC provides easy-to-use checklists for KYC compliance checking.The application offers flexibility in its configuration to allow financial institutes the ability to tailor the KYCchecks for their own use. The system logs each step and provides inclusive reports with activity history.Signature trackingSignature tracking for individuals is simplified with IRIS-KYC. Once a sample signature is obtained, usethe scanned document to outline the signature as shown in Figure 11. After outlining the signature thereis a simple option to Copy Image. Figure 12 shows the organisation details screen and lists theindividuals with signatures on file. When clicking on one of the signature files the individual detailsscreen appears with the stored signature, as shown in Figure 13.Figure 11 – Copy signature from scan
  • 10. Extended Content Solutions DATA SHEET11Figure 12 – Save signature on fileFigure 13 – Individual details shows authorised stored signature
  • 11. Extended Content Solutions DATA SHEET12Periodic ReviewsA key element of KYC is to ensure the initial client information remains satisfactory for financial dealingsthroughout its relationship with the financial institute. This requires periodic reviews after the initialclient on-boarding. IRIS-KYC provides alerts when a customer’s information needs revalidating and iseasily configurable to meet the financial institute’s review policy time period.Suspicious Activity Reporting (SAR)When a financial organisation carries out background KYC checks on a new customer, it must raise aSuspicious Activity Report (SAR) if there are concerns about the new customer’s funds. The organisationis required to report its suspicions to the UK Financial Intelligence Unit (UKFIU). IRIS-KYC allows flaggingof any suspicious behaviour for review internally. If the company decides to escalate the incident, theapplication can produce a report with all relevant client information and copies of associateddocumentation.ReportsVarious reports are available in IRIS-KYC. Standard reports include: missing documents, expireddocuments, customer details, and periodic review reports. Shown in Figure 13, the reporting tool in IRIS-KYC provides multiple filtering options and drill down features to provide extensive reporting capabilities.Figure 13 – Reporting screenContact UsIn addition to the IRIS-KYC application, ECS can provide consultancy to help financial organisationscomply with regulations. Our skilled financial services consultants have industry experience withgovernance, risk and compliance.For more information about IRIS-KYC or our services, please contact us at info@extended-content.com.