The KYC/CDD processes by AML-TRACE incorporate the latest technologies for providing end-to-end customer life-cycle risk coverage: customer on-boarding, ongoing due diligence, & enhanced due diligence. So, when we say that you will know your customer, we mean it. Read on to know the ins and outs of why we came up with this software.
A lot goes into establishing a business and conducting operations seamlessly. External and Internal threats loom large at all times. In the wake of these, it becomes crucial for companies to continuously keep tabs, identify loopholes and take appropriate corrective measures for ensuring growth.
Knowing that there are negligible chances of financial risk goes a long way in boosting employee productivity and thus, company growth. Once this is achieved, the next step for all stakeholders is to set the stage for the company to keep growing at an exponential rate. That is where Know Your Customer/Customer Due Diligence procedures come into the picture.
These controls help firms identify the potential risks of the entities or parties, with whom they conduct (or are planning to conduct) business transactions.
Risky customers & large transactions are a greater risk to business outcomes. CDD procedures cannot detect these. The EDD process is a notch ahead of the Customer Due Diligence process. While CDD assesses the present financial risk of customers, EDD is an advanced KYC that ensures further risk investigation.
In certain legal situations, EDD procedures are vital:
The AML-TRACE software does all this while reducing false positives & the business workload. Further, businesses can configure the screening parameters by either Nationality, Name Matching Percentage, Date of Birth, or a combination of all three, and any other parameters set by you.