Effective name screening and the issue with missing names

12.07.2023 | Henry Fosdike
Improve the customer experience and stop bad actors before they start

SymphonyAI Sensa-NetReveal provides leading end-to-end financial crime investigation and risk management technology.

Always one step ahead, SymphonyAI has enhanced its SensaNetReveal customer onboarding offering with further dynamic KYC questionnaire and identity verification (IDv) capabilities from Bits Technology, improving customer experience, streamlining operations, and driving agile, personalized risk assessment that evolves with the financial sector.

What is a KYC questionnaire and why is it important?

A know your customer (KYC) questionnaire is an efficient and effective form of data capture within anti-financial crime. A standard form, it simply asks for basic information (addresses, tax codes, annual turnover, etc.) from a customer and integrates key data points for real-time, enhanced identification that connects to a financial institution’s own risk scoring. This enables the institution to quickly make a decision regarding a person or entity. Used to verify customers and comply with regulations, the questionnaire fortifies fraud and money laundering prevention measures while acting as an important safeguard for customers.

The technology necessary to ensure compliance is evolving faster than ever before, making it even more important to get right. KYC is the customer face of financial institutions and the roadblock to bad actors. Digitization makes it easier for bad actors to hide, so technology like KYC questionnaires and IDv become essential to protecting genuine customers and organizations. With this in mind, SymphonyAI is always looking at cutting-edge technology and potential partners for its Sensa-NetReveal product portfolio and offerings. Thanks to its focus on optimizing identity needs and designing dynamic onboarding solutions, the award-winning Bits Technology was chosen to provide KYC questionnaires to customers.

Using KYC questionnaires in your fincrime defenses

Financial institutions looking to know their customers will use a KYC questionnaire for a variety of different purposes. Here are a few examples:

  • Preventing Identity Theft

When onboarding customers, a robust KYC questionnaire procedure can quickly prevent identity theft. By requiring prospective clients to submit a selfie and documents, the system can automatically detect differences between the two, preventing fraudulent accounts from being opened and allowing a bank to stay within regulatory requirements.

  • Enhancing customer onboarding

Onboarding personal banking customers can, for the most part, be relatively fast. This is different from the experience that is often found with onboarding large corporate clients. Because there are many regulatory checks when onboarding companies, a KYC questionnaire provides a much more streamlined operation, gathering pertinent data quickly and efficiently while maintaining regulatory guidelines. The result is a much faster onboarding of larger businesses to enable faster access to the financial services they require and an improved customer experience.

  • Guarding against money laundering

High-value transactions often raise questions when they are out of the ordinary for the person or company involved. By using a robust KYC questionnaire, it is possible to unearth suspicious activity quickly (such as mysterious sources of funds). Easy to enable, a KYC questionnaire is a relatively simple first line of defense for financial institutions to implement to safeguard against money laundering practices.

‘Tackling the ever-evolving threat of financial crime’

Robin Lantz, CPO of Bits Technology, said, “We are more than thrilled to join forces with SymphonyAI Sensa-NetReveal. Our partnership introduces low-friction access to dynamic KYC questionnaires and ID verification, elevating customer onboarding to new heights of customer experiences while maintaining efficiency and security.”

Enda Shirley, Head of Compliance for SymphonyAI’s Sensa-NetReveal division, said, “Tackling the ever-evolving threat of financial crime demands partnership, innovation, and a dynamic approach. Joining forces with Bits Technology expands the identity management capabilities available to our customers and further enriches our end-to-end financial crime prevention portfolio – helping in the global fight against financial crime.”

Benefit from KYC questionnaire capability today

SymphonyAI Sensa-NetReveal features market-leading solutions for transaction monitoring, know your customer (KYC), customer due diligence (CDD), watch list management, and payments fraud. Able to augment your existing anti-financial crime software, it is a complete SaaS product for financial institutions.

Users of SymphonyAI Sensa-NetReveal can start benefiting from KYC questionnaire capabilities today, improving the user experience, and employing a dynamic, digital solution as the financial sector evolves. An important additional tool for regulatory compliance, it also enhances operational efficiency and integrity against financial crime.

Find out more about KYC and CDD solutions.

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