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THE CHALLENGE
One of the main purposes of this more prescriptive process in AML D4 is to ensure a common and consistent approach to “Knowing Your Customer,” making it harder for people and organisations to commit Financial Crimes.  
KYC COMMON ISSUES
The process for KYC has been properly defined for the first time, and can now be implemented in a common way across financial institutions.

Under AML Directives 4 & 5, the KYC processes for CDD (Customer Due Diligence) and EDD (Extended Due Diligence) have finally been defined to a level of detail that it is clear about what data are needed for different types of clients. 
As part of this new process, there are a number of challenges banks face when updating their KYC models:
  1. Implementing a consistent and resilient process for on-boarding customers and performing Customers’ Due Diligence  
  2. Integrating the EDD process with additional sources of data for a wider assessment of client risk; 
  3. Improving document and data collection and storage whilst reducing costs and overheads;   
  4. Capturing and processing corporate Identities and UBO’s, as well as individual data; 
  5. Integrating additional data to better understand links between individuals accessing accounts and their transaction history as a feed into EDD Client Risk Assessment;  
  6. Generating a cross business, and updating cross business document renewal schedules;  
  7. Simplifying / Automating the Re-KYCing Process.
Any solution must ensure you comply with GDPR.

HOW DOES HELIOCOR HELP MEET TO THESE CHALLENGES

Heliocor’s solution to the new KYC requirement is to exploit the capabilities of three of our Modules.
Mobile App
DocStor’s mobile app provides an interface for uploading information and documents. Linking the process to a smart phone simplifies the gathering of data through the phone’s camera, rather than remembering to gather, scan, and forward documents. These documents can then be machine read to capture core data such as passports, driving licenses, or identity card information. By Auto Collecting this data, we can enrich other processes within Compliance. 

The Mobile application can act as a standalone or integrated entity into your current mobile banking app. Status updates can also be communicated via the app.
On-Boarding Workflows
Robolitics™ KYC provides the on-boarding workflows for CDD and EDD, and monitors and manages the data required throughout the on-boarding process. IT will also issue alerts both internally and to the client when additional or updated information is required. (Robolitics™ also manages internal access to this data as part of GDPR.)
Secure Block-Chain
Docstor is a secure block-chain encrypted document repository. Docstor can be implemented on premises or on the cloud to enable sharing between entities. (DocStor will support the sharing of validated documents at the client’s authorisation with other legal entities within the bank)
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ONBOARDING WORKFLOWS
Robolitics™ KYC module provides a solution which significantly reduces the workload required to On-Board and KYC clients on an ongoing basis.

Robolitics™ KYC module contains a number of on-boarding workflows for individual and corporate entities that meet the requirements for CDD and EDD. DocStor manages the data gathering needs of the On-Boarding and KYC processes. By machine reading these documents, DocStor can improve data quality whilst lowing KYC cost. Note: DocStor can also be used to request Document updates

Our workflows ensure that your organisation follows a consistent process without it becoming prohibitive in terms of effort and cost, interacting automatically with the client, “politely” soliciting data and gathering documents. Meanwhile, a number of Robots run continuously to issue alerts when documents need updating or where documents are used in multiple accounts, either enabling you to join accounts or identify fraudulent document use for either personal or corporate information.

As a result, DocStor and Robolitics™ are able to remove overhead tasks from the sales team, both in the gathering of original documents and in ensuring that they are updating as needed.

Integrating KYC data, machine reading, and capturing information from KYC documents and reducing the manual processes of updating information increases quality and reduces problems and cuts costs up to 30%.
AUTOMATING  ONBOARDING

In addition to the original document capture, Robolitics™ addresses the need to keep information up to date. Our Robots automatically identify and notify the business and the client when their documents are set to expire. These alerts, far from being obtrusive, can add value to many clients.
KYB – KNOW YOUR CUSTOMERS BUSINESS
When integrated with Robolitics™ KYP product, it is also possible to quickly identify when clients have the wrong products in their portfolios, the wrong risk profile, or when products outside the approvals mandates have been accidentally been sold. 
An automatic alert will identify client risks, enabling you to address them before they become issues that could result in potential regulatory fines.
ENSURING GDPR COMPLIANCE

This app is fully GDPR compliant, meeting needs to: 
  • Ensure client permission access and use personal data from the document;
  • Automatically update documents, reducing re-KYCing costs;
  • Ensure documents can be “forgotten” when access is no longer needed;
  • Robolitics™ controls access to the data stored in Dokstor.
BEYOND KYC.  AML & TRANSACTION MINING
Whilst our KYC module is a stand-alone component, it can be linked to our Transaction Monitoring and AML modules, reducing false positives from PEP and Sanction List systems. It can link accounts at both corporate and individual levels. 

Robolitics™ integrates and combines the AML & KYC processes to create significantly more sophisticated risk categorisation and client management, and to significantly reduce the problem of recurring sanction list alerts. This reduces false alerts because the search algorithms use more complete data, which can significantly reduce bank-wide compliance costs, further improving client risk modelling.

Robolitics™ can use AI and Machine Learning to mine transaction patterns and counter-parties to identify the client risk based on transaction patterns, creating “Micro Segments” of behaviour in contrast to the typical Low, Medium, & High risk categories. Robolitics™ can also automatically identify dormant accounts and delisted companies. It enables account linking based on documentation, and fraudulent account identification.
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Technology overview

Robolitics is available as a Cloudera Stack based on Hadoop for high volume and real time mission critical solution with hot failover