risk management solutions, compliance solution, kyc verification - KYC Portal Aqubix
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MAXIMISED EFFICIENCIES
The level of automation that KYC Portal brings to the table leads to efficiency aspects that cannot be achieved without automation. KYC Portal leads to improving the workflows leading to better efficiency on cost, resources and touch points with customers, but mostly safeguards the reputational risk of the company.
In the lack of automation, the only way to cope with regulatory compliance and due diligence is by ensuring that you have a team that can handle the load of subjects. KYC Portal directly focuses on minimising the regulatory burden on business goals, and it has never been easier.

The need to meet regulatory obligations when conducting KYC is proving to be ever costlier and more complex, and while it is seen as being a required overhead, the current approach is invariably having an unsustainably negative impact on the bottom line.

The newly revised AML regulations further pose the responsibility on a variety of commercial organisations, not just limited to the financial services provision industry, to ascertain the origin and validity of funds at every step. The industry’s response is invariably one where more resources and funds are being allocated in an attempt at addressing the issue.

Notwithstanding, the net outcome is one where despite the process claims a heavier financial burden, the average duration for onboarding has shot up by over 40% in just two years, increased touch points required are putting a strain on customer relationships and ongoing reviews are becoming ever more unsustainable.

Reduction of Cost in Acquiring and Maintaining Clients


In KYCP, the responsibility to provide information is transferred from specialist teams to the applicant. This, together with the integration with internal data sources (as may be the customer management system or the web front end), transforms customer acquisition, vetting and onboarding into a singularly simple experience for the organisation and the prospective client alike.

The approach adopted by KYC Portal streamlines the process by removing input from internal resources and having the platform interact directly with the subjects ahead of onboarding, triggering human intervention only in the event of specific triggers and risk alerts. In turn, this significantly impacts the duration of the acceptance process, reduces touchpoints to the barest minimum and, as a result allows for greater numbers to be onboarded simultaneously with no bottle necks, at significantly reduced internal costs in acquiring new customers.
Refocusing Your Expertise


KYC Portal addresses bottlenecks and inefficiencies directly through rule-based automation, process delegation and removal of the dependence on specialised resources.

This allows the expertise to be directly refocused where it really matters – extended due diligence on the higher worth customers that in turn pose a higher risk. These are invariably a far smaller subset of the total client base that is automatically vetted without human intervention or subjectivity, in turn speeding up the entire process and minimising the overall cost.

All submitted answers are further physically and electronically signed off by the responder and form part of the end-of-process audit trail.
Centralising of Data for Compliance


Another significant impact of KYCP on operations is the aggregation and centralisation of all compliance and risk management data in a secure, tamper-proof and fully audited repository.

The philosophy behind KYC Portal brings together disparate and seemingly unconnected sources of data, through the integration of existing internal data warehouses, irrespective of geographical location for a combined, single data view that allows for far greater insight, in shorter time frames and that above all provides faster, more accurate results in combating exposure to risk.


Part of Mizzi Organization
risk management solutions, compliance solution, kyc verification - KYC Portal Aqubix
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