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We help firms mitigate financial crime risk via a suite of products for instant identity and business due diligence, AML checks and risk based transaction and payment monitoring
About
We offer a highly automated AI-based suite of services for customer due diligence and anti-money laundering compliance. This includes full customer/vendor/employee onboarding and monitoring product that includes fully automated KYC and Business Verification with Enhanced Due Diligence. We also offer AML onboarding and monitoring software and AML transaction monitoring services. We use AI and data insights to enable firms to understand and manage their exposure to the risk of money laundering and terrorist financing, and also stay compliant to various AML/CFT directives while providing better services in terms of customer onboarding. Our services include fully customizable workflow management system with custom risk levels and flagging. Our AML solution allows our customers to quickly onboard clients and monitor the changes in their risk status. We offer real-time notifications and alerts of changes in new risks with over 200 factors and data attributes that allow a full view of an entity’s riskiness. Our proprietary data is aggregated and gets updated daily from tens of thousands of global data sources (PEP, watchlists, sanctions, adverse media, enforcement lists and many more) enabling quick, accurate, and thorough enhanced due diligence. KYC Hub's AML Onboarding and Monitoring solution screens for better accuracy, allowing for fuzzy matching, aliases, and associations. Transaction monitoring - We offer AI predictive tools and pattern recognition with a multitude of risk factors that allow detection of complex combination of variables. Our monitoring software allows for custom risk thresholds, rules, and remediation to ensure a solution tailored to firms' needs. Our transaction monitoring software tool reduces false positives and allows for easy-to-use case management to track and manage alerts. KYC Hub’s client onboarding solution offers ID verification, biometric verification, and liveness checks. We verify a wide range of international ID documents as well as a suite of extended checks. KYC Hub’s Business Verification solution entails company checks, and extended due diligence on legal entities. It enables our customers to perform detailed checks on corporates, monitor changes in status, directors, beneficial owners, PSCs, with notification of changes. In addition to the above we offer crypto transaction monitoring (beta) and a full workflow management and reporting solution. Using a vast number of data sources, extensive risk factors and algorithms, we identify root causes rather than addressing the symptoms.
Key Benefits
With the rise of digital and cross border transactions, increase of government sanctions and regulatory pressure, firms have to invest in gaining knowledge about who they do business with. Firms have been doing this in an ad-hoc and manual way and have large gaps in technology and infrastructure to be able to stay compliant in real time. This has caused loss of revenue due to high rate of false positives, slow turnaround time and high costs. In the past ten years alone banks have spent over $780bn on compliance while still paying over $320bn in fines. There is a sizable gap in the market for an automated solution that spans different businesses of the firm and gives a holistic view of the risk of doing business with a customer (or vendor) on a dynamic and ongoing basis. At present customers solve this problem by dedicating a lot of staff and manually doing KYC, as well as limited AML checks. A lot of banks do not delve into associations, relationships and risk scoring of the customers and vendors. As the regulatory landscape is changing, fines are getting higher, and the margins decrease, banks need to invest more in compliance and managing the risk of money laundering, terrorism financing, and financial crime. Our solution helps firms comply with regulations while reducing customer onboarding friction, and also making the ongoing monitoring efficient and automated. KYC Hub's benefits include: 1. Integrated solution without integrating multiple vendors and systems – our risk-based monitoring with hundreds of factors allows for a holistic view of an entity. Clients can configure and balances risk and efficiency and customize to the firm's particular risk factors 2. Easy integration – our solution works within the banks existing systems without a lot of integration work. Our microservices architecture enables customers to easily use data from different business units without replication. 3. Better data and insights – own data with deeper associations and insights, real time updates, and global coverage 4. Efficient technology – using AI, NLP, cloud and microservices architecture, we allow for faster and less costly customer onboarding and monitoring. The big data approach allows for dealing with large pools of data. We automate highly manual onboarding processes. 5. Risk Based Approach - Extensive inputs based on EBA/FATF guidelines, customizable to firm’s risk policy and appetite
Applications
Our AML solution allows our customers to quickly onboard clients and monitor the changes in their risk status. We offer real-time notifications and alerts of changes in new risks with over 200 factors and data attributes that allow a full view of an entity’s riskiness. Our proprietary data is aggregated and gets updated daily from tens of thousands of global data sources (PEP, watchlists, sanctions, adverse media, enforcements lists and many more) enabling quick, accurate, and thorough enhanced due diligence. KYC Hub's AML Onboarding and Monitoring solution screens for better accuracy, allowing for fuzzy matching, aliases, and associations. Transaction monitoring - We offer AI predictive tools and pattern recognition with a multitude of risk factors that allow detection of complex combination of variables. Our monitoring software allows for custom risk thresholds, rules, and remediation to ensure a solution tailored to firms' needs. Our transaction monitoring software tool reduces false positives and allows for easy-to-use case management to track and manage alerts. KYC Hub’s client onboarding solution offers ID verification, facial and biometric verification, and liveness checks. We verify a wide range of international ID documents as well as a suite of extended checks. KYC Hub’s Business Verification solution entails company checks, and extended due diligence on legal entities. It enables our customers to perform detailed checks on corporates, monitor changes in status, directors, beneficial owners, PSCs, with notification of changes. In addition to the above we offer crypto transaction monitoring (beta) and a full workflow management and reporting solution.