30 Oct 2020

New Upgrades: Automated Custom Risk Scoring and Enhanced Due Diligence

As Virtual Asset Service Providers (VASPs) come under increasing regulatory scrutiny, it’s more important than ever that they adopt a serious and comprehensive risk based approach to onboarding customers. 

Recent upgrades to the KYC-Chain platform now allow for automated risk scoring and performing enhanced due diligence on customers that are flagged as potentially high-risk. Here’s a short monthly update on the new upgrades that have been made to the KYC-Chain platform:

Risk Scoring: The beta version of the new risk scoring tool is almost ready. As part of the tool we can run pre-screening of end-users. This means we can help prevent Sybil attacks, i.e. we can identify if the same user is registering multiple times using the same ID document.
This is very valuable for clients who are running cash or token sign-up bonus payments to users who register for their service. The pre-screening can check a combination of attributes such as full name, nationality, address and ID document number across the client's database of already approved users to ensure there are no duplicates.

Enhanced AML verification: In addition to this, we have further improved the AML verification tool through running an extra layer of checks. First the user's name is run against all the available AML/Sanction screening watchlists to return a number of hits. These hits are then cross-checked against the user-provided full name, D.O.B andID document number in order to only return a hit on the actual person. This can help to reduce the number of false positive hits, speeding up the workflow for your compliance team by reducing their work load further.

If you’re interested in finding out more about any of our KYC features, please reach out to us.

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