Using KYC-Chain’s individual screening tool for a risk-based approach

Here’s our short monthly update for your quick read:

This update will be taking a look at some of the unique features that make KYC-Chain’s individual screening capabilities – such as identity verification (IDV), AML screening and risk scoring – truly stand out. 

If you’re a company that needs to be implementing KYC/IDV as part of your Customer Due Diligence (CDD) and onboarding processes – or just simply want to be confident that your customers are who they say they are – then this update will show you why KYC-Chain can be the solution you need.

1. Identity Verification

There are essentially two components of this tool that are unique to KYC-Chain: 

• First is the Biometric Face Match, which matches a selfie image with an ID document photo. The methodology takes a set of 68 landmark coordinates and creates an output that represents the face. The mapping allows the tool to effectively provide facial recognition, even when users are from countries that do not require regular renewals of their passport/ID doc photos regularly. For example, in Malaysia, users can apply for a passport at a young age – say 13 years old – and never have to change the picture in their passport. KYC-Chain’s Biometric Face Match capability would still be able to accurately verify such images against contemporary selfies. 
• Secondly, in addition to ID document and photo verifications, KYC-Chain can also provide individual data checks such as full name, residential address, DOB, and ID document number against actual government sources and databases. This allows our clients to undertake a deeper, more detailed KYC check on any individual.

2. AML Checks

• KYC-Chain searches for both individuals and corporate entities against best-practice AML standards and sanctions lists. KYC-Chain keeps live API integrations to government databases and global watchlists to perform sanctions screening, politically-exposed-persons (PEP) identification, and adverse media checks.
• As a further means to reduce false positives, any returned results are additionally checked against the user’s provided nationality and other available data.

3. Risk Scoring

• If you have an existing risk assessment matrix, KYC-Chain can work with your team to set up a risk scorecard based on certain criteria for risks – for example, country or geo risk, external risks (positive sanctions, PEP, adverse media hits), and so on.
• These checks will be automatically triggered when a customer is onboarded. Based on this, KYC-Chain can calculate a risk score of (0-100) which your compliance team can use to take a risk-based approach.

If you’re also looking for ways to optimize your compliance processes, get in touch and we’ll be happy to discuss how your company can use KYC-Chain to scale and grow your business.