Understanding your customer begins at the time of account opening during initial Customer Due Diligence. CDD risk scoring and risk rating enables the institution to understand the level of risk an applicant brings.As per Section 326 of the USA PATRIOT Act, it is necessary for you to implement a Know Your Customer/Customer Identification Program (KYC/CIP). It is also required as part of your overall strategy for AML compliance.However, a comprehensive KYC/CIP program involves much more than just identifying customers; it requires the development of customer profiles and a true understanding of the expected scope of your customer relationships.
Wolters Kluwer Financial Services’ Wiz Sentri offers you an effective KYC/CIP program that delivers much more than regulatory compliance. Our state-of-the-art program includes products like RiskID and AIS that are designed to not only protect your financial institution, but also your customers.
RiskID is a web-based tool that helps ensure compliance with CIP, Customer Due Diligence and Identity Theft program requirements of the USA PATRIOT Act. With a single sign-on, eliminating the need for multiple passwords, you can verify customer identities, screen high-risk customers and evaluate their potential risk. As an efficient and compliant solution, RiskId:
Advance Intelligence Suite (AIS) is an advanced batch-filtering application that increases the efficiency and effectiveness of large volume sanction and WorldCheck scanning. It dramatically reduces false positive alerts. The AIS solution provides fully automated functionality to: