A solution for meeting the compliance and KYC requirements. Is meant for gathering and unifying data from various sources in order to detect people that belong to high-risk groups.
With every business relationship engaged, there is a larger hidden network of coincidences in the background that may have a negative impact on the business. Our Banning Policies product gives an opportunity to gather this kind of risk-sensitive data and use it in the process of restricting access and activities by parties found from the problematic lists.
The solution allows you to enter and keep wide lists of data that restrict using the related systems by persons who respond with the enclosed data. It helps, in particular, comply with requirements related to money laundering and terrorist financing, but also allows integrating and keeping lists of data necessary to reduce the risk – like fraudsters, insolvency, and incapability registers.
Although with integrations the list entries are automated, the data can also be added or corrected manually in a quick and easy way. As the solution is detachable, it will not obstruct the main or related systems and also enables easy management of access permissions and control.
The advantage of the application consists of keeping all banned data from various sources with the same structure with one checking and access point. All data are saved with reference to the source and creation time. Also, all changes made in the system in terms of data, rules, and conditions used are saved, versioned, and visible to users.
There are several data providers and databases that hold different kinds of lists for similar reasons - to support and ensure compliance and KYC activities for financial institutions and other companies. Several of these kinds of services are already integrated with our Banning Policies application and, provided you have an agreement with the provider to access them, can be taken into use instantly. If the needed provider is not yet integrated, we are happy to negotiate regarding desired development.
Our team will be happy introduce all features. Make sure if it’s a right fit for your business and book a demo.