Video: KYC and AML - Simplifying and Removing Friction Using IBM Technology Capabilities
KYC and AML techniques and processes can appear complex. However, when breaking the topic down, they become more accessible. Please take a look at the attached YouTube video that introduces the key points. In addition to the introduction, I wanted to share an IBM Technology perspective, that leverages our Hybrid Cloud and AI platform, our Consulting capabilities, and our ecosystem of GSIs and ISVs.
To offer a very simple overview, I think of the space in three parts:
KYC Record Population
This includes gathering fields of information and collecting documents. The collected information is augmented and assessed against data sources and risk models.
We note that KYC population is almost always purely a regulatory process that gets in the midst of a sales process. While banks have accepted that point for years, renewed focus on Customer Experience drives the removal of friction.
Tranaction Monitoring
Every transaction is assessed against three types of models: rules, statistics, and AI. Transactions that are assessed as Safe are released and processed. However, Transactions that are suspicious are held and investigated. If suspicious, they are not released.
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Investigation and case management
Suspicious transactions are investigated automatically, or by a case-worker. The case-work gathers related transaction information and makes a determination on the likelihood of financial crime.
Financial crimes are reported to relevant law enforcement bodies for investigation.
Yes... we do have great capabilities like IBM Safer Payments and the IBM Payments Center. That goes without saying In addition, in great partnership with 红帽 , we have the right combination of building blocks, expertise, and ecosystem partners. Senzing is one of my personal favorites as my friend Jeff Jonas and his team partners with us to help our customers go faster.
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https://www.youtube.com/watch?v=-sxgb1bAXv
Experienced Compliance Professional
2 年Great insightful video breaking down KYC and AML.
CTO @ First Digital Trade - Embedded Finance - Payments - Digital Transformation - Cross Border Payments
2 年insightful Video as not mother tongue i have appreciate that you have spoke slowly :-) As CTO of a small fintech that is entering in the payments world, i have a question for you. We are implementing our platform cloud native, and we embed many third party product, is a use case that normal banks know good, we can offer for example a BNPL with Mastercard or the access to the cross border payment, in these use case, the supplier need to accomplish the compliance too, so in a API First schema, for maintain a good user experience, we should avoid to ask the customer make the same process for every product he choice to use and SHARE the KYC/KYB info with the supplier, is this possible using Cloudpak for BA could be the right product ? Moreover, the supplier of the solution, could receive the same KYC-B AML from different parteners especially in case of white label solution that point to the same database, how manage the traceability of the data of the same enduser that is involved in different suppliers offers or services ? Thank you John
CTO @ First Digital Trade - Embedded Finance - Payments - Digital Transformation - Cross Border Payments
2 年Fabio Torti Ayhan K?seo?lu
John - this is a easily understood description of what exactly KYC and AML are - and what financial firms need to consider as they balance regulatory requirements with customer experience. I wonder if the use of a Data Fabric that enables KYC/AML compliance could actually enhance a client's experience w/ other groups in the same firm - it goes back to your comment about design -