KYC policy implementation

How our client reduced fraud risks, accelerated verification by 20x and minimised bad loans by 20%.

Challenges faced

1. Outdated monitoring system. Lack of timely, high quality updates on counterparties.
2. Reputational risks. Potential collaboration with fraudsters due to lack of information.
3. Manual verification. Significant time and resources spent on manual checks.
4. Financial losses. Poor fraud detection led to bad loans and financial losses.
5. Uncontrolled costs. Employees were performing checks using paid resources, resulting in unpredictable costs.

Solution

– Developed a centralised database that was updated in real-time to ensure accurate information about customers, employees and partners.

– Implemented Camunda as the process orchestrator, integrating a scoring and decisioning system using the DMN engine.

– Designed a customisable interface to meet the needs of different bank departments for streamlined review processes.

The results

– Speed of verification. Customer and employee verification accelerated by 20 times.

– Cost reduction. Access to critical information became more cost-effective.

– Improved credit quality. Reduced bad debt by 20%.

– Improved compliance. Fines from the NBU fell by 30% as a result of better compliance risk management.

– Workforce efficiency. Fewer staff required for verification processes due to automation.

The client now benefits from a transparent, automated and predictive system that ensures continuous control and updates, minimising fraud risk and optimising operational efficiency.