KYC as key requirement for financial institutions

Every financial institution must thoroughly screen its customers. They must screen them in advance and carefully monitor them afterwards. Through client due diligence the client is identified (are you who you say you are?) and screened (can you pose a risk?). Once onboarded, the client and all his financial transactions are permanently monitored. This is the Know Your Customer (KYC) principle often also referred to as CDD (Customer Due Diligence).

KYC is a basic principle within the financial services industry. All financial institutions - not only banks and payment institutions but also, for example, insurers and investment advisors - must report suspicious situations and customer transactions to the regulators. This prevents money laundering, fraud, tax evasion or the financing of criminal or even terrorist activities through the financial institution. An adequate KYC policy contributes to reliability and security in trade, economy and payments. Good screening and monitoring is also important for the financial institutions themselves in order to avoid integrity risks and reputational damage.

Continuous Monitoring

Effective KYC processes are the backbone of any successful compliance and risk management programme, and the demands of meeting KYC obligations are intensifying. With anti-money laundering (AML) and KYC compliance growing in importance as more stringent regulatory requirements come into force, banks and corporates are dedicating significant resources and time to KYC compliance processes.

AUCOM Features

Lower Workloads

Save on manual labor costs

By using machine learning models and unique AI, AUCOM instantly provides relevant and concise risk reports with much lower workload.

Fully Compliant

Reduce your risk

AUCOM’s checks go beyond traditional background checks as it evaluates information about individuals or companies for their actual negative impact, considering the respective context.

Superior Adverse Media Analysis

Best-in-class price-benefit ratio

AUCOM provides far better results by using advanced ML-methods for text analysis compared to lists or simple sentiment analysis.

Continuous Risk Assessment

Reduce back-office costs

AUCOM offers digital real-time compliance with an easy-to-use solution that drastically reduce back-office costs.

Key Product Features

AUCOM helps you to make informed decisions to protect your business and comply with regulatory obligations.

Based on machine learning models for information clustering and de-duplication and the unique AI and human expertise fueled adverse media engine, AUCOM instantly provides relevant and concise risk reports. By automating onboarding processes with an innovative combination of human and artificial intelligence, AUCOM goes beyond traditional background checks and creates precise reports with detailed risk scores while drastically reducing overhead costs.

AUCOM's Adverse Media Engine outperforms other methods currently used on the market. Most institutions use simple sentiment-based analysis to check whether information is positively or negatively attributed. With Aucom's innovative fusion of human and machine learning intelligence we can accurately distinguish between real and alleged negative events. Think of tennis match results in the media: should losing a tennis match increase the customers risk profile? Simple sentiment analysis in current adverse media checks would wrongfully connect this information and increase the risk score. With AUCOM, only the tennis player's tax evasion behavior would have a negative impact on the score.

Simplify your customer screening and monitoring processes with a trusted and easy to-use solution that reduce back-office cost and assist in the transition from manual labour to digital real-time compliance.

KYC and Customer Due Dilligence

Adverse Media Analysis

Screening and Monitoring

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