Identity monitoring: Keeping a finger on the pulse of client identity changes
As part of their Know Your Customer (KYC) due diligence process, banks and financial institutions (FIs) have a legal obligation to create and maintain a complete and accurate identity profile for each client with whom they do business. But circumstances change over time and client identity information that is not maintained on a continual basis degrades.
In this white paper, Neil Jeans, Head of Policy & Standards for Thomson Reuters Org ID, discusses how dynamic identity monitoring can solve these challenges. By detecting changes as they occur and flagging information that may warrant further investigation, identity monitoring allows FIs to trigger more frequent refreshes, allowing for continually updated KYC information and proactive risk mitigation.
Address the challenges inherent with the process of client onboarding whilst staying compliant with regulatory demands with our tried and tested, purpose-built application.
Thomson Reuters Screening Resolution Service is a KYC and third-party risk screening service that highlights positive and possible matches for any customer identification program.
Meet changes in regulation with World-Check One, the highly adaptable KYC verification and third party screening solution.