ELEMENT of Compliance – KYC

Today's KYC Challenges

There is a divide growing between what regulators expect for Know Your Customer compliance and what is feasible using manual, resource-intensive solutions for compiling and screening compliance-relevant data. Financial services organisations are facing the following challenges:

Inadequate data management

for the high volume of information available , limited integration with multiple sources of truth and a lack of real-time and accurate single holistic view of customer identifying data and associated risk category.

Increased regulatory scrutiny

with larger fines, frequent audits and varying regulations that require additional attributes and changes to workflows.

Slow completion time for KYC

and risk assessment due to traditional KYC processes aggregating information incrementally.

To ensure adherence to the highest level of regulatory compliance, financial institutions should ensure that they have the required KYC capabilities.

BlackSwan's Approach to KYC

BlackSwan’s ELEMENT of Compliance has been recognised as a leading solution in the KYC/AML sector by Chartis Research, and was named as the Best KYC Solution for Client On-Boarding, in the RegTech Insight Awards 2021.

BlackSwan creates an extensive enriched entity profile view at the beginning of the KYC process is a paradigm shift from the traditional KYC process of aggregating information incrementally. This subsequently leads to a much faster time to complete KYC, speedier risk assessment and overall improved client experience.

At the heart of BlackSwan’s approach to compliance is a knowledge graph that builds, in real-time, a comprehensive representation of all relevant entities and the relationships between them. As such, the vital data obtained during KYC is viewed as seed data, which is enriched using a variety of social media, global news and other unstructured sources to ensure all relevant details are included in each entity’s profile. As an entity acts or new information becomes available (e.g., adverse news), the knowledge graph evolves over time to reflect the most up-to-date state of intelligence.

Key Differentiators

ELEMENT of Compliance is equipped with automated AI and knowledge graph-based entity resolution.

Organisations can use a customisable risk score model.

Additional Features

KYC involves an adaptive elicitation procedure that ensures all required data inputs are captured during onboarding and represented within the knowledge graph, while the extensive variety of information fetchers ensure the information is always current and complete.
Ability to extract information from structured, semi-structured and unstructured data sources.
Real-time client risk score calculation. Calculations of a client’s risk score are made in real-time based on their profile. In addition, organisations can use a customisable risk scoring model
Determination of credibility within each data source. Unique capability to determine credibility settings for each and every attribute within each source to ensure data quality is unparalleled.
BlackSwan also offers KYC on Demand as a high-performance, high-security global solution that enables secure remote access from anywhere in the world to complete business-critical KYC checks for retail, private and corporate clients.
KYC on Demand is used by our partners who can offer a full KYC Managed Service.

An Integrated Component in Financial Crime Compliance

KYC is a core component of BlackSwan Technology’s ELEMENT of Compliance™. The solution addresses the full range of capabilities to support and augment financial crime compliance, including:

Other applications

ELEMENT™ of Compliance

Delivering an end-to-end financial crimes compliance process and leveraging advanced AI, this application addresses requirements for Know Your Customer, Anti-Money Laundering, Anti-Fraud, Watchlist Screening, Adverse Media Monitoring, and Transaction Monitoring & Intelligence, while dramatically increasing operational efficiencies.

KYC on Demand

Know Your Customer: KYC on Demand is a high-performance, high-security global solution that will allow your team to continue to onboard new customers, sell products and meet KYC obligations from anywhere in the world

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E-Discovery

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Risk

Detecting and quantifying different aspects of risk related to an enterprise operation, recommending policies for risk mitigation, and promoting offerings to address them.

Asset Tracing

This forensic accounting application allows tracing assets hidden in piles of data, and supports their recovery

Innovation hub

Bring in your secret sauce! ELEMENT™ allows you to easily develop new applications, utilize them commercially, and offer them to other organizations