Manually reviewing clients for new KYC or AML risk creates a perpetual challenge for compliance professionals. Understanding whether a client’s status may have changed requires regular checking against lists of sanctions, PEPs and the constant torrent of adverse news or negative media.
Typically, we see financial institutions employ periodic reviews to ensure that “high risk” clients have not appeared on such lists or have been mentioned in the media around topics such as fraud, money laundering and corruption. The time between these periodic reviews can vary, but often many months go by without checks being made against the variety of different data sources that are out there.
Our technology is unique, representing a step-change for the compliance industry. Through advanced automation, it eliminates the need for these periodic reviews. Our platform allows for the continuous monitoring of all client risk – 24 hours a day, 365 days a year – only alerting when a client’s status changes or risk profile is raised.
This means that analysts’ attention is drawn only to those clients that need further investigation, who may present a risk for money laundering, terrorist financing, sanctions evasion or other financial crimes.
Instead of waiting up to 6 months or even a year between reviews, continuous monitoring means risk is always being covered; when a new adverse news article, list or document is published and it relates to a client, an alert will be generated in real-time.
We believe this is a truly next generation approach compared to legacy and traditional approaches like one off manual reviews and batch processing; Ripjar’s real-time continuous monitoring means that all client files are kept up to date, at all times.
In developing the artificial intelligence that powers our client screening solution, we’ve been able to optimise and streamline the client review process by as much as 75%, saving time and increasing efficiency. Documents are automatically tagged and classified according to risk topics, and names are matched using our proprietary identity resolution technology, reducing false positives (* compared to fuzzy matching) by as much as 93%.
Contact us at the link below if you’d like a demonstration of how Ripjar can transform how you counter financial crime.
Ripjar is a data intelligence company whose mission is to provide global institutions with the most advanced data and analytics solutions to protect themselves in real-time from evolving risks that threaten their growth, prosperity and value.
Founded by former members of the UK’s Government Communications Headquarters (GCHQ), Ripjar develops software products that combine automation, artificial intelligence, and data visualisation to help companies solve the most complex risk and security management problems at scale.