A KYC software solution helps banks keep track of their customers and follow all anti-money laundering regulations.
When looking for this software, it’s essential to consider all the essential features of your business. Here are the critical features that you should check for before making a purchase:
1. Ease Of Use
KYC software solution for banks should have an easy-to-use interface. It should be able to guide the user step by step through completing a KYC check.
Ease of use is essential because it will determine how quickly and easily your staff can complete the required checks. A complex software solution to use will result in delays and errors.
For example, suppose you are looking for a software solution to check the identity of a new customer. In that case, you should be able to input their details and receive an instant result quickly.
2. Compliance
The software should be compliant with all relevant regulations and laws. Some of the most critical compliance requirements for banks are KYC (Know Your Customer), AML (Anti Money Laundering), and CTF (Counter-Terrorism Financing).
The software should have a centralized database that is accessible to all relevant employees, and it should be able to track all customer interactions.
KYC:
The software should have the ability to collect and store customer information and track changes to that information over time.
AML:
It should screen customers and transactions for red flags, and it should be able to generate suspicious activity reports.
CTF:
The software should have the ability to collect and store customer information and track changes to that information over time.
It should also screen customers and transactions for red flags, and it should be able to generate suspicious activity reports.
3. Customization
The KYC software vendor solution should offer customization to meet your bank’s specific needs. It is essential to have the flexibility to keep up with the changing compliance landscape.
Some questions you should ask the vendor are:
-What types of customizations are possible?
-How difficult is it to make changes?
-What is the process for requesting changes?
-How long does it take for changes to be implemented?
Remember that you will likely need to adjust your KYC procedures as new regulations are passed. Having a software solution that can be easily customized will save you a lot of time and hassle in the long run.
Conclusion
Global Radar is the world’s most comprehensive KYC software solution for banks. We provide the complete picture of your customer with our unique data enrichment capabilities. Our state-of-the-art machine learning algorithms are constantly learning and evolving, so you can be confident that your KYC program is always up-to-date.
