Know Your Customer and Anti Money Laundering (KYC/AML)

The Finance Industry has many corporations who have AML and KYC systems in place. Though it has been obvious for sometime too much reliance and credibility is put on islands of information in the belief that the systems are working well. Others amazingly are still working with spreadsheets and customer information packs as their solution.

Whilst organisations can evidence that these systems are working effectively as islands of information they are over reliant and read too much into isolated pockets of data. Even more worrying is that some organisations justify not integrating these systems as they believe are that the costs of improving KYC data outweigh any benefit.

Lack of data integration is not good business let alone compliance. Negative regulatory reviews will have an impact on profitability or liquidity or loss of correspondent banking facilities, assets, loan losses and even unnecessary fines…..the list is endless.

aSource Global can offer assistance or solutions in both the immediate issues of data remediation as well as system integration. aSource Global has solutions to help validate and remediate data for active customers across a number of systems. In addition identify redundant data and close inactive customers.

Our solutions are modular in construct allowing clients to use only the resources or solution (part of) to assist in achieving the business objectives that are necessary.

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