GEB KYC is the solution to comply with the regulatory requirement that provide obliged subjects to classify customers based on customers knowledge, track that knowledge and keep that classification updated.
To determine the client´s due diligence, evaluation includes:
- Characteristics of the client. Person´s risk.
- Client´s operations. Operational risk
The client´s risk evaluation concludes with his/her classification unders a certain category that entail a differentiated procedure. Generally, the higher risk requires collecting additional supporting documents.
Input of information and required data.
- Customer data, identification or definition
- Client´s transactions.
Customer data is incorporated into the GEB KYC platform through the importer process and client´s characteristics such as nationality, residence, working sector, how banking services were informed and contracted. Relevant data such as PRP status can be provided by the GEB SDN module.
The product risk is obtained from the characteristics of the products contracted or that will be including activities or services.
The client´s relevant operational data includes the type of operation performed, the means of payment used, the operational commercial network used, client´s seniority. Funds flowing involving cash or international transactions will be of special attention.
Shares with the GEB ROS module, the risk configuration defined by the bank, keeping a coherent risk policy throughout the platform.
Although the GEB KYC solution allows tracking the customer classification under a supervised approach, automatic guidance is recommended.
In supervised guidance, the tool collects and analyzes situational risk aspects and if client’s classification is changed, a file is opened on which the bank can decide to either confirm the change or deny it. It´s suitable for obligated subjects from sectors dealing with a high operational volume per client, high frequency and diversity, involving a great variety of situations and some of them deserve a supervised decision.
When the relationship with the client is occasional and the operations are reduced, the automatic solution is the most effective. Under the automatic process, the evaluation of a client involves calculating the level of due diligence. As for customers registration or new contracts, the due diligence establishes the procedure to be followed. When a regulatory change occurs, the entity is informed and must update the relevant documentation procedures.
Clients´ evaluations and their result are registered to provide evidence of the portfolio monitored to the regulator.
Moreover, the evaluations become part of the knowledge gained of the client, enriching the repository of the AML SIOPEIA GEB platform. This valuable information can be checked through the GEB ROS module by accessing a customer’s file or through reports designed to extract this information. The client´s evolution provides information to carry out specific studies to improve the evaluation criteria.