Banks were fined an astonishing $10.4 billion in 2020 for non-compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations. Logic follows that robust AML/KYC processes are critical for financial institutions.
The possible risks around mismanaged AML and KYC processes don't begin and end at heavy financial penalties. An organization’s reputation and credibility can be endangered, as well. As crimes targeting financial institutions become more sophisticated, it has become increasingly vital to prioritize thorough security. In response to this need, innovative solutions are emerging to simplify overall processes and bolster defenses.
The digital era has introduced new conveniences and efficiencies, but these come with risks for financial entities. Transactions occur online and across state borders quickly, and traditional, manual AML/KYC processes are time consuming, error prone, and fail to maintain pace with developments in other sectors. Bad actors exploit these weaknesses with efficiency.
Regulatory bodies have responded by imposing stricter requirements governing AML/KYC checks, creating a perpetual challenge for firms to navigate a locomoting labyrinth of demands. The answer lies in automated AML/KYC solutions that ensure regulatory compliance while delivering a superior customer experience—something that DAIS Fintech's innovative technology offers.
DAIS Fintech’s unique pre-transaction fraud prevention solution takes one step closer to delivering on the financial industry’s shared dream of Zero-Fraud Technology. DAIS’s platform integrates robust AML/KYC checks with digital onboarding and transaction monitoring workflows. DAIS technology actively leverages advances in optical character recognition (OCR), computer vision, biometrics, and advanced risk analytics.
The onboarding process sets the tone for the customer relationship that will follow. Unwieldy, manual onboarding feels clunky and antiquated to the customer, stoking individual frustration. A particularly negative experience can permanently devalue the firm to the customer. DAIS Fintech technology facilitates and safeguards this critical stage in the customer relationship by employing:
Customers no longer need to leave their homes for AML/KYC requirements, compliments of digital onboarding. They need not fumble with uploading documents, nor present physically at a location. Onboarding happens quickly and feels effortless in the customer experience journey delivered by DAIS.
AML/KYC is important, but complete security requires considerably more than initial account registration. Continuous transaction monitoring is crucial to detect suspicious activity that might indicate criminal activity, such as money laundering, terrorism financing, or other financial crimes.
DAIS Fintech's platform has advanced risk analytics and anomaly detection capabilities within digital transaction workflows. It examines all transactions across time for every customer of a financial institution and identifies behavior patterns. High-risk transactions are then automatically flagged for review.
Keeping current with the latest regulatory changes across jurisdictions is an arduous responsibility. DAIS Fintech alleviates this burden by facilitating efficient AML/KYC policy management within its unified platform. Financial institutions can:
This holistic approach ensures uniformity, minimizes lapses, and cultivates a robust culture of compliance across the organization.
Implementing DAIS Fintech's innovative analytical technology delivers distinct competitive advantages for financial institutions:
In the digital era, traditional manual approaches to AML/KYC are inadequate. DAIS's innovative platform automates and enhances AML/KYC processes across the customer lifecycle. Institutions can now employ streamlined digital onboarding, continuous transaction monitoring, and centralized policy management. DAIS Fintech empowers firms to elevate security, maximize regulatory adherence, optimize operational costs, and cultivate customs of compliance.
Dive more into how technology is transforming security, compliance, and efficiency in banking