A Seamless Customer Due Diligence (CDD) Solution

An effective Customer Identification Program (CIP), Customer Due Diligence (CDD), and EDD process is a key part of the Know Your Customer (KYC) process where financial institutions are required to ensure appropriate understanding and verification of the customer’s identity, beneficial ownership, and risk profile. The Velocity KYC and Risk Rating (KYCR) system comes with a powerful dynamic risk model and integrated customer onboarding workflows to facilitate end-to-end due diligence and seamless integration with back-end systems.

Onboard and KYC
  • Fully configurable KYC questions
  • Backward and forward integration
  • Branch and back office
Risk Modeling / Rating
  • Dynamic risk model – customer and accounts
  • Configurable risk model with out of box features for retail and commercial banks
  • Triggers for CDD/EDD questions
  • Fully configurable trigger questions and workflow
  • Integrated sanctions screening and adverse media searches
  • Built in RFI capabilities and workflows
Ongoing Reviews
  • Configurable and automated
  • Ongoing monitoring based on risk and time/ event-based trigger

How does Velocity KYC/ Onboarding work?

Upgrade your KYC process to a dynamic, contextual approach that automatically updates in response to data and behavioral changes that could flag risk.

  • Capture customer information from the onboarding solution.
  • Evaluate customer risk segments through a comprehensive customer risk scoring framework.
  • Administer the trigger-based configurable questionnaire.
  • Capture and maintain multiple Beneficial Owner Information for new accounts and existing customers.
  • Collect customer documents based on government guidelines.
  • Scan customer data against global sanctions list, internal list, PEP, and more, to identify high-risk customers.
  • Generate case and file SAR in case of any suspicious activity.

How does Velocity Customer Due Diligence work?

  • Continuously monitor and categorize customers while screening their demographic profiles, geography, product Subscriptions, transactional behavior profiles, watch list matches, CTR/SAR filed.
  • Monitor incremental list updates and customer profile changes.
  • Watch customers for any hints related to AML.
  • Utilize the integrated case management module to generate a case.
  • Look out for KYC document expiry and notify analysts about it.
  • Generate reports related to regulatory compliance and management information systems.

The ultimate tool to track and monitor compliance and assess financial risk throughout the customer life cycle

An end-to-end customer verification solution to flush out high-risk customers

Thanks to technology advancements and the foxiness of financial crime offenders, financial institutions throughout the world are under extreme pressure to step up their game in identifying potential fraud, non-compliance, and other illegal activity and customer onboarding is a great place to start identifying the potential perpetrators. Velocity’s Know Your Customer and Risks module (KYCR) is designed just to do that. As part of the KYC onboarding and ongoing Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) procedures, it offers financial institutions a comprehensive lifecycle evaluation and re-assessment of customer risk, as well as intelligent high-risk customer segmentation. The solution connects all phases of the customer lifecycle, improves money laundering risk assessment, increases customer insight, and helps organizations to easily detect, manage, and mitigate customer-related risks.

Configurable KYC Onboarding

Financial institutions (FIs) can configure the system to collect required KYC information and documentation to facilitate account opening

Configurable CDD/EDD Process

FIs can configure and update proper CDD and EDD trigger questions as part of the KYC process which seamlessly feeds into the customer risk rating process. FIs can use the system to onboard or integrate data from other platforms

Entity Relationships

Visualize entity relations and hidden ownerships powered by big data

Dynamic Customer Risk Model

Fully configurable in-house to manage the ever-changing AML risk landscape

Built-in Sanctions and Adverse Media Screening

List management and advanced negative news search, integrated with third-party data providers, if required

Robust Alert and Case Workflow

Built-in RFI capabilities and alerts and case workflows with email integration and productivity dashboards

Integrated with Transaction Monitoring

Risk data and transaction profile data are seamlessly utilized in transaction monitoring

Integrated SAR Filing

Via robust SAR filing workflow and e-filing process

Periodic Reviews

Ongoing monitoring based on risk and time/event triggers

Seamless customer experience while tracking all risks- That’s The Velocity Advantage

The Velocity product suite covers all phases of the KYC-CDD process, including information gathering, identification, and authentication of customers, sophisticated risk analysis, investigation and filing of regulatory cases, and more. By automating processes, providing superior case management, and integrating research and reporting tools, policy management and the day-to-day compliance of an organization become more manageable, efficient, and cost-effective.

Quick identification of high-risk customers

Analysts can visualize all the customer risk profiles through the customer risk dashboard to make faster, more informed decisions.

Prevent fraud, fines, and reputation damage

EDD enables users to effectively screen out dirty money from corrupt politicians, criminals, and terrorists before it enters the institution’s ecosystem.

Combat financial crime

Velocity’s KYCR is designed to stop money laundering, terrorism financing, and other fraud schemes by confirming identities, confirming they are real, and assessing their risk factors.

Build Trust

Implementing KYC/EDD processes with Velocity demonstrates to customers and prospective clients that you conduct lawful business can be trusted and will protect their money and data.

End-to-end customer risk management

Right from customer onboarding to filing a SAR, Velocity offers everything an institution needs for financial crime identification and mitigation.

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