iMeta Technologies Ltd., a leader in Client Data Management technology for financial organisations, today announced details of the development of a new product in the Assassin suite. iMeta is already leading the field in the management of SSI (standard settlement instruction) data with their Assassin SSI platform, and utilising this rich development experience, the team has recently designed a comprehensive KYC (know your customer) offering.
The regulatory environment is continually evolving. New demands are being placed on financial institutions to gather information, validate and provide checks on who their clients are. It is not sufficient to just carry out KYC at the beginning of a relationship. Risk and changes in client status should be monitored on an ongoing basis. Regulators are taking an increasingly aggressive stance against firms who do not carry out and cannot provide evidence of sufficient due diligence and investigations into their customers.
Completing KYC can be a laborious process, and ensuring that updates and compliance is carried out on an ongoing basis can be complex. iMeta's Assassin KYC has been designed to combat these issues.
Assassin KYC is a platform that provides a quick and efficient process for onboarding and auditing new and existing clients, whilst saving time and reducing operational cost. It ensures best practice, risk based policies are applied which comply with current regulatory and legal obligations.
The flexible data model is initially configured with standard fields for KYC such as entity data and LEI, covering requirements for anti-money laundering, FATCA, MiFID and ABC. It is also easily extended to meet legislative requirements as they change, and can be configured with additional information to meet the controls required by global financial businesses.
The software integrates with external data providers to perform PEP and sanctions checks on Companies, Directors and Owners, and also validates legal entity data via Companies House in the UK and other government agencies. All the user and external system interactions are captured in a comprehensive audit log, ensuring evidence can be referenced on all aspects of KYC.
Ben Marsh, Chief Executive at iMeta Technologies, commented "With a few recent high profile cases and tougher penalties on organisations who do not comply with legislation, many financial organisations realise they need to not only understand who their clients are, but they also need to prove that they have carried out sufficient due diligence on their customers."
Ben continues, "In today's competitive market, the speed at which a new client can be onboarded is crucial to revenue and maintaining good customer service. KYC though is often a slow, manual process. Our Assassin KYC software provides the functionality and automated workflow to deliver a fast and comprehensive client management solution." He concluded, "We have a proven track record of excellence in SSI management for banks and brokers and we are now going to do the same with KYC."