In the exercise described hereabove, one analyst spent over two days manually gathering background information from a broad range of sources to be able to perform an assessment. The same result was achieved in less than 2 minutes by the same analyst working with Customer Due Diligence.
By providing customer names and identification numbers as start point, the platform immediately consults all relevant data sources, such as but not limited to chamber of commerce, credit registers, insolvency register, cadastral registration, registry of deeds, sanction lists, PEP lists and adverse media. It then creates a risk profile of the customer, including the information substantiating the risk status. The analyst can then decide to escalate the case or submit the profile for approval. Because the organization is subject to strong anti money laundering regulations (AML), the platform also proactively monitors changes in the profile of the customer to detect and inform analysts about changes affecting its risk profile.