PDFThe Anti Money Laundering Challenge
Making It Easy to Access Know Your Customer Information Online
An important part of a financial institution’s Anti Money Laundering (AML) strategy, Know your Customer (KYC) is the due diligence that regulators require Banks to carry out when conducting business transactions with their customers.
Guidelines set out by Fintrac (Financial Transactions and Reports Analysis Centre of Canada), FinCEN (Financial Crimes Enforcement Network) require specific documentation to be recorded and retained, including new account applications, account operating agreements, customer identification records, account statements, debit/credit notes, large cash transaction records and suspicious transaction activity reporting.
While it’s a relatively easy task to collect and retain this data, sharing it efficiently across departments and between branches represents a significant challenge when it is all maintained as hard copy documents.
Access Issues With Hard Copy Documents
When a customer opens an account, Banks must obtain copies of identity documents. Typically, these are photocopied and kept with the signed application in hard copy storage in one location. This makes it difficult for Bank staff to view KYC information across branches. When it’s needed, they must request copies from the holding location.
These problems are further compounded by instances of misplaced, lost or incomplete files, which make it increasingly difficult to comply with today’s strict regulatory and disaster recovery requirements.
Even when KYC records are stored electronically, they are often isolated in separate systems that are difficult and inefficient to search, especially across multiple locations.
Centralized Online Information Access
Doxim combines it’s affordable scanning and capture tool – Doxim easyCapture – with its online content management tool – Doxim Enterprise Content Manager (ECM) – to provide a complete solution for capture, storage, management and access to KYC information.
Doxim easyCapture is a production level capture tool that allows users to easily scan, index and upload critical KYC documents to a secure online repository.
Doxim ECM is a comprehensive enterprise content management solution that acts as this centralized repository, allowing all authorized personnel to access KYC information, wherever they may be located.
With a Doxim information management solution, wealth management firms can:
Adhere to stringent regulatory and compliance requirements by:
- Capturing and organizing all relevant KYC documents in the Doxim ECM Repository
- Retaining complete, up to date electronic KYC documentation and associated records
- Implementing effective compliance, disaster recovery and business continuity strategies
- Providing the ability to track file access for audit and security purposes
Improve performance by:
- Allowing ready access to up to date KYC documents from a secure, centralized repository
- Providing secure, web-based, cross branch access to authorized staff from a central location
Reduce costs by:
- Automating paper based processes
- Improving employee efficiency
- Significantly reducing paper usage and handling
Find Out More About Doxim KYC Solutions
Read a Doxim Know Your Customer brochure
Find out more about Doxim easyCapture
Find out more about Doxim ECM
