Know Your Client (KYC)

Reducing Risk and Streamlining Compliance for Capital Markets

KYC (Know Your Client) is a set of rules (defined in a range of regulations and directives including FSA regulations, the U.S. Patriot Act and the European MiFID directive) that a financial institution must follow to ensure it knows, and can prove it knows, who its customers are.

Singularity provides a single, consolidated view of all KYC (Know Your Client) cases being managed and automates the processes, rules and activities required to ensure fast and secure compliance to KYC laws and regulations. Singularity's KYC Accelerator helps financial institutions achieve and automate compliance to KYC rules, helping ensure that they avoid penalties while gaining visibility and control.

Highlights:

• Adherence to Regulatory Requirements - the rules governing client documentation and data requirements are fully automated, ensuring that necessary KYC evidence is captured. Detailed audit trails of all compliance activities are maintained
• Compliance Monitoring - Singularity KYC monitors key triggers and events such as annual renewal dates or changes in company officers to determine whether a customer has become non-compliant, informing the relevant staff and initiating re-verification processes
• Comprehensive Reference Data Management - internal and external sources of key client data are integrated and gathered together to provide a single view of a Client's KYC status and history
• Seamless Document Management - the generation of outgoing client correspondence is automated, all incoming documents and correspondence are electronically tagged and stored, and all documents relevant to a particular client KYC case are available via the browser interface
• Driving Tasks to Staff - work items are presented to compliance, legal, credit, front office and operational staff via a browser-based inbox along with the associated information needed to complete it, allowing tasks to be quickly completed and next tasks initiated
• Ease of use - intuitive web-based screens containing "To-do" lists, status reports and graphical MIS increase staff productivity, while electronic forms pre-filled with relevant customer data accelerate compliance tasks
• Built-in Adaptability - unlike standard software applications, this process-based solution can adapt to your needs without software coding, allowing changes to workflow (such as permitted waivers), look-and-feel and the definition of reports.