AML/CTF – DKYC has been saved
Need for increased operational efficiency
- Compliance cost increase
- Onboarding time
- Evolving regulatory environment
- Availability of suitable resources
Solutions
AML/CTF – DKYC
Operational compliance delivered in managed services
The multitude of regulation requirements have led financial services industry players and corporations to search for efficient solutions to be compliant with all applicable rules. In this context, we have combined industry expertise and digital savvy in our service offering for KYC operations, called DKYC.
The service involves collecting and qualifying data and documents, risk scoring and due diligence level maintenance, shareholding structure collection, and watchlist screening, among others, and allows to substantially reduce counterparty onboarding time while enhancing the data quality and traceability.
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Your challenges
Financial institutions face increasing challenges within their Know Your Customer (KYC) strategy and operations, compelling them to think and act differently.
Maintaining these KYC operations internally leads to inefficiencies and high cost of ownership, which is often underestimated. Externalizing KYC activities improves output quality, increases risk management, and accelerates counterparty onboarding.
Reaching sustainable compliance is more than ever an objective for the industry
Need for increased risk management
- Regulatory pressure
- Controls and sanctions
- Financial and regulatory risk
- Reputational damage
Our solution
DKYC (Deloitte Know Your Customer) is an integrated managed service that combines numerous KYC/AML/CTF services, expertise, and workflow management.
The service is supported by a multi-channel web-based platform and allows you to delegate the execution of predefined KYC/AML/CTF activities to Deloitte (Deloitte Solutions SàRL PSF, ISO27001 certified).
As described in the diagram below, DKYC covers 100% of the Know Your Customer value-chain—from onboarding to ongoing monitoring—and allows a granular and flexible level of configuration to fit your situation.
Services features
- KYC data capture
- Shareholding structure definition
- Initial sanction, PEP & adverse media name screening (real-time)
- Initial risk scoring
- Initial due diligence level definition
- KYC documents collection (based on counterparty type and due dil. level)
- Flexible workflow engine to support tailored counterparty acceptance process
Counterparty onboarding - Initial risk scoring and due diligence
- Sanction, PEP & adverse media name screening (daily batch)
- Counterparty risk scoring and due diligence level update
- Counterparty data and documents remediation based on automated notifications (expired document, due diligence term, risk update, etc.)
- Flexible workflow engine to support tailored counterparty monitoring process
Ongoing monitoring and due diligence
- Market leading name matching technology
- Market leading watchlist, including sanction/official lists, PEP & relatives, adverse media. etc.
- Proven business rules to decrease false-positive rate
Watchlist and adverse media screening
- KYC data and documents verification/qualification
- Screening alert remediation (1st level)
- Ad’hoc due diligence (on demand)
- Open Source Intelligence –OSINT (on demand)
KYC activities
- Real-time access to production data
- AML/CTF dashboards (incl. risk & operational views)
- Advanced reporting features
- Audit trail
- API
Oversight & Reporting
- Web-based and user-friendly solution
- End-user access secured through multi-factor authentication
- Secured data flows
- Archiving
- Data hosted in Luxembourg (secured & multi-site backup)
Solution & Infrastructure
Operating model
Clients’ counterparties Natural persons, legal entities
Supplies static data & documents
Clients Financial & non-financial institutions
Decisions on counterparty acceptance, monitoring and oversight of KYC operations
DKYC web platform
Deloitte Solutions Sàrl PSF
Set of predefined KYC/AML/CTF Managed Services
External data
Your benefits
Significantly improve data quality and traceability
Substantially reduce counterparty onboarding time
Exhaustive and flexible service coverage
Significant decrease of "false positive" alerts and therefore low operational impact
Reduce total cost of ownership (mutualized technology, processes, and manpower)
Reduce your key-man dependency, business continuity, and operational risks
Free up your internal resources, allowing them to focus on controls or core-business activities
Our differentiators
Service operated by a regulated and supervised entity in Luxembourg
Our operational team benefits from 20+ years of experiencein KYC/AML/CTF
Facilitated access to senior experts to handle complex/risky situations
Built-in name screening features relying on leading name matching technology and consolidated watchlist, now including Adverse Media on top of the usual sanction/official lists and PEP content
Ready-to-use approach, enabling a predictable and transparent budget (rather than the usual software/empty-box approach)
State-of-the-art content and technology
With DKYC, you are shifting from "KYC maker & checker" to an "oversight" role, focusing your efforts on priorities.
Contacts
