THE CHALLENGES 

Today, major regulations impose a KYC solution on the Banks (FATF Recommendations, 4th EU Directive on AML/ CTF regulations, USA Patriot Act and other country- specific regulations). KYC standards not only apply to new customers, but also to existing customers. The directive to know whom you are doing business with, and ensuring the lawfulness and compliance of those parties, is more critical and more tightly regulated than ever before. A comprehensive KYC solution can help you streamlining the process of monitoring customers in an efficient and cost effective manner. Moreover, it guarantees compliance with Money Laundering and Terrorist Financing (ML/FT) directives.


THE SOLUTION 

EastNets’ en.SafeWatch KYC helps Financial Institutions identify, verify and monitor their customers. This automated system seizes, organises and stores customer information. It includes a scientific risk scoring methodology that allows the user to assess the risk associated with an account, and to define the level of risk, allowing for an effective customer due diligence process. With en.SafeWatch KYC, Banks can save time on new customer onboarding and keep track of existing customer information as well. This accurate and cost-effective solution provides results in real-time and protection against unwanted risk and exposure. Concretely, a KYC form is completed in the en.SafeWatch KYC system and then transmitted to the core banking system. It could also be initiated in the core banking system before being transmitted to the en.SafeWatch KYC. For existing customers any change or update in the customer information is reflected in both systems.


KEY FEATURES

  • Real-time Data Share with your core banking system.
  • Effective and Ongoing Client Due Diligence  
  • Comprehensive Customer Risk Repository 
  • Ongoing Customer Risk Monitoring 
  • User-Friendly Interface Flexible, Adaptable and Customisable
  • Flexible, Adaptable and Customisable 

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