Download Brochure

Norkom’s Customer Due Diligence / Know Your Customer solution offers a complete, enterprise-wide approach to managing your CDD / KYC requirements – from initial on-boarding to ongoing due diligence. You can reduce total cost of IT ownership while minimizing risk throughout the customer lifecycle.

Our CDD / KYC solution can act in standalone mode or as an integral element of the Norkom Anti-Money Laundering solution. It can also work in tandem with Norkom’s Watch List Management solutions - Sanctions and Politically Exposed Person (PEP) Screening, and Payments and Transaction Filtering – to enable the automatic checking of customer names against a range of sanctions and PEP lists.

Managing the entire CDD / KYC Process

Norkom’s CDD / KYC solution streamlines customer intake and only requests manual intervention on high-risk customers. The vast majority of your investigators’ time can be spent on the relatively few, but potentially troublesome cases, rather than on the majority of customers that pose little or no risk. The solution addresses all the major steps in the CDD / KYC process, including:

• Customer information capture – with the flexibility to handle the wide range of customer types and data that are required in different jurisdictions
• Validation – conducting watch list checks and reviewing both internal and external information to create a detailed view of the customer. Supports flexible call-outs to external data and service providers to obtain additional data points
• Risk rating – compile a risk score and automatically evaluate the associated risk level using risk characteristics such as customer type, geographic profile or product usage, using an open and flexible scoring model. High-risk customers generate an alert for further evaluation in Norkom’s investigation environment
• Investigation – a range of investigative tools enable you to properly manage CDD / KYC cases, including specific sign-off for high-risk customers, and manual override of the system-calculated risk
• Regulatory reporting – automatically filing pre-populated reports to regulators saves vital investigative time and effort
• Continuous monitoring – ongoing due diligence triggers re-evaluation in the event of changes in a customer’s static data and highlights any deviation by the customer from expected behavior
• Risk-based approach -  the risk level compiled by Norkom’s CDD / KYC solution is available for other risk and compliance solutions to support the implementation of a consistent risk-based approach.

Click to enlarge this image

Norkom CDD / KYC – Your complete solution

In summary, the Norkom CDD / KYC solution offers an extendable and adaptable solution that addresses your CDD / KYC regulatory requirements with a minimum of configuration and maintenance. By using the Norkom CDD / KYC solution, your organization can benefit from:

• Quicker deployments, leveraging a wealth of predefined tools
• Lower total cost of ownership due to the flexibility and adaptability of the solution, enabling you to easily address changing national and international regulations
• Automated risk scoring, both at initial customer on-boarding and throughout the lifetime of the customer through ongoing due diligence, minimizing overall risk to your organization
• More efficient and effective investigation management through alert triage and dashboard views.

 << Back to overview of Norkom's solutions