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Customer Due Dilligence - Is your organisation Compliant?

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Knowing your customer is a fundamental part of meeting the FSA compliance requirements for "customer due diligence" Is your organisation compliant? Learn how this is achieved using smart data to reduce risk, drive customer understanding and identify potential fraud and potential cases of anti money laundering activities

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Customer Due Dilligence - Is your organisation Compliant?

  1. 1. Smart data uses for Customer Due Diligence (CDD) cim.neopost.co.uk Neopost Customer Information Management. 2015. All Rights Reserved Smart data uses for Customer Due Diligence (CDD) Risk is not the same for everyone and varies across industries. Automate the High Precision Matching against risk-indicators within your customer data for a smarter compliance strategy. Financial and Insurance Services Financial services and Insurance organisations are continually required to adhere to more stringent measures in how they on-board and manage new and existing customers. Customer Due Diligence (CDD) and knowing your customer (KYC) are both regulatory requirements designed to help banks and Insurance companies protect themselves against being used, intentionally or unintentionally, by criminal elements for money laundering and to prevent the occurrence of fraudulent activity. The resulting processes and systems also provide a platform for all financial services organisations to better understand their customers across multiple channels, managing risks associated to personal wealth, personal investments and corporate lending. The main areas of focus cover processes associated with customer on- boarding, propensity to commit financial crime, and determining perceived customer behaviour against actual customer behaviour. Data Quality and Risk - Reward Poor data quality often leads to insufficient insight into a company’s or customer’s risk profile. As a financial institution, you must also comply with several regulatory and legislative requirements. This means that you run the risk of non-compliance with Basel III or Solvency II, for example, and that risk is unacceptable. By achieving proper, flexible implementation of risk management, governance and compliance rules you do more than merely ‘comply with the rules’. Smart Data Management: Risk and Compliance Data drives the success of any strategy associated to “knowing your customer”. It facilitates the ability to understand your customer data and then match and enrich against multiple industry-standard sanction lists and internal data sources. Advanced High Precision Matching, data cleansing, data profiling and data monitoring
  2. 2. Smart data uses for Customer Due Diligence (CDD) cim.neopost.co.uk Neopost Customer Information Management. 2015. All Rights Reserved technology help you understand the core challenges associated with delivering a successful customer compliance and due diligence strategy. Neopost CIM, has a proven track record helping organisations mitigate risk associated against financial crime and fraudulent behaviour, through the combination of highly developed probabilistic and deterministic matching methods, engineered to identify patterns the way we as humans do. Why Neopost CIM for Customer Due Diligence? • A market leading multi-layer linguistic approach using “Phonetics” and “fuzzy logic” enables organisations to match in greater depth against current and historical risk indicators that support the customer due diligence and on-boarding process • The ability to easily define and implement flexible, bespoke Data Quality rules to support regulatory requirements associated with the on- going CDD and compliance processes required by the FSA • Automated checks against multiple 3rd party sanction lists using market-leading fault tolerant merging & matching technology, facilitate the reduction of suspected incidents of potential fraud and money laundering - resulting in fewer fault positives • Transform, enrich, validate and standardize your customer data into a single customer record, utilising multiple internal and external 3rd party sources for meeting requirements associated to your customer on- boarding process • The creation of customer “Golden Records” allows financial organisations to maintain, manage and monitor their on-going “CDD” (Customer Due Diligence) and “KYC” (Know Your Customer) compliance requirements via a transparent ‘Single Customer View’ (SCV). Bringing information together in a single, central location, you are better able to serve your customers and enjoy the benefits of mitigating risk and meeting compliance. By centralising reliable and unique data in a single location, you can: 1. Reduce risk and required capital reserves 2. Gain greater transparency and insight 3. Increase and maintain data reliability 4. Enhance operational efficiency 5. Improve customer satisfaction through intuitive service delivery 6. Increase lasting value About Neopost CIM Recognized by Gartner for excellence in data quality and customer MDM technology Neopost CIM offers a flexible and proven approach in giving organisations a complete understanding of the importance clean and transparent data plays in developing a compliant process for customer due diligence (CDD) and knowing your customer (KYC) . Neopost enables organisations to further enhance the due diligence process by developing bespoke and complimentary data quality rules, to further enhance this process with multiple options for data enrichment, high-precision matching and master data management • By logically matching internal and external data, ING Lease prevents losses of millions of euros through potential fraud each month. • Aegon has been compliant with legislation and regulations for years thanks to our Customer Due Diligence solution • Over 25 years of experience in exact matching of personal and business data