In banking and financial services, Know Your Customer (KYC) operations are critical for anti-money laundering (AML) requirements. Regulators require an in-depth understanding of customers’ data such as ownership, controller and financial information, and have mandated strict standards of reporting and due diligence. Presently, this process of information gathering, collation, verification, and transaction monitoring is manual with large banks spending USD 1 bn annually on KYC operations.
Wipro HOLMESTM E-KYC automates search, download, investigation, aggregation, extraction and verification activities, reducing operational effort by over 45% and paid data costs by 30%. It also assigns a confidence score to its output based on source of documents, and continuously learns from user actions. To aid regulatory reporting and assist checker validation, HOLMES E-KYC generates audit trail encapsulating entire case execution history and evidence.