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Continuous KYC: How to know what is really going on at your suppliers & customers

The problem with a comprehensive Know Your Customer programme is that it needs to be continuously updated on all the thousands of different aspects of your customers’ and suppliers’ activities. This covers not just details of what information has been collected by organisations like the UK’s Companies House, but all the other data that really tells you what they are doing. This is where AMPLYFI’s 360 view picture, see, comes in.

Complete continuous picture

AMPLYFI is used to achieve a 360 view of businesses by automatically reading the internet at scale and piecing together a companies’ full digital footprint. This includes the alternative company data not traditionally accessible through standard providers, such as information found in business websites, legal filings, social media and review sites, can be invaluable for companies carrying out due diligence on their customers. AMPLYFI processes up to hundreds of millions of documents a day, automatically interrogating news, social media, company website updates, and alternative records to carry out KYC.

Source & Copyright©2020 - AMPLYFI

Always on

The Insights Automation Platform is “always-on”. It provides real-time alerts throughout the customer lifecycle, e.g. alerting banks to any potential risks after a loan has been secured, enabling continuous assessment of the risk of default. This capability is transformative when monitoring small businesses, many of which do not exist on traditional data providers systems and some of which (sole traders) are not even registered at Companies House.

AMPLYFI use machine learning as part of their continuous reporting:

Source & Copyright©2020 – AMPLYFI

These insights are reported by an API that provides users with the data as it comes in giving the earliest warning possible, and often providing insights months before traditional data providers.

Customer on-boarding

Additionally, AMPLYFI help to reduce the time needed for manual research during customer due diligence and on-boarding workflows.

AMPLYFI is vital in helping companies comply with the Fifth Money Laundering Directive which requires organisations to carry out further due diligence, particularly for specific business activities such as cryptocurrency and auctioneering.

Another problem solved by AMPLYFI is that the standard industry classification codes such as the UK SIC code and NAICS in the US are not well suited to the dynamic nature of business activities, as they are often out of date, inaccurate or too high-level to infer what the business activity actually is. AMPLYFI uses a next-generation industry classification to assess links to all activities (including emerging industries).

Monitoring it all

Corporates from a wide range of industries - including engineering, pharmaceuticals, energy - use AMPLYF’s KYC and due diligence capabilities to monitor their entire supply chain, their customers, and their competitors.

In the COVID-19 pandemic, AMPLYFI has been used by companies to provide more understanding of the underlying activities of their overall business, including the trading status of their customers, industries, adverse connections which are critical factors in deciding whether to do business with a potential customer or not during the onboarding process.


CTMfile take: Continuous KYC is now essential in the dynamic COVID-19 pandemic-driven world. Who can afford to ignore early insights into their business?

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This item appears in the following sections:
Bank Relations & KYC
Know Your Customer
Fraud Prevention
Anti-Money Laundering
Minimizing Fraud Procedures
Treasury insights

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