Digitising your AML and KYC processes

Digitising your AML and KYC processes

22nd November 2023

Anti-Money Laundering (AML) and Know Your Customer (KYC) checks are critical regulatory processes that help financial institutions to prevent money laundering, fraud, and other financial crimes. 

However, many find that the traditionally paper-based and time-consuming nature of these checks can be a significant drain on their resources. This is why AML and KYC checks are integrated directly into the Delio Core platform. As a result, investors can benefit from a smooth, intuitive client experience that takes just a few minutes to complete, while your essential regulatory process is automated and managed without the need for any human interaction. 

If that’s not reason enough to consider integrating your AML and KYC checks through the Delio platform, here’s some of the other benefits that our clients have reported by digitising their regulatory processes:

Driving operational efficiency

Digitising AML and KYC compliance processes can significantly enhance operational efficiency, improve data accuracy, and reduce the potential for human errors. By eliminating manual data entry and automating workflows, essential information can be processed faster and turnaround times are greatly reduced. 

Enhanced customer experience

By adopting digital AML and KYC processes, firms can ensure a seamless and secure customer experience while also streamlining their own operation. Digitisation eliminates the need for physical document submission, reducing the administrative burden on clients and also speeding up the time it takes to progress through the various stages of the investment lifecycle. This means that investors can deploy their capital sooner and firms can close deals quicker. 

Strengthening compliance to mitigate risk

Digitising any aspect of a compliance process should enable firms to demonstrate their regulatory requirements more transparently and efficiently. With appropriate technology in place, each action and task can be tracked, managed and reported on from a central digital hub. This creates ‘one true view’ of the organisation’s regulatory performance, which is not only helpful from an operational perspective but also strengthens their reporting capabilities for audit purposes. 

Reduce operating costs

While eliminating the need for physical paperwork and storage will help to reduce the operational cost of conducting AML and KYC checks manually, the main advantage is that  institutions can automate repetitive processes that frees up expensive staff to focus on more strategic, fee-earning tasks and improve overall productivity. 

Scaling processes for future growth

As more and more investors look to deploy capital to investments in alternative assets, financial institutions need to ensure that their operational processes can scale in line with this demand. Ultimately, digitising AML and KYC checks is the only way to future-proof your operating model, without having to recruit significantly more people into your team.

How do AML and KYC checks work on a Delio platform?

We’ve seamlessly integrated market-leading technology from Sumsub into the Delio Core’s workflows. This means that the platform delivers an even more robust regulatory process to meet your governance needs, while creating a slick and efficient experience for your investors. 

Configuring when AML and KYC checks take place through your Delio platform could not be easier. Internal users simply decide when to introduce an AML/KYC check into the investor journey and add the appropriate step into the workflow. 

Investors can then input their details, upload a photo of their ID, and verify themselves using the Delio platform or their mobile phone, with data syncing instantly.

Want to find out more about adding digitised AML and KYC checks to your Delio platform?

If you’re an existing Delio client, speak to your account manager, or get in touch with us to organise a demo and a quote.

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