Squirro Know Your Customer
(KYC) Solution

Comply with international regulations

Squirro Know Your Customer
(KYC) Solution

Improve the Due Diligence required for understanding customers and crime prevention

To comply with national and international regulations against money laundering and terrorist financing, reinforced Know Your Customer (KYC) procedures need to be executed before starting any business relationship with a new customer.

KYC is today a significant element in the fight against financial crime, bribery, money laundering, corruption, and fraud, tremendously raising the effort for financial institutes to comply with national and international regulations. Much of the data is unstructured, meaning it is hard to analyze and manage, and to include in the decision-making process.

With the enhanced version of the fifth Anti Money Laundry Directive (AMLD5), effective as of 10th January 2020, new challenges are raised for financial institutes, including the need:

  • To improve understanding of customers, beneficial owners of legal entities, and their financial dealings to minimize risk
  • For stricter Customer Due Diligence
  • To control customer identity and share data with central administration
  • For EU member states to implement the directive within two years.

The Squirro Know Your Customer Solution is part of our Risk Insights suite and uses artificial intelligence (AI) to build an accurate and detailed picture of each and every prospective client. It works with a much broader range of sources - including the unstructured data that is so hard to manage - to give a more accurate and comprehensive KYC analysis. It assesses and monitors events, news, and catalysts that indicate risk and allows the financial services firm to make an informed decision on whether to do business with a prospect.

Analyst Report

Read Gartner's Magic Quadrant for Insight Engines

It is with great honor and pride that Squirro announces its addition to the Gartner 2021 Magic Quadrant for Insight Engines as a Visionary. In this report, Gartner recognizes our Completeness of Vision and Ability to Execute.

UNDERSTAND

Know Your Customer Solution

1

Onboarding: Extend the reach of your KYC check by including many more sources

  • Complying with national and international regulations implies the consideration of more information sources and relevant analysis. Compiling all internal and external information is demanding and time-consuming.
  • To gain the additional insights required, the Squirro KYC solution searches automatically across large volumes of unstructured data, like news feeds, social media, financial results, premium data sources such as Refinitiv World-Check, and much more to identify KYC relevant events.
  • By extending the reach of KYC checks, financial services organizations can make informed decisions much quicker about whether to work with that customer, providing strong protection against multiple risk types.

2

Client Maintenance: Continuous and Automated Monitoring of Clients

  • Using Squirro Know Your Customer also allows a user to benefit from a deep understanding of existing and potential customers on an automated and continuous basis.
  • Not only can users get additional insights on clients during the onboarding process, but the Squirro application will automatically monitor unstructured data sources to let you know should that client’s status change.
  • This includes e.g.
    • Legal Entity Maintenance:
      • Triggered by changes in client data (e.g. change of address, new beneficiary owner)
      • Review of changes and if material repetition (some) client onboarding processes
    • Sanction / Politically Exposed Person Alerts
      • Triggered by new PEP and/or Sanctions alerts
      • Review of changes and if material repetition (some) client onboarding processes

3

Offboarding

Financial institutions are proactively managing the removal process of redundant, obsolete or incorrect information held on clients and accounts due to various developments and trends in the market and their internal strategy.

  • Need for single client view in order to fully KYC exit clients.
  • Impact of off-boarded client population on IT infrastructure and processes resulting in a need for process optimization and system consolidation or decommissioning.
WHAT’S IN IT FOR YOU

Impact for Financial Institutions

Highlights

  • AI-based platform that works across unstructured data sets, both internal and external
  • Unified data analysis to provide superior results
  • Real-time notification should a customer’s risk profile change within your CRM

Benefits

  • Enhancement of existing KYC platforms
  • Additional protection against money-laundering, fraud, and bribery
  • Reduced Client onboarding time
  • More accurate and contextual KYC results for each client
  • On-going and automatic analysis of data and delivery of fresh insight
THE SQUIRRO DIFFERENCE

Customers love Squirro for its simplicity and scalability

Squirro users have access to do-it-yourself unstructured data analytics and can create shareable dashboards on the go, using the easy and intuitive user interface.

Squirro is built with Elasticsearch, the world’s leading open source search and analytics solution, allowing organizations to leverage their existing investments into the best open-source, full-text search engine.