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Investment Management Platform - Enhanced KYC/KYB and Fraud Prevention

yalantis

Financial services

Challenges with Fraud Prevention and Regulatory Compliance

The client, a US-based investment bank, is facing challenges in effectively preventing fraud and ensuring compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) / Know Your Business (KYB) regulations, particularly as they launch a new investment management platform. Manual verification processes are time-consuming, prone to error, and insufficient to mitigate emerging fraud threats. They require a robust, automated system to verify customers and businesses during onboarding and perform ongoing monitoring.

About the Client

A US-based investment bank providing investment management and mergers & acquisitions advisory services to businesses.

Project Goals

Enhance customer and business onboarding verification processes.
Reduce fraud risk associated with account creation, transactions, and loan applications.
Ensure full compliance with AML and KYC/KYB regulations.
Establish advanced risk management capabilities for identifying high-risk entities.
Streamline compliance workflows and reduce manual effort.

Functional Requirements

Automated customer and business identity verification.
Risk-based authentication (Level 1-4 verification).
Integration with third-party KYC/KYB service providers (e.g., iOvation, Socure, IDology, Jumio, LexisNexis).
Business screening and due diligence including background checks and sanctions monitoring.
Ongoing transaction monitoring and alert generation for suspicious activities.
Adjustable verification strictness based on risk profiles.
Audit trails of all verification activities.

Preferred Technologies

API integrations

Cloud-based platform

Secure data storage

Rule engine

Reporting dashboards

Required Integrations

iOvation
Socure
IDology
Jumio
LexisNexis
LexisNexis Sanctions & Watchlists

Non-Functional Requirements

High security and data privacy.
Scalability to handle increasing transaction volumes.
High availability and reliability.
Performance to ensure quick verification times.
Compliance with relevant data privacy regulations (e.g., GDPR).

Expected Business Impact

Implementing this enhanced KYC/KYB and fraud prevention system will significantly reduce fraud losses, improve regulatory compliance, enhance customer trust, and streamline operational processes. Early fraud detection will prevent financial losses and reputational damage, allowing the bank to focus on core business activities. The platform will enable the investment bank to confidently expand its services and maintain a secure and compliant environment.