Ondato enhances capabilities for greater KYC, AML compliance
Businesses using Ondato’s KYC compliance management solution will now find it easier to avoid falling into the trap of KYC and AML blind spots and ensuring compliance throughout the customer lifecycle, according to an announcement from the company.
This novelty is thanks to an improvement in the company’s customer lifecycle monitoring capabilities.
Ondato says the newly-introduced customer lifecycle monitoring system equips businesses with the ability to avoid accidental non-compliance throughout the customer lifecycle by checking the list of customers against newly-added names to registers of financial authorities. The process could flag increased risks that a customer has developed or whether they need to be excluded.
Liudas Kanapienis, CEO and co-founder of Ondato, said: “Most businesses tend to focus their compliance efforts at the time of onboarding, but our experience suggests the biggest challenges come later, after customers have been onboard for a while.
”For organizations with thousands of customers, as the years go by, a few customers will inevitably appear on lists that require a change of status by the service provider. Getting this wrong can have grim consequences. Ondato’s new service removes this risk and provides our customers with even greater peace of mind.”
Ondato recently launched an AI-based forensic anti-spoofing system for customer onboarding.