KYC/AML Client Onboarding platform
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Case Study - Corporate Services Provider KYC/AML

Corporate Services Provider Streamlines KYC/AML Compliance with Automation

Client Overview:
A corporate services firm specializing in company formation, statutory compliance, and secretarial services for international businesses faced the challenge of maintaining rigorous KYC and AML standards while managing a large and growing portfolio of clients.

Challenge:
The firm’s existing manual processes for client onboarding were not scalable and were causing a number of operational issues including data being scattered across folders and email and not centrally controlled. This was causing significant delays in service delivery and poor response times with clients. Additionally, with the increasing complexity of international AML regulations, the firm was at risk of non-compliance and the associated financial penalties and reputational damage. 

Solution:
To address these issues, the firm implemented LinkKYC, an advanced, automated KYC/AML compliance system tailored to the specific needs of corporate services and trust providers. 

Implementation:

  • Setup: LinkKYC was setup in minutes and the platform was made available to staff via invites on emails.
  • Sector-Specific Forms: Forms specific to the corporate service provider sector were pre-loaded for KYC/AML procedures so they could get started straight away. 
  • AML/CTF/PEP Name Screening: The system executed real-time, checks against international sanctions lists, AML lists, CTF lists, PEPs, and adverse media databases displaying the results in an easy to understand manner for the end users. 
  • Efficient Workflows: Built in approval and compliance workflows were deployed automatically so the correct controls and procedures were in place from the start ensuring audit trails and a simple way to prove to inspectors and regulators that they were compliant. 
  • Reporting: The system was able to maintain detailed records of all compliance activities which also aided in simplifying the process of generating reports for internal audits or regulatory inspections.

Results:

  • The overall time to complete KYC and AML checks for new clients was reduced by 65%, significantly accelerating the client onboarding process.
  • The firm reported a 80% decrease in manual compliance tasks, allowing staff to focus on client-facing and revenue-generating activities.
  • The automated system improved the accuracy of compliance checks, reducing the risk of overlooking critical compliance issues.
  • The firm recently passed a regulatory compliance audit which highlights the robustness of the platform and it’s sector specific features. 

Conclusion:
The corporate services provider’s investment in an automated KYC/AML system paid dividends by improving operational efficiency, ensuring regulatory compliance, and enhancing client satisfaction. This case study serves as an example of how automation can transform compliance processes, enabling service providers to scale their services without compromising on due diligence standards.