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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 global clients.

Challenge:
The firm’s existing manual processes for client due diligence were not scalable and were causing significant delays in service delivery. 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 Link KYC, an advanced automated KYC/AML compliance system tailored to the specific needs of corporate services.

Implementation:

 

    1. Integration: The KYC/AML system was integrated into the firm’s client onboarding and ongoing monitoring platforms.

    1. Sector-Specific Customization: Features were customized to meet the diverse compliance requirements of the firm’s corporate clients, including checks for complex corporate structures and beneficial ownership.

    1. Automated Due Diligence: The system executed real-time, automatic checks against international sanctions lists, PEPs, and adverse media databases.

    1. Enhanced Risk Management: The system provided a comprehensive risk assessment tool that allowed the firm to classify clients based on risk levels and apply due diligence measures accordingly.

    1. Efficient Workflow: Compliance workflows were established to streamline the review process for flagged entities and ensure timely resolutions.

    1. Documentation and Reporting: The system maintained detailed records of all compliance activities, 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 90% 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 passed all regulatory compliance audits since the implementation of the system, highlighting the robustness of their compliance framework.

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 firms to scale their services without compromising on due diligence standards.