S O L U T I O N B R I E F | F I N A N C I A L S E RV I C E SKnow Your
Customer (KYC)
Identify and remediate
KYC vulnerabilities

Key challenge
Fractured processes, complex and ever-evolving regulations,and repetitive due diligence requests are driving longer
onboarding times, creating higher costs to serve, decreasing
customer satisfaction, and putting financial institutions at risk
for non-compliance.

Optimal service, reducedcostsSolution
ABBYY’s platform targets key areas of vulnerability in KYC
processes. With ABBYY technology, financial institutions canstreamline and automate the document intake processes
to ensure compliance with anti-money laundering (AML)
legislation and customer due diligence (CDD) requirements,
not only when onboarding new clients, but also during
periodic updates.

Define your KYC plan and put it toaction with ABBYY solutions
ABBYY offers a uniquely suited and comprehensive
approach to KYC called intelligent process automation.
ABBYY helps financial institutions identify and understandtheir clients’ identities, ultimate beneficiaries, and business
relationships so they can reduce business risk by avoiding
illicit transactions.

A multinational investment bankand financial services company
needed a secure solution tocapture, process, and analyze
data accuracy, while monitoring
regulatory declarations
and coordinating with their
existing KYC systems. WithABBYY, the bank has deployed
intelligent process automationthat powers accurate data
capture and leverages artificial
intelligence (AI) and machinelearning (ML) to optimize andautomate processes and makesense of data.

Automate document intake
KYC starts at the first contact with customers, including account set-up and the documents
used for authenticating customers. Connecting the onboarding process with the entire customer
interaction process can reveal suspicious activity early. ABBYY intelligent document processing
solutions help banks automate the document intake processes for customer onboarding according
to KYC policies and best practices.

Visualize patterns of interactions
Unlike process mining and other approaches that just show what the process looks like, ABBYY
Process Intelligence exposes the important dimensions of human and content interactions with theprocesses—where customers and employees take actions and input, review, and decide on criticalcontent. Identifying the content types and patterns of interaction can identify and flag suspicious
activity.

Identify and counter vulnerabilities
Process loopholes and suspicious documents are the most likely vulnerabilities banks have topotential crimes and fraud. ABBYY helps banks identify and counter these vulnerabilities earlywith both the process awareness and intelligent document processing (IDP) that can establish theauthenticity of documents from the moment they enter the process.

Discover the ABBYY difference for KYC
Mitigate losses from fraud and penalties• Implement end-to-end, front-to-back process improvements informed by real-time data
• Orchestrate work between people, systems, and robots• Monitor, alert, and predict outcomes to reduce compliance risk
Accelerate response to regulatory change• Optimize and accelerate compliance controls and systems to quickly respond to internal andexternal forces such as acquisitions, cost pressures, changing regulations, and complex vehicles• Easily integrate with leading robotic process automation (RPA) and enterprise content
management (ECM) platforms• Reduce human interpretation, error, and manual data input by automating key processes

Optimize new relationship development• Accelerate time to decision• Discover the truth about your process flow and performance• Reduce customer friction and improve user experience with simplified document capture
and processing• Unified channel management for phone, email, chat, web portal, mobile, file transfer, scans,and more

KYC Process
ProspectOnboarding

Approval

Customer due diligence (CDD)

Front office

CustomerIdentification
Program (CIP)

Sanctionsand PEPAML riskassessment

Applyrisk ratingNewaccount
opening

Ongoing
due
diligence

Enhanced due diligence (EDD)

The combination of human expertise with a digital workforce enables financial institutions to ensure regulatorycompliance, improve operational efficiencies by automating what is manual, and create exceptional customer
experiences. Learn more at abbyy.com/finserv.

For more information, please visit www.abbyy.com
If you have additional questions, contact your local ABBYY representative listed under www.abbyy.com/contacts.
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