The new boxed software product HFLabs KYC verifies clients and counterparties against sanctions lists and official registers. This allows banks and other financial institutions to timely identify people and organizations from blacklists and avoid fines from regulators.
HFLabs KYC is focused primarily on companies in the financial sector: banks, insurance, microfinance organizations. With it, they will be able to automatically check customers and counterparties in various registries before a financial transaction is carried out. The speed of a regular check for the entire client base (even if it is 50 million people) is about three hours. Each individual request is processed in less than a second.
The new system works with all lists of Rosfinmonitoring and performs the checks required under 115-FZ. HFLabs KYC finds people on the sanctions lists of the US, EU, UN, Switzerland and UK. Additionally, you can find out if the person is bankrupt and has not presented an invalid passport. The decision supports verification against the list of strategic organizations, the list of the Central Bank based on regulation No. 764-P and against any internal lists adopted by the organization.
“HFLabs KYC understands typos, synonyms, takes into account the similarity of data and even finds relatives. This minimizes the number of false positives and the time for manual verification of a client or legal entity. When analyzing the entire array of the client base, we track changes that are important for the business – for example, a change in the legal address or a director of a company, as well as suspicious data – addresses of mass registration and duplicate phone numbers, ”said Konstantin Stepanov, executive director of IT company HFLabs.
HFLabs KYC keeps a history of checks. He remembers if the conditional Ivan Petrov on July 1 was found in the sanctions lists of the US Treasury dated June 29. The product maintains all lists and directories up to date, which means that financial organizations do not need to independently track format changes and modify internal systems.