This global bank was faced with the regulatory demand for developing a robust Know Your Customer (KYC) process and application as mandated by Federal Reserve. The bank swiftly assigned a KYC committee and engaged in identifying regulatory requirements for counterparty related information for KYC compliance. This global bank was looking for vendor that can translate the regulatory requirements into a robust and easy to use web application.
Know Your Customer (KYC) is a compliance requirement and is considered a high risk if not managed adequately. Our team collaborated with the bank's KYC Committee and especially the compliance department to better understand the bank's policies as well as process requirements for the KYC initiative. A blue print along with detailed specifications, use cases and business rules were developed in consultation with the KYC committee. Upon approval, our team developed the KYC web application and successfully implemented it. The KYC application was reviewed by Federal Reserve and it was considered as one of the best KYC compliance application in the banking world.