Cobalt Intelligence (Secretary of State API)’s Post

The primary function of this Secretary of State API is to automate the collection of business information for due diligence, KYC/AML compliance, underwriting, and business verification processes. The real-time nature of the data ensures the information's freshness and accuracy, a crucial factor for lenders making informed decisions.

Post 30: “The Art of Asking the Right Questions in KYC” KYC is more than collecting documents—it’s about asking the right questions. Here’s how you can improve: • Be Specific: Tailor questions to understand the client’s background. • Dig Deeper: Follow up on unclear or unusual answers. • Use Open-Ended Questions: Encourage clients to explain their activities in detail. What’s one question you think every KYC process should include? Share your ideas to help others! #KYCQuestions #CustomerOnboarding #AML #ComplianceTips #RiskAwareness

The Video Know Your Customer (#KYC) process helps businesses conduct the KYC process digitally and remotely while ensuring complete compliance with their Anti-Money Laundering (#AML) compliance obligations. Our latest infographic discusses the best practices businesses can adopt to streamline their Video KYC process. Read our infographic now to gain insights into optimising the Video KYC process and enhancing customer satisfaction. 🌍 https://lnkd.in/d7CFr9Nf #AMLUAE #AMLcompliance #AMLcomplianceofficer #KYCanalyst #EDD #seniormanagement #AMLCFT #UBO #TFS #AMLregulations #AMLtraining #videoKYC #KYCanalyst #MLFT #AMLprogram

"Understanding the Concepts of CIS - Client Information Sheet and KYC - Know Your Client" provides a comprehensive guide to mastering client information management and regulatory compliance in the financial sector, ensuring security and efficiency.

🔍 Our latest blog delves into the essentials of KYC checklist implementation which is crucial for mitigating risks and ensuring regulatory compliance. KYC is more than a buzzword, it's your shield against financial crime. Dive into the intricacies of customer identification, due diligence, and ongoing monitoring. Check it out below 👇 https://hubs.li/Q02vQBH-0 #KYC #KnowYourCustomer #DueDiligence

Credit Scoring: 1. 12 parameter model 2. Integration to CRB 3. Full KYC compliance check 4. Score monitoring 5. Other transactional data #AutomIT

With Skience, navigating the complexities of KYC regulations becomes seamless, allowing you to dedicate more time to what truly matters — your clients. Learn how in our latest blog post. https://lnkd.in/e7ndQirA

Customer due diligence is a key component of KYC compliance. Learn how to create a CDD checklist to stay organized: https://bit.ly/3UPxqnu

Excellent notes from Heamanth K on SoF & SoW KYC Webinar registration : https://lnkd.in/gZijvG5R Source of Funds (SOF): Definition: Source of Funds refers to the specific origin of the money or assets that a customer intends to use in a transaction or maintain in their account. Purpose: SOF verification aims to ensure that the funds being deposited or used by the customer are legitimate, legal, and not derived from illicit activities such as money laundering, terrorist financing, or other criminal acts. Examples: Salary/Wages: Income earned from employment, including paychecks, bonuses, or commissions. Investment Proceeds: Profits from the sale of investments such as stocks, bonds, or real estate. Inheritance: Money inherited from a deceased family member. Loan Proceeds: Funds obtained from a legitimate loan agreement with a financial institution. Gifts: Money received as a gift from family members or friends, accompanied by appropriate documentation to demonstrate its legitimacy. Verification Methods: Verification of SOF typically involves reviewing bank statements, pay stubs, tax returns, sale agreements, inheritance documents, or other relevant financial documentation. Source of Wealth (SOW): Definition: Source of Wealth refers to the underlying assets or activities that have generated a customer's total net worth or financial holdings over time. Purpose: SOW verification aims to understand the origin and legitimacy of a customer's overall wealth to assess their risk profile accurately and ensure compliance with anti-money laundering (AML) regulations. Examples: Business Ownership: Profits generated from owning or operating a business, including dividends, distributions, or capital gains. Real Estate Holdings: Rental income, proceeds from property sales, or other gains derived from real estate investments. Investment Portfolios: Returns on investment portfolios, including stocks, bonds, mutual funds, or other financial instruments. Inheritance and Gifts: Large inheritances, substantial gifts, or transfers of wealth from family members or benefactors. Salary and Bonuses: Long-term accumulation of income from high-paying jobs, bonuses, or performance-based compensation. Verification Methods: Verification of SOW often requires a comprehensive review of a customer's financial history, including business ownership records, investment portfolios, property titles, tax returns, inheritance documentation, and other relevant sources of wealth.

Check our latest blog! What is RE KYC Online Solution and Its Working Process #advancedtechnology