Top 3

Top 3 Most Stressful Aspects of a Regulatory Site Visit

Unexpected site visits from regulators can be extremely stressful. The ever-changing regulations and laws add to the workload and the need to stay prepared for surprise inspections while maintaining standards.


Since 2008, regulators have imposed more rules and laws, and with the introduction of new regulations like GDPR and DORA, we can expect even more changes ahead.


Each year, the costs of complying with new regulations increase by 10%, making it increasingly challenging to keep up using traditional, non-digitized methods.


In 2018, the Competitive Enterprise Institute released a comprehensive report on the rising compliance costs for large companies.


Here are the top three most stressful aspects of a regulatory site visit and how to address them:


1. Not Having Your Audit Reports Ready

   Keep your audit reports up-to-date and easily accessible. Regularly review and organise your reports to avoid last-minute rushes during a site visit.


2. Having to Print Loads of Documents

   Reduce the need for printing by maintaining comprehensive digital records. A robust document management system enables quick retrieval and sharing of documents with regulators.


3. Discovering Gaps in Your Audit Records

   Conduct regular internal audits to identify and fix any gaps in your records before a regulatory inspection. This proactive approach helps maintain compliance and reduces the stress of unexpected findings.


The New and Improved Way of Automating Reports with KYC3’s Solutions


Integrated System with Full Audit Trails

KYC3’s solutions keep all data in a single integrated system, complete with full audit trails and detailed statistics. Reports are available in real-time, ensuring you’re always prepared.


Generate Reports within Minutes

With KYC3, reports can be generated in minutes rather than hours, thanks to standardised formats and consistent data directly from the system. Data is accessible via API, allowing automatic integration with complex business intelligence and decision support systems.


Streamlined Compliance with a Digital Platform

Using an integrated digital compliance platform, 360-degree view reports are standardised and available at all times. This saves man-days of work annually and ensures consistent and unbiased reporting.


Efficient Auditor Review

Auditors can review configuration rules, results, and audit logs directly on the system, providing a transparent view of how the system was used. This allows for quick empirical observations and immediate addressing of deficiencies, with auditor sign-off for configuration changes achieved swiftly.


Comprehensive and Accessible Records

Analysts can produce detailed records, including documents, assessments, and audit notes for regulators in standard formats at the push of a button. This holistic, transparent, and simplified compliance process ensures that fines for deficiencies or errors are avoided.


By leveraging KYC3’s solutions, the compliance process becomes more efficient, reducing stress and ensuring your organisation is always ready for regulatory site visits.

Onboarding Portal KYC3

Streamlining the Onboarding Process with KYC3: Efficiency and Accuracy

Onboarding counterparties can be one of the most time-consuming activities for companies. From gathering documents via email to dealing with incomplete dossiers and performing manual checks, the entire process demands significant time and attention. KYC3 has revolutionised this process by fully digitising it, providing companies with a portal where counterparties can upload documents and undergo all necessary checks, thereby reducing the risk of errors or missing information.

Benefits of Using an Automated Onboarding Portal

  1. Clear Communication of Document Requirements

– The portal ensures that document requirements are clearly communicated to counterparties, eliminating confusion and reducing delays.

  1. Automated “To-Do” List

   – The digital counterparty identity portal includes an automated “To-Do” list, making it easier for counterparties to upload all necessary documents. This feature speeds up the process and ensures that all required information is provided, reducing the risk of errors.

  1. Enhanced Efficiency and Security

   – With the streamlined process, counterparties experience improved efficiency and security, leading to greater satisfaction and increased business opportunities.

  1. Simplified Compliance Management

   – The compliance manager receives updates about the onboarding status and findings, without needing to manage the entire process manually.

Key Features of the KYC3 Onboarding Portal

Digital Dossier Management

– Centralised and organised document management for easy access and review.

Real-Time Video Onboarding

  – Allows for immediate and interactive onboarding sessions.

AI-Powered ID Analysis

  – Advanced technology for accurate identity verification.

Automated Risk Screening Engine

  – Efficiently identifies and mitigates potential risks.

Secure and Customizable

  – Options for on-premise or hosted solutions to meet specific security and customization needs.

Compliance with Regulations

  – Fully compliant with AMLD5, GDPR, BSA, and PSD2, ensuring adherence to international standards.

No more back-and-forth emails, calls, or unreliable tools for risk management. The KYC3 onboarding portal offers a streamlined, efficient, and secure solution that benefits both companies and their counterparties. By automating the onboarding process, companies can focus on growing their business and building stronger relationships with their partners.