Understanding your customer begins at the time of account opening during initial Customer Due Diligence (CDD). CDD risk scoring and risk rating enables the organization to understand the level of risk an applicant brings. As per Section 326 of the USA PATRIOT Act, it is necessary for you to implement a Know Your Customer/Customer Identification Program (KYC/CIP). It is also required as part of your overall strategy for AML compliance. However, a comprehensive KYC/CIP program involves much more than just identifying customers; it requires the development of customer profiles and a true understanding of the expected scope of your customer relationships.
The OneSumX FCC solution includes all elements of the USA Patriot act for knowing your customer (KYC), customer identification program (CIP) as well as customer due diligence (CDD) and is designed to not only protect your financial institution, but also your customers.
OneSumX Customer Due Diligence is a web-based tool that helps ensure compliance with CIP, Customer Due Diligence and Identity Theft program requirements of the USA PATRIOT Act. With a single sign-on, eliminating the need for multiple passwords, you can verify customer identities, screen high-risk customers and evaluate their potential risk. As an efficient and compliant solution, OneSumX for FCC: