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An Effective Solution for easing KYC-AML Burden

For the past few years, RBI has been applying pressure on the Indian banking system to adopt KYC-AML monitoring solutions. In fact, earlier this year (2021), it had raised concerns around these mechanisms for at least 50 entities and asked them to complete these tasks by the end of March.

Why is RBI pushing this? One reason is the Financial Action Task Force’s (FATF) inspection and audit of the Indian banking sector to combat money laundering and terror financing. While some of the top banks have been able to comply with RBI’s framework, smaller banks, REs, and NBFCs have been struggling. The reason is simply that developing in-house solutions and processes requires deep domain expertise along with huge financial and human resource investments. 

The face is that over the years, RBI has not hesitated from fining Banks, REs, and NBFCs, thereby increasing the cost of non-compliance.

Solytics Leads the Way

There is an old saying, “There is a huge cost of compliance, but an even bigger cost of non-compliance.” While large banks have invested in bespoke KYC-AML solutions, smaller banks, NBFCs, and REs don’t have that option. Their best option is to look at existing sanctions screening solution to ensure that they abide by sanctions placed on individuals, entities, countries, vessels, aircraft, etc., for all jurisdictions in which they operate. 

Solytics has developed a comprehensive solution (SAMS – Sanctions and Adverse Media Screening) that addresses the compliance needs of banks, NBFCs and REs. SAMS makes Sanction, PEP, and Adverse Media screening easy, seamless, and economical through a single, integrated platform. Furthermore, it has easy APIs to plug into the onboarding process for Initial Screening and automates Ongoing Monitoring.

What makes the SAMS database special is that it is the most comprehensive as well as most granular. Its comprehensiveness stems from its coverage of 450+ global sanctions lists (including 16 India-specific lists). Its granularity stems from its over 4 million records, going down to the municipality and gram panchayat level. SAMS database is refreshed daily by a dedicated QA team that performs diligent data quality and integrity checks to ensure that high-quality data goes into the database.

SAMS is not just the database. To create value on top of the database, Solytics has implemented cutting-edge ML algorithms that significantly reduce the number of false positives by 60-75% as compared to existing market solutions. This reduces a huge manual workload for the compliance teams. SAMS also auto-generates an audit trail as is mandated for regulatory reporting. The bottomline is that SAMS customers can channel their efforts and energies on strategic initiatives and financial growth, instead of being bogged down in managing cost-centers.  SAMS has already helped several BFSI organizations in India to upgrade their technology stack and become more entwined with the booming Indian Fintech industry.

Augment Your Compliance

To help BFSI companies improve their RBI/FATF compliance relating to KYC-AML screening, Solytics is offering a free 1-month SAMS trial (till Dec 2021) to Indian BFSI firms. Clients can use and test SAMS during the period and compare it with internal solutions as well as existing market products to experience how SAMS augments the capabilities of the compliance department and reduces the risk of penalties. 

To avail of this offer or to find out more, please reach out to us at [email protected]. Our service team will reach out to you to schedule a demo of SAMS and answer your queries.


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