Screening Services

Data providers in Nepal currently maintain extensive datasets that help create a learning space for organizations and people for development purposes. While they work closely with many organizations and government agencies, their datasets are yet to incorporate Financial Crime Compliance related information.

Due to their lack of industry expertise and knowledge, litle market penetration and dependence on supporting organizations, they too could be more consenting to an alliance. KYC Nepal has already made significant strides towards achieving it.

Our PEP database comprises of nearly 40,000 local PEPs’ details. Apart from the PEP data, KYC Nepal has been exploring various other sources and collecting the data. Our database is ever growing and regularly updated.

KYC Exchange

KYC Exchange is a BFI consortium driven KYC data exchange platform where participant institutions can benefit from each other’s work. This collaborative effort will make KYC process cheaper, accurate and seamless. In the society where there is no strong central system to manage customer identity, let alone creditworthiness, KYC Exchange hopes to establish the true identity of the customers to meet domestic and international regulatory compliance.

How it works?
The exchange is managed by a neutral authority such as Nepal Banker’s Association or other BFI consortium. The neutral authority can be a public or private entity and strictly adhere to NRB’s privacy and banking regulations. Membership is optional to BFIs, and can be subscribed with periodic fees. The system has a credit system where members can earn or spend credits.

If you provide more KYC review data to the exchange, you can earn more credits. Credits can be used to retrieve future customer KYC info. from the exchange or can be used to pay the periodic membership fees.

When a new customer seeks to establish account in member BFI, the BFI has two options: Option 1: Manually collect and verify KYC review information, including screenings. If this option is selected, the BFI can make this KYC data available in exchange for other BFI to use.
Exchange

KYC Remediation

We provide a comprehensive Client Onboarding and KYC Remediation program by deploying our in-depth subject matter expertise, trend setting innovation and technology that enables banks to quicken their KYC digitization operation in the most efficient and cost-effective manner.
Our one stop solution for your KYC Remediation ensures greater customer experience and our services can be offered on-site at the bank’s premises or off-site at our secure operations centers.

Our products are integrated with the onboarding process in the following manner:

Customer Onboarding Request
When a new or existing customer application is received, the customers information will be entered directly on the WebApp- our web-based application that facilitates completion of KYC Process online while eliminating the need to fill up physical forms. WebApp also comes with an exclusive “Bulk Upload” feature which can be used to directly upload customer’s information in various text formats. The WebApp can also be integrated with the bank’s CBS and other applications.

Data Capture
Once the portal is finalized, the digitization process starts and will involve five stages (Scanning, Indexing, Pre-Digitization, Digitization and Integration).

Scanning
Digitally capture the images of the physical documents.

Indexing
Arranging existing documents in an easily retrievable manner.

Pre-digitization

Digitize few fields from the KYC documens for the banks review.

Digitization
Digitize customer data through our proprietary rapid data entry system.

Integration
API Integration of the customer information with CBS and other existing applications via bulk upload.


Due -diligence
Our application handles customer onboarding and life-cycle management in a centralized industry owned environment and performs extensive Local PEP and Global Sanctions searches on the customers and their associated parties against our in-house PEP Database. Based on the bank’s requirements, the system can also be customized for automated risk ratings. The system will also generate meaningful reports and graphs based on the retrieved information.

Legal Documentation
Our team of experts can help analyze the documents provided to ensure that they meet the regulatory standards and are fully vetted. The documents can also be uploaded through our online KYC portal – KYC Exchange.

Customer Account Set-up
Once the requirements are met and all the necessary approvals obtained, the account will be marked for completion and integrated with the CBS.

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