By 10th April 2020 No Comments


New rules designed to open up banking and provide a better deal for customers require increased vigilance against possible fraud!

The Open Banking system was designed to give consumers more control over their financial information and access to a wider range of products and services. However, there have been concerns over the general safety of consumer data as we approach this new banking revolution. Despite trying several tools and processes to manage the financial crime obligations, many clients all had the same issues: being difficult to integrate, hard-to-use, and poor at providing relevant alerts. We also notice that existing solutions in place rely on manual processes to input and update data meaning that data can be largely out of date. This results in false-positives and also allows recently sanctioned organisations to slip through the news.

Thanks to our partnership with HELIOCOR (heliocor.com) we have set up a radically different approach, leveraging AI, Machine Learning and Blockchain to understand risk computationally. Our solution results in data being updated in Real Time. We integrate and combine the AML & KYC processes to create much more sophisticated risk categorisation and client management. To do so, we exploit the capabilities of 2 of our Software Modules:                                                                                    

  1. ROBOLITICS™ Module provides the on-boarding workflows for CDD (Customer Due Diligence) and EDD (Extended Due Diligence), and monitors and manages the data required throughout the on-boarding process. IT Department will also issue alerts both internally and to the client when additional or updated information is required. (Robolitics also manages internal access to this data as part of GDPR.)
  2. DOKSTOR Module is a secure blockchain encrypted document repository. Dokstor can be implemented either on premises or on the Cloud to enable sharing between entities. Dokstor will support the sharing of validated documents -upon the client’s authorisation- with other legal entities within the Bank. Dokstor’s Mobile App provides an interface for uploading information and documents. Linking the process to a smart phone simplifies the gathering of data through the phone’s camera, rather than remembering to gather, scan, and forward documents. These documents can then be machine read to capture core data, such as passports, driving licenses, or identity card information. By Auto-Collecting this data, we can enrich other processes within Compliance. The Mobile application can act as a standalone or integrated entity into your current mobile banking app. Status updates can also be communicated via the app.

Robotics™and Dokstor, the best combination: Robotics™ provides a solution that significantly reduces the workload required to On-Board and KYC clients on an ongoing basis. It contains also a number of on-boarding workflows for individual and corporate entities that meet the requirements for CDD and EDD. Dokstor manages the data gathering needs of the On-Boarding and KYC processes. By machine reading these documents, Dokstor can improve data quality whilst lowering KYC cost. Note: Dokstor can also be used to request Document updates. Our workflows ensure that your organisation follows a consistent process without it becoming prohibitive in terms of effort and cost, interacting automatically with the client, “politely” soliciting data and gathering documents. Meanwhile, a number of Robots run continuously to issue alerts when documents need updating or where documents are used in multiple accounts, enabling you to either join accounts or identify fraudulent document use for either personal or corporate information.

As a result, Dokstor and Robotics™ are able to remove overhead tasks from the sales team, both in the gathering of original documents and throughout their future maintenance.

Integrating KYC data, machine reading, and capturing information from KYC documents and reducing the manual processes of updating information increases quality, reduces problems, and cuts costs up to 30%.

Our solution is fully GDPR compliant, meeting needs to:

– Ensure client permission to access and use personal data from the document;

– Automatically update documents, reducing re-KYCing costs;

– Ensure that documents can be “forgotten” when access is no longer needed;

– Control access to the data stored in Dokstor.

Interested to know more? Just reach LYS TRADE (info@lystrade.co.uk) now to set up an appointment with our representatives in Luxembourg or in London. As a Lys Trade client, you will beneficiate from the joint expertise of business specialists and consultants. Together we will be able to identify the best approach to tackle dirty money.

Philippe Johan Castelain, Managing Director@Lys Trade Ltd