Thorough KYC Checks Boost Financial Services Integrity –

As more and more processes evolve, online cybercrime is on the rise, with online banking processes, and in particular the onboarding of new customers, becoming a common target for criminals looking for weaknesses in the system. .

Sameer Kumandan, managing director of SearchWorks, says the rise in financial crime and identity theft means that strong know-your-customer (KYC) processes are more important than ever to protect financial institutions from fraud, corruption, money laundering and terrorist financing.

Samir Kumandan

“The challenge is that this can be an extremely time-consuming task, especially if done manually, and is open to human error, which means customer satisfaction is often compromised.”

In addition, since the entry into force of the Personal Information Protection Act (POPI) which sets the conditions for accessing and processing personal information, it has become more difficult for organizations to access certain types of data.

SearchWorks has the answer

SearchWorks, an online data aggregation platform that allows users to perform accurate individual, business, and property searches and in-depth KYC checks online, helps organizations overcome these challenges, making the identity verification process less laborious, faster and more efficient. .

The platform does this by offering the user 160 different types of searches, covering more than 20 data sources, which gives companies in the process of onboarding new customers instant access to verified identities, updated contact details. updates and account verifications, all within the limits of the law. .

The platform allows the user to access all six credit bureaus in South Africa in one place and confirm an individual’s identity, address, financial status and more. SearchWorks then combines the results, giving a view of an individual or business from various sources, into a single report. “As an accredited reseller credit bureau, we work strictly within the guidelines set by the National Credit Regulator (NCR) to ensure that consumer information and the right to privacy are respected by all service providers” , says Kumandan.

The solution in practice

Financial institutions in South Africa are currently partnering with SearchWorks to streamline their own KYC and onboarding processes. “Normally, when reviewing new customers or suppliers, a business would need to approach various organizations individually and ask for consent each time a new business contact is added, but with SearchWorks this can all be done on one single platform,” says Kumandan.

As one of the industries hardest hit by the pandemic, banking has had to adapt quickly to changing customer needs and demands and shift to digital solutions. Kumandan is thrilled that banks are starting to see the benefits of SearchWorks’ web-based solution to help them with their digital transformations.

“Banks are looking to modernize their systems and build on their customer relationships by delivering solutions that leverage more of the customer journey. And SearchWorks is proud to be part of it.

Stephen V. Lee