Helping a known Georgian bank to automate their KYC process

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The Challenge

In 2022, a known bank in Georgia wanted to streamline their KYC process and automate customer risk scoring, aligning with the stringent regulatory standards set forth by FMS Georgia. To do that, they were searching for a reliable AML automation solution with a strong emphasis on sanction screening, KYC process, and risk scoring. Earlier that year, we had already engaged with another client from Georgia, driven by similar requirements (check out the case study) to comply with FMS Georgia. As a result, our client chose to work with D8 due to our track record in the Georgian market and familiarity with the FMS Georgia requirements.

Solution We Offered

We offered Anti Money Laundering Platform – our premier solution for automating KYC, screening, and other processes. The main goal of the bank was to automate the KYC process and organically integrate the new platform into their existing infrastructure. Our tailored approach aimed to enhance the efficiency and accuracy of the bank’s compliance operations, ensuring seamless adherence to the latest regulatory mandates.

Leveraging the advanced capabilities of our platform, we designed a comprehensive KYC automation framework. It integrated robust identity verification and due diligence processes, expediting customer onboarding while mitigating compliance risks. The whole multi-stage KYC process was designed to our client’s specifications. 

Additionally, our automated customer risk scoring features enabled the bank to assess and categorize customer profiles. Teh risk profiles were based on predefined risk parameters. This facilitated informed decision-making and enhancing overall risk management. Flexible risk classification models in our Anti Money Laundering Platform allow our client to dynamically modify risk characteristics. Such a dynamic approach ensures that our client will be able to scale and modify the system in the future without D8’s involvement as a vendor. 

By building this automated KYC process, the bank successfully achieved full compliance with FMS Georgia’s regulatory requirements, fortifying its operational integrity and bolstering customer trust.

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The Results

  • Launched an automated KYC process for all new applications
  • Launched risk scoring and periodic re-scoring of all customers
  • Generating automated reports in FMS Georgia required format
  • Full compliance with the latest FMS Georgia requirements

Technologies that were used in this project

Enduro/X
C
C++
GO
React.JS
Redis
Oracle DB
VMWare

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