Enhanced Due Diligence and KYC
By Dr. Alok Aggarwal

Banks, insurance companies, procurement groups, government agencies, and many other organizations are required to check the identities of other entities that they are working with; such entities could be individuals, firms or trusts and may be their clients, partners, or vendors, etc. To do so, many firms need to annually extract data from several million documents that include identity cards (e.g., passports, driver’s licenses), incorporation papers, trust documents, and tax forms or certificates. Furthermore, after extracting the relevant data, these institutions need to check the identities of these entities against watch-lists to ensure that these entities are not bad actors or involved in nefarious activities. Because of the sheer volume of such incoming documents, manual extraction of data is extremely laborious and error prone., which can lead to massive risks and potential penalties for these firms.

Our Solution

Our team of consultants and subject matter experts (SMEs) first worked to uncover primary pain points in the domain through various interviews, discussions, and analysis. Then they trained Scry’s software, Collatio® – Enhanced Due Diligence and KYC (Know Your Customer), which contains more than 30 AI-based proprietary algorithms, to extract key-value pairs from various ID documents and validate them against 22 watch-lists (for due diligence). After training, it extracts data with more than 90% accuracy and has the with following additional features:

  • Identification of similarity and “best match” pair from different data sources and documents.
  • Intelligent collation of external data and relationships with internal attributes for a more complete 360° view of an entity.

Business Benefits

  • 90%+ – Accuracy in extracting the key-value pairs
  • 70% – Reduction in time over current process
  • 70% – Reduction in cost over current process