Real-Time PEP Monitoring for Next-Level KYC Compliance

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Real-Time PEP Monitoring for Next-Level KYC Compliance

KYC Solution Case Study

Problem Statement

The client needed to automate the monitoring of UK Members of Parliament (MPs) profiles for KYC purposes. Manual tracking of updates on the UK Parliament website was inefficient and prone to errors, making it difficult to meet compliance requirements. A solution was required to continuously monitor profiles, detect changes, and accurately capture updates to ensure up-to-date information for effective KYC and risk management.

Our solution

Automated Web Monitoring and Scraping: We implemented an automated system to monitor MP profiles on the UK Parliament website. By using advanced web scraping techniques, the system continuously tracked changes and extracted relevant data points essential for KYC compliance.
Centralized Data Aggregation: A centralized database was developed to aggregate and integrate newly scraped or updated information with the client’s existing PEP profiles. This ensured a comprehensive and current repository of politically exposed persons for KYC purposes.
Change Detection and Real-Time Reporting: We deployed algorithms to detect and report profile changes in real-time during the monitoring period. These changes were flagged and communicated promptly, providing the client with actionable insights crucial for compliance and risk management.

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Benefits

Significant Reduction in Manual Effort: Automation led to a 40% reduction in manual efforts, freeing up resources for more strategic tasks and improving overall operational efficiency.
High Accuracy in Data Monitoring: The system achieved an accuracy rate of over 95% in detecting and capturing profile changes, ensuring a reliable and up-to-date PEP database for KYC compliance.
Enhanced KYC Compliance: By delivering accurate, real-time updates, the client strengthened their ability to meet regulatory requirements, mitigate risks, and maintain a competitive advantage in PEP monitoring and KYC processes.