Kroll launches new KYC tool

Kroll Business Connect offers consolidates tasks, communications and document sharing into a single cloud-based platform, eliminating many of the manual and repetitive onboarding processes compliance professionals currently face.

Users can set up automatic task reminders and notifications to reduce the risk of deadlines not being met. The tool will also give managers better oversight, providing an additional dashboard to assign task owners and view their progress.

The tool has been designed so that all KYC processes are centralized in one place, giving compliance professionals an enhanced ability to manage projects, communicate with clients and stakeholders, and improve workflows.

The service will integrate with any compliance software or CRM system via APIs, meaning current systems don’t need to be replaced. The software is fully encrypted and backed by Kroll’s leading data security and cyber risk management.

Monique Melis, managing director of Kroll, said: “In the challenging regulatory climate of cryptocurrency, cross-border trading, cyber-attacks and working from home, KYC has become an increasingly complex task while simultaneously increasing in value. It is an integral part of firms’ due diligence processes to protect against financial crime and we’re proud to be helping firms ensure compliance in this area.

“Our Global Regulatory Outlook study with the financial services industry revealed that almost a third of respondents predict the total cost of compliance will be greater than 5% of their revenues this year, and this cost is set to rise if unaddressed. With Kroll Business Connect we can streamline the compliance process, improve checks and save firms time and money in the process.”