What are the different types of monitoring in KYC Protect?

KYC Protect offers AML Monitoring and KYC Monitoring to notify users of changes that might impact the risk status of a business or individual.

For example, AML Monitoring will notify users if an individual has been added to an enforcement list while KYC Monitoring will notify users if a company has had a change to their legal name or address. 

How do I receive KYC and AML monitoring notification emails?

You will have the option to add the email addresses that should receive alerts about changes to risk status. There will also be alerts within KYC Protect to notify you of changes. It will be possible to add a central email address to receive alerts later this year. 

Can I add all profiles to KYC Monitoring?

Only profiles that have been created using data from Creditsafe’s company reports can be added to KYC Monitoring.

When can I add a company or individual to AML monitoring?

You will have the option to add a company or individual to AML monitoring after a profile has been screened. We recommend that users clear all open matches before adding businesses or individuals to monitoring, as you may receive the same matches again.

Is there a way to get an overview of all the business I am monitoring? 

Yes, the Monitoring alerts dashboard will give you full visibility of the items that are being monitored.

Sometimes when I add records to monitoring, I see the hits that I just cleared again, why is this?

If you have changed the search parameters, i.e. match threshold or datasets, this may mean that you see the same alert again. However, this will only happen if you change the search criteria.

If we set a company to automated monitoring how do we get alerted if there is an event?

Both KYC Monitoring and AML Monitoring events will be sent out as an email notification (AML Monitoring can be configured to which emails receive these events). The alerts can also be viewed in the product, on the profile, or as a single list for all profiles.

If a company is already being monitored from a financial point of view, will monitoring it via KYC Protect lead to duplication?

Profiles added to KYC Monitoring will incur an email notification for events, regardless of whether the business has been added to a separate portfolio in Monitoring. In this scenario, there would be duplicated email events for every portfolio (including KYC Protect) that the company is monitored in.