(This section only applies to customers migrating to KYC Protect from the legacy Protect system.)

Is there a cost to migrate from Protect (old service) to KYC Protect?

There is no charge for the migration.

What information from Protect (old service) is being migrated?

All profiles with an actively monitored record will be migrated to the new application.

Why do we have to migrate?

During customer and vendor due diligence, businesses typically use several systems to perform KYC, Screening, and Monitoring operations. The lack of synergy between the systems makes reaching a decision more time-consuming, increases the risk of errors, and requires multiple subscriptions. The old service (Protect) only covers the screening portion of due diligence, and feedback from Creditsafe customers has consistently shown a need to consolidate each step of the due diligence process into a single solution. KYC Protect significantly enhances the entire process by providing comprehensive KYC, Screening, and Monitoring services in one place. The simplified user experience means the flow from an initial company search to a fully audited final decision can be completed in minutes and not hours or days.

We are committed to improving compliance and risk management services for our customers - as regulatory regimes pass more legislation requiring our customers to perform more due diligence on their customers and vendors, it became increasingly apparent that we would need to develop a more comprehensive and scalable solution – to grow with the needs of our customers.
 

As part of the migration, will all my previous decisions and history also move over?

No. As the data and data suppliers are completely different in KYC Protect, previous decisions, and history cannot be migrated over. We recommend that all users download the report in the Audit section of the tool to keep a history of their actions.

Will the migration mean that I have to re-analyse alerts that I may have processed in the previous tool?

Yes. As the records need to be ‘re-added’ to the new application structure and data source, that initial discounting may be required again. However, since the new algorithm in KYC Protect is more efficient than legacy Protect, we expect there to be at least a 50% reduction of false positives for all alerts, therefore very valuable in the long term.  There will also be no cost implications for you as the migration is subsidised for all existing migrating customers.

When will my records be automatically migrated?

We will begin migrating customer records at the end of July. However, if you do not wish for your records to be migrated, please contact your Account Manager.

What is in KYC Protect that isn’t in Protect?

Here are some key benefits you can expect from the new application:

1. Enhanced Accuracy: The new system employs advanced algorithms and technologies to improve the accuracy of identifying suspicious activities, reducing false positives (by up to 80%), and ensuring compliance with regulatory requirements.

2. Improved User Interface: We've redesigned the user interface to be more intuitive and user-friendly, making it easier for you and your team to navigate and perform all necessary KYC tasks efficiently.

3. Faster Processing: With optimised workflows, automated profile creation and enhanced performance, you can expect faster processing times, allowing you to screen transactions and entities swiftly without compromising on thoroughness.  

4. Seamless Integration: The new application seamlessly integrates with your existing systems and workflows, minimising disruption to your operations and ensuring a smooth transition.

5. Improved Screening Data: With new datasets to screen, you can ensure that your organisation is protected from additional regulatory, financial, and reputational risks.

6. Advanced Reporting Capabilities (coming in H2 2024): Gain deeper insights into your screening activities with enhanced reporting features, including dashboards and real-time analytics, empowering you to make informed decisions swiftly.
 

When is the deadline to stop using the legacy system Protect?

Customers are advised not to continue using the legacy system after the 1^st of July as your records may not be migrated. You will retain access to the legacy system for the reconciliation of records and to extract information for audit purposes until 1^st September 2024. Thereafter, the screening and monitoring capabilities in Protect will no longer be available.