KYC/KYB (mCHECK™) is the Platform’s module which performs the “classic” type of KYC/AML checks – such as identity verification and screening. You can read more about the mCHECK™ module in Section 1.4.2.2 of this manual.
The KYC/KYB (mCHECK™) module performs KYC/AML checks, and composes, on their basis, and on the basis of pre-configured scoring system and thresholds (which you can re-configure), a report. The report, as you will see further on in this manual, includes both a numeric score, and a RAG type indication.
Typically, a compliance officer / onboarding team’s use of the module (after it has been properly configured, of course) will include these six stages:
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Stage |
See chapter |
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1. |
Run – run an mCHECK™ assessment |
3.4 |
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2. |
Review – access the mCHECK™ Report, and inspect the findings closely |
4.6 |
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3. |
Override – if there is ground to override some of the “RAG Results”, the user will do so, thus potentially changing the score / determination |
4.6.3.1 |
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4. |
Decide – if to onboard the client (after considering all relevant data, including data coming from the other two modules) |
- |
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5. |
Activate Monitoring – if the client is onboarded, decide whether or not to activate monitoring (if not configured to activate automatically) |
5.3 |
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6. |
Monitor – if the monitoring produces alerts, the user will be alerted and will be able to act accordingly |
5.5 |
Now let’s see how this looks on the Platform itself!