The Russia-Ukraine War highlights the needs for extra attention to Know-Your-Customer (KYC) and Anti-Money Laundering (AML) processes. The volume of AML has increased with the addition of new financial activity restrictions to the group referred to in the media as “Russian Oligarchs.” Therefore, as the number of individuals blocked from financial transactions grows, so does the volume of false positive and false negative results.
KYC services such as Aristotle’s Integrity IDV verify the customer to meet U.S. and International standards. This is an API based solution that verifies a range of details of the customer (Name, Address, Postal Code, DOB) to meet your KYC compliance program goals. The real value of this is that by combining your Anti-Money Laundering (AML) process with the Integrity IDV verification service or the Integrity AutoDoc service, you can be more exacting and reduce your overall processing volume. Why do we say that? Often AML services over flag (false positives) or under flag (false negative) individuals. Combining the two processes is the most efficient and effective way to address this increase in targeted individuals from the sanctions levied on Russian oligarchs.