Meet Kayla, your AI pKYC Review Analyst

Kayla is an AI KYC expert who is trained to keep tabs on your customers across an ecosystem of systems and sources – simplifying KYC refresh, finding true material risks and enabling financial institutions to transition from periodic KYC to a perpetual KYC review.

Trigger KYC Refresh When It Matters Most, Not Just Because Time Has Passed

In traditional KYC, a periodic refresh of the KYC information and process is performed on a schedule according to the risk categorization of a customer. This process takes a significant amount of time, money and people.

A low-risk customer might be refreshed every five years, whereas a high-risk customer would be refreshed annually. This is both too much and not enough: often the refresh simply reiterates the already known information, and problems can often occur in between the intervals. Additionally, traditional periodic KYC reviews are highly manual and error prone.

Transition to pKYC with Kayla

In perpetual KYC (pKYC), the idea is to monitor and react to events whenever they occur. Important changes are investigated promptly rather than waiting for a fixed refresh date, and clients with no changes are not unnecessarily refreshed simply because time has passed.

Kayla is an AI Digital Worker that provides a dynamic and risk-based approach to automating the KYC process. She augments an organization’s KYC workforce, reduces manual touchpoints, and improves its risk posture. Kayla coordinates monitoring of KYC data points to keep customer profiles up to date, identifies true material changes, sources and enriches data from internal and external systems to assist in KYC review, and simplifies alignment to an institutions’ KYC procedures. Her superpower is her ability to transform KYC operations from periodic KYC to perpetual KYC review — delivering end-to-end straight-through-processing (STP) for specific customer segments and risk levels.

Kayla’s responsibilities as an AI pKYC Review Analyst

Sophisticated event-driven monitoring capabilities: Kayla keeps KYC profiles up-to-date and surfaces true, material risks to the business. For example, changes in beneficial ownership moves to high-risk jurisdictions or connections to PEPs and watch-listed individuals and entities.
Simplifies downstream KYC refresh: Kayla collects all the data she has access to and consolidates all of it. Source data via file exchange, API, UI and other integrations, including sources like LexisNexis, Thomson Reuters, and government repositories like SEC.gov.
Aligns to requirements with ease: With no code configuration, Kayla matches your institution’s KYC procedures and requirements to fulfill documentary and non-documentary KYC requirements. For example, Kayla can translate a KYC requirement, like confirming a name change hasn’t occurred; or a specific, automated check to be performed, like pinging an approved source.
Automated customer outreach process: Kayla delivers targeted digital interactions. She can process KYC documents and information received from customers, tagging it to specific requirements in an organization’s KYC core and auto-generate reminders and follow-ups for missing KYC information.
Delivers full insight to KYC Ops Managers: Kayla surfaces all data in reporting dashboards that will provide full insight for a better-managed process. For specific customers that are dropped from an STP review, Kayla creates an interactive dossier with all of the data and analysis she has performed, so that your team can further investigate.
Escalate to investigate: Kayla alerts a team member for customer profiles that warrant human oversight. She also creates an interactive dossier that allows a human operator to quickly review the event and once reviewed, can reintegrate the customer back to the workflow, still achieving significant efficiency gains on the review.
Audit trails for compliance: Kayla provides thorough, human-readable justifications and a confidence threshold, reinforced by mathematical support, to maintain transparency for examiners and auditors.

Kayla works with:

Fenergo and other CLM tools
Pega and other BPM software

Kayla’s responsibilities as an AI pKYC Review Analyst

Sophisticated event-driven monitoring capabilities: Kayla keeps KYC profiles up-to-date and surfaces true, material risks to the business. For example, changes in beneficial ownership moves to high-risk jurisdictions or connections to PEPs and watch-listed individuals and entities.
Simplifies downstream KYC refresh: Kayla collects all the data she has access to and consolidates all of it. Source data via file exchange, API, UI and other integrations, including sources like LexisNexis, Thomson Reuters, and government repositories like SEC.gov.
Aligns to requirements with ease: With no code configuration, Kayla matches your institution’s KYC procedures and requirements to fulfill documentary and non-documentary KYC requirements. For example, Kayla can translate a KYC requirement, like confirming a name change hasn’t occurred; or a specific, automated check to be performed, like pinging an approved source.
Automated customer outreach process: Kayla delivers targeted digital interactions. She can process KYC documents and information received from customers, tagging it to specific requirements in an organization’s KYC core and auto-generate reminders and follow-ups for missing KYC information.
Delivers full insight to KYC Ops Managers: Kayla surfaces all data in reporting dashboards that will provide full insight for a better-managed process. For specific customers that are dropped from an STP review, Kayla creates an interactive dossier with all of the data and analysis she has performed, so that your team can further investigate.
Escalate to investigate: Kayla alerts a team member for customer profiles that warrant human oversight. She also creates an interactive dossier that allows a human operator to quickly review the event and once reviewed, can reintegrate the customer back to the workflow, still achieving significant efficiency gains on the review.
Audit trails for compliance: Kayla provides thorough, human-readable justifications and a confidence threshold, reinforced by mathematical support, to maintain transparency for examiners and auditors.

Kayla works with:

pKYC Refresh: Keeping Records Up-to-Date and Managing Changes

Periodic KYC refreshes are inefficient and diminish an organization’s overall risk posture. Without KYC automation, the significant analyst work needed to support KYC refresh is a major roadblock to more periodic reviews. Kayla removes these roadblocks. She coordinates KYC refresh to keep customer profiles up-to-date, including identifying true, material changes for things like updates in beneficial ownership, moves to high-risk jurisdictions and connections to PEPs/watch-listed individuals and entities.

Revolutionizing KYC with pKYC

Banks need to always know a customer’s risk profile not just when they onboard, or in one to five years during a KYC refresh. To date, it has been stubbornly difficult to automate pKYC due to the high variability, unstructured information, research, outreach, and judgment – until now. Kayla is a dynamic and risk-based approach to pKYC. She handles the information overload of constantly reviewing client profiles and creates the technology foundation for pKYC by working in real-time, regularly re-evaluating customers as new information about their activities and associations is discovered.

How AI Digital Workers Work Together to Provide a Foundation for pKYC

A variety of drivers are moving organizations to improve automation for KYC. Automated KYC is needed to support digital account onboarding, as well as compliance checks for alternative payment channels and open banking services. KYC automation is also a fundamental enabler for improving risk monitoring in the context of KYC refresh and remediation efforts. Without KYC automation, organizations struggle with inefficient and expensive periodic refreshes or have been hit with MRA/MRIAs due to poor risk management, quality and backlogs. Keeping records up to date and managing changes overtime is a challenge and the significant analyst work need to support KYC refresh is a major roadblock to more periodic reviews.

Additionally, organizations want to change the way risk is managed. True perpetual KYC (pKYC) is achievable with the right tools.

WorkFusion’s KYC AI Digital Workers can automate CIP and CDD and the full suite delivers the foundation for true pKYC.

Kendrick, AI Customer Identity Program (CIP) Analyst: Verifies the identities of your customers 10x faster, protecting the reputation of your business.

Darryl, AI Customer Due Diligence (CDD) Analyst: Brings unmatched due diligence expertise along with a 73% reduction in ownership verification processing time.

Evelyn, AI Sanctions Alert Review and Adverse Media Analyst: Delivers 200% more coverage in adverse media monitoring, name and sanctions screening alert review.

Fenergo and other CLM tools
Pega and other BPM software

Meet other AI Digital Workers

Our digital workers are designed to take the heavy load off your team’s shoulders, so they can focus on more rewarding tasks.