Kroll launches new KYC tool
Kroll, the world’s premier provider of services and digital products related to governance, risk and transparency, has announced the launch of its new Know Your Customer (KYC) tool, Kroll Business Connect. The tool further enhances Kroll’s global compliance offering and is designed to streamline onboarding and KYC workflow processes for compliance professionals.
Kroll Business Connect offers a collaborative environment for users, where tasks, communications and document sharing are consolidated into a single cloud-based platform–eliminating many of the manual and repetitive onboarding processes compliance professionals currently face.
Monique Melis, managing director and global head, financial services compliance and regulation practice at Kroll, said: “In the challenging regulatory climate of cryptocurrency, cross-border trading, cyber-attacks and working from home, KYC has become an increasingly complex task while simultaneously increasing in value. It is an integral part of firms’ due diligence processes to protect against financial crime and we’re proud to be helping firms ensure compliance in this area.
“Our Global Regulatory Outlook study with the financial services industry revealed that almost a third of respondents predict the total cost of compliance will be greater than 5% of their revenues this year, and this cost is set to rise if unaddressed. With Kroll Business Connect we can streamline the compliance process, improve checks and save firms time and money in the process.”
Kroll Business Connect allows users to set up automatic task reminders and notifications to reduce the risk of deadlines not being met, and knowledge slipping through the cracks. The tool will also give managers better oversight, providing an additional dashboard to assign task owners and view their progress.
The tool has been designed so that all KYC processes are centralized in one place, giving compliance professionals an enhanced ability to manage projects, communicate with clients and stakeholders, and improve workflows.
Crucially, the service will integrate seamlessly with any compliance software or CRM system via APIs, meaning current systems don’t need to be replaced. The software is fully encrypted and backed by Kroll’s leading data security and cyber risk management.
Kroll Business Connect builds on Kroll’s extensive financial crime risk and compliance experience across the financial services industry and corporates globally, including enhanced offerings from Duff & Phelps which began rebranding to Kroll in March 2021.
