2.1 KYC Overview

KYC assesses the risk a customer poses to the bank or financial institution. It is not a one-time assessment but is a continuous process of assessing customers. Customers are assessed in different stages of their relationship with the bank. The different stages of the relationship are described in the following sections:

  • Onboarding
  • Deployment Initiation
  • Real Time Account on Boarding
  • Account on Boarding or Default Review
  • Re-review

The Oracle KYC risk assessment application is built using the OFS Analytical Applications Infrastructure (AAI) framework. The application functions are divided into the following areas:

  • Reference Data Management (Internal and External)
  • On-line interface with account opening system
  • Risk Assessment Engine
  • Interface with Third Party Services
  • System Maintenance