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