Central regions | Technology & innovation

New software screens bank customers to identify blacklisted ones

14 Jan '22
The new HFLabs KYC boxed software product checks clients and counterparties against sanctions lists and official registries. This allows banks and other financial organizations to identify people and organizations from blacklists in time and avoid fines from regulators.

HFLabs KYC is focused primarily on companies in the financial sector: banks, insurance, microfinance organizations. With it, they will be able to automatically check clients and counterparties in various registries before a financial transaction is carried out. The speed of a regular check for the entire client base (even if it is 50 million people) is about three hours. Each individual request is processed in less than a second.

The new system works with all lists of Rosfinmonitoring and performs the verification required by 115-FZ. HFLabs KYC finds people on US, EU, UN, Swiss and UK sanctions lists. Additionally, you can find out if a person is bankrupt and has not presented an invalid passport. The solution supports checking against the list of strategic organizations, the list of the Central Bank based on Regulation No. 764-P, and against any internal lists adopted by the organization.
HFLabs KYC understands typos, synonyms, takes into account data similarity, and even finds relatives. This minimizes the number of false positives and the time it takes to manually verify a customer or legal entity. When analyzing the entire array of client base, we track changes that are important for the business - for example, a change in the legal address or the director of the company, as well as suspicious data - mass registration addresses and duplicate phone numbers, said Konstantin Stepanov, Executive Director of the IT company HFLabs.
HFLabs KYC keeps a history of checks. He remembers if the conditional Ivan Petrov was found on July 1 on the US Treasury sanctions list of June 29. The product keeps all lists and directories up to date, which means that financial institutions do not need to track format changes and modify internal systems on their own.
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