Intelligent decisioning technology provider LendingMetrics has upgraded its API platform for wealth managers to automate fraud detection and compliance requirements.
Intelligent decisioning technology provider LendingMetrics has upgraded its API platform for wealth managers to automate fraud detection and compliance requirements.
LendingMetrics’ Auto Decision Platform (ADP) – already used in lending, banking, mortgages and online gaming – has been adapted for those who need to swiftly conduct due diligence checks and handle customers compliantly in the wealth management sector.
By using Open Banking and credit bureau data, the platform delivers near-instant KYC (know your customer), KYB (know your business), identity verification, AML (anti money laundering), PEP (politically exposed persons) and suspicious activity detection decisions. It then conducts automated ongoing risk monitoring of individuals and business customers.
Each automated check is performed in under a second once a client has consented via their GDPR permission. Onboarding searches are run against multiple bureaus in sequence, with checks re-routed to second and subsequent bureaus should a profile fail at any stage. The ‘waterfall’ handling of checks and the involvement of multiple bureaus and other third parties maximises the chances of successful screening.
All checks generate an electronic audit trail that can be provided to regulatory authorities should they request one.
David Wylie, Director of LendingMetrics, says: “ADP is going to be a game changer for the sector because it provides an automated and frictionless route through the compliance and regulatory minefield. Through our conversations with wealth managers, we know that what they want is a robust automated API that ensures full compliance but does not get in the way.”
He adds: “The technology is ideal for companies whose managers are deemed responsible under the SMCR. It will save them hours of admin time and give them the peace of mind that goes with knowing that they have systems in place to ensure compliance and can prove it.”
