Prime AI Solutions helped a financial services client automate their KYC verification and client onboarding process, dramatically reducing onboarding time while improving AML compliance accuracy. The result: faster client acquisition with enhanced regulatory compliance.
The financial services client faced significant challenges with their manual KYC and client onboarding processes that were impacting both business growth and regulatory compliance:
Client onboarding was taking days due to manual document collection, verification delays, and back-and-forth communications with clients.
Manual risk assessments varied between analysts, creating compliance gaps and potential regulatory exposure from inconsistent application of policies.
KYC documents were scattered across emails, shared drives, and paper files, making it difficult to maintain complete records and respond to audits.
Prospective clients were abandoning the onboarding process due to friction and delays, resulting in lost revenue and competitive disadvantage.
The compliance team needed a solution that would accelerate onboarding while strengthening AML controls and maintaining full regulatory compliance.
Prime AI Solutions implemented a comprehensive KYC automation solution that transformed the entire client onboarding journey from first contact to active account.
AI-powered document scanning verifies identity documents in seconds, checking authenticity, extracting data, and matching against provided information. Liveness checks confirm the person presenting documents is genuine.
Automated sanctions, PEP (Politically Exposed Persons), and adverse media screening runs in real-time against global watchlists. Results are immediately available with clear match/no-match outcomes.
Machine learning models consistently assess customer risk based on multiple factors including geography, industry, transaction patterns, and source of funds. High-risk customers are automatically flagged for enhanced due diligence.
Clients complete onboarding through a streamlined digital portal, uploading documents, completing declarations, and tracking progress. The portal guides them through requirements specific to their profile.
The KYC automation implementation delivered transformative results across both business and compliance metrics:
Average onboarding time dropped dramatically from days to hours for standard-risk clients. Low-risk clients can now be onboarded in minutes with straight-through processing.
Consistent policy application across all clients with comprehensive audit trails. Regulatory examinations now proceed smoothly with immediate access to complete KYC documentation.
Client abandonment during onboarding dropped significantly. The streamlined process has become a competitive advantage, with clients citing ease of onboarding in referrals.
Compliance staff previously processing routine KYC now focus on complex cases and enhanced due diligence, improving job satisfaction and compliance quality.
The automated KYC solution maintains full compliance with UK financial regulations
Full compliance with Financial Conduct Authority customer due diligence and ongoing monitoring requirements.
Money Laundering Regulations 2017 compliance with appropriate risk-based approach to customer verification.
Aligned with Joint Money Laundering Steering Group guidance for UK financial services firms.
Common questions about KYC and client onboarding automation
Discover how KYC automation can accelerate onboarding while strengthening compliance.
Ready to take your business to the next level? Get in touch with us to discuss your goals and discover how we can help you achieve them.
Fill out the form below and we'll get back to you as soon as possible.