Standard Customer Due Diligence or KYC checks are typically limited to a 1-time snapshot of a potential criminal background, often reliant on data that is incomplete and could contain false negatives. Why? Because a traditional background check is a manual pull, done at a single point in time. These limitations create risks for financial institutions and materially increase the chance of a bank or NBFI unknowingly supporting criminal activity, subjecting it to fines, sanctions and reputational risks. Experts estimate that up to $300 billion is laundered through the United States each year. In 2020 alone, global banks were hit with $10.4 billion in fines for AML violations.
How eMotive can help: eMotive provides continuous Customer Due Diligence Monitoring instead of a typical 1-time check at account opening to dramatically reduce your risks. The best way to contain an incident is to prevent it happening in the first place and continue from there.
eMotive will algorithmically automate the continuous monitoring of an individual or group of individuals that need permissible observation for reasons of people’s safety, asset protection, risk mitigation, AML, AFC, fraud, KYC, suspicious activity, insider threat monitoring, intellectual property protection, cyber-threats, terrorist financing, trafficking, PEPs, sanctions’ monitoring, business compliance, business necessity, etc. on a continuous basis. The system is set up to automatically outbound notify — through an FCRA- and HIPAA-compliant E2EE alert — whoever is monitoring, in case of a criminal event of interest occurring, within two hours of the event.
Seamless support: eMotive lowers the risk of AML infractions with “always on” alerting, enabling real-time decision-making. It reduces expensive false positives and dangerous false negatives with the text + FR capability. It is intuitive and seamlessly integrates with most systems.
Insider threat incidents rose 44% between 2018-2020, with costs per incident up more than a third to $15.38M. Incidents that took 90+ days to contain cost organizations $17.19M on an annualized basis. Insider Threats could lead to Regulatory Fines; Ruined Reputations; Financial Losses; Loss of Customer Trust; Compromise of Data; Disclosure of Trade Secrets. Financial institutions do conduct point-in-time criminal background checks for new employees in addition to a review of systems access and logs to check on employee activities and detect anomalies, but these checks are incomplete because traditional background checks do not typically do real-time, hourly data capture.
How eMotive can help: eMotive reduces the risk of an Insider Threat by criminal activity by running 24x7/365 against data pulled hourly from 100s of locations. It is the first true real-time continuous criminal monitoring, making it more complete than traditional background checks.
We live in the golden age of identity theft and financial fraud: smurfing, money mules, data manipulation, fake IDs, synthetic IDs, pollination, you think it and Anti-Financial Crime (AFC) teams have probably seen it. With physical access to an e-Passport or other identification, our tools could create a tri-level certification between an image in the chip, the passport and a person to check validity for two reasons: To tell you whether that passport or other ID is a valid document or a fake. And whether that person has a possible criminal background in the United States up to two hours ago. What’s more interesting is that we could do potentially this in under 10 seconds.
How eMotive can help: Essentially, we would validating that the information printed on a passport is the same as that stored in the passport. This could also be linked to external systems to validate other data. Image validation on the chip requires certain conditions to be met.
Policy makers and anti-financial crime analysts could automate and set up red flags for charges of concern, from counterfeiting to credit card fraud, and identity theft to embezzlement, or cybercrimes to money-laundering of different kinds, based on terms/words found in charges across different regions, to look for patterns relating to those charges. When an individual charged with the terms they’re looking for is found, they can be automatically pinged to determine a possible match to someone in their dataset. This data can be married with other data for strategic analysis, including for training, investor reports, value-added services, AFC/AML/Threat Management Programs.
How eMotive Can Help: Our analytics rely on advanced observability tools, built on proven technology that includes intelligent machine learning to converge silos and deliver unified visibility + actionable insights for real-time mapping. Our systems allow users to autogenerate granular statistics up to the previous hour.
We take privacy seriously and do not scrape social media, or run credit checks, scan property records, etc. We do not collect data on minors. To maintain privacy and data integrity, our staffers have no visibility into any partner or client’s dataset in eMotive. We are not a traditional background checking organization, but we are FCRA and HIPAA compliant. Our systems are built to adapt to and comply with multi-jurisdictional data privacy regulations. Biometrica’s very comprehensive data retention and biometric policy ensures all data use is ethical and consistent with authorized purposes while not violating the privacy, civil rights, and civil liberties (P/CRCL) of individuals.
How eMotive manages Data: We understand that as custodians of people’s data in a world where data is constantly under threat, it is incumbent upon us to limit access to it through RBAC/ABAC to those that need to know. Further, every systemic action has an immutable audit trail.