Before delving into the specifics of how the platform, Know Your Customer, AML screening & monitoring work, let's start with understanding a few core concepts in the OSP platform:
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Verifications:
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A verification represents a single occurrence of an individual going through a form of an identity-related check. Examples include end-to-end customer onboarding, which contains a series of know-your-customer or other customer due diligence verifications or a singular check against the AML global watchlist.
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Cases:
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A case represents an escalation to human operators on the back of verification based on pre-defined business conditions. It allows users to configure a robust and efficient case creation and review process within the platform, which closely aligns with internal processes varied by businesses, along with a clear focus on operational efficiency and traceability.
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Customer Profiles:
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A customer profile represents a verified individual associated with one or more verifications, which mirrors individuals and their key identity information from your system in OSP. Customer profiles provide holistic views of how you have interacted with an individual over time: all historical verifications, cases, and audit reports are aggregated to that customer profile, to help you make more informed decisions. You can create a customer profile by simply passing on a reference ID when creating a verification, and we recommend using your internal customer ID or account ID as the reference ID.
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Workflows:
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A workflow is a highly-configurable representation in OSP of your business processes used to verify customer identity and associated risks(e.g., Fraud, Credit) online. At its core, a workflow consists of 1) user flows representing interactions with your customers; 2) data nodes representing the act of collecting necessary data elements to make an informed decision; 3) decision nodes representing business conditions to conclude a final business outcome, such as if the customer is onboarded or declined.
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User permissions:
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User permissions allow account admin to configure individual users and their associated roles within the organization. OSP offers a set of role templates based on common use cases and target persona. In the case of AML screening & monitoring, the 3 default roles are admin, analyst, and supervisor, which come with a pre-defined levels of access.
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Anti-money laundering (AML):
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Money laundering is a pattern of behaviors intended to disguise the proceeds of crime or money intended for terrorist activities. This is done by disguising the owner of the assets, the source of where it came from (e.g. drug trafficking), and/or what or for whom the money is intended. Anti-money laundering (AML) regulations require organizations to take prudent steps in detecting and reporting any suspicious activity. AML controls are intended to deter and detect suspicious activity that may be part of a money-laundering scheme.
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