KYC, KYB and EDD reviews prepared from the file, so that analysts decide rather than collate.
Bluegrass builds KYC, KYB and EDD review systems for banks, credit unions and fintechs. The system checks the documents and data against each other and your procedures, and sets out each discrepancy with its evidence for an analyst to decide.
Periodic refreshes are where most institutions fall behind, since each needs the same work whether or not anything changed, and overdue reviews invite exam findings.
What KYC and EDD reviews involve today
Onboarding exceptions, new business customers and periodic refreshes follow the same pattern. An analyst checks the documents against the application, researches ownership and source of funds where the risk calls for it, and writes a summary supporting the risk rating.
A business with layered ownership or an enhanced due diligence case can take hours of research. Teams that fall behind end up with overdue refreshes or an outsourced queue, and either way quality depends on who worked the file.
How automated KYC and EDD review works
- 01
Collect the file
The application, identity results, formation documents, ownership information, prior reviews and account activity are gathered from your onboarding, core and KYC systems.
- 02
Read and reconcile
Documents are compared with the application and each other, and any name, address or ownership percentage that does not match is shown with both sources.
- 03
Research what the risk calls for
Where your procedures require it, the system researches beneficial owners, source of funds and wealth and adverse media in sources you approve, citing every finding.
- 04
Draft the review
The review is drafted in your template, covering what was checked, what was found and what remains open, with any requests to the customer drafted alongside it.
- 05
Decide and record
The analyst approves, edits or rejects the review, the decision is written back to the customer record, and the edits feed the evaluation set.
Where people stay in the loop
The decision to onboard, keep or exit a customer, and the risk rating behind it, stays with your analysts and BSA officer. The system hands them a complete file and a draft that follows your procedures.
Low-risk refreshes with no material change are usually the first candidates for a lighter review, which they get only after your BSA officer has seen the accuracy on your files.
The systems it works with
Reviews draw on your identity verification providers, core platform, KYC system and the ownership and adverse media sources you already license. Each finished review is filed back to the customer record.
When to build it, and when to buy it
KYC tooling is mature for automated onboarding, and several platforms now apply AI to business onboarding and EDD. If most of your customers are individuals who pass automated checks, your current vendor may be enough.
A custom build earns its place when volumes of business customers, EDD or refreshes are large, when your procedures differ from a product's assumptions, or when reviews should share research with alert investigations and sanctions review.
We hold no reseller agreements, partner quotas or revenue share with any vendor, so a recommendation to buy is made on its merits.
What this work costs you today
A quick way to put a number on the problem before talking to anyone, using your own figures rather than ours.
Enter your volume and the minutes each one takes to see what the work costs in a year.
The numbers stay in your browser and are not stored or sent anywhere. Bring the figure to the first call, since it is the baseline any system should be measured against.
Questions about KYC, KYB and EDD reviews
- Can it help clear a backlog of periodic reviews?
- A backlog is often the best place to start, since the reviews are similar and your past decisions set a clear standard. The evaluation sizes the backlog and tests the system on a sample before anything is promised.
- Does it handle complex ownership structures?
- It reads formation documents, ownership charts and registry extracts to trace ownership through each layer, and flags any owner it cannot identify with confidence for an analyst to research.
- Where does adverse media come from?
- It comes from the sources you already license or approve. Each result is read for relevance and summarized with a link, so the analyst can see why a hit matters or was dismissed.
- Who signs off on the risk rating?
- Your analysts and BSA officer sign off, as they do today. The system drafts the review that supports their decision and does not assign a rating on its own.
Related systems
A senior team that has done this before
We are a small, entirely senior team with fifty years of combined AI engineering, multiple granted patents and Y Combinator founders, from Yale, MIT, McKinsey, Goldman Sachs, Microsoft and Vista Equity Partners. The people who scope your work are the people who write the code.
Selected work
We built the AI transformation roadmap for a top-50 P&C brokerage, and it is saving the firm millions of dollars in vendor fees it did not need to pay.
Clients include some of the largest banks, RIAs, fintechs and AI labs, as well as a top-3 P&C carrier, a top-10 P&C brokerage, a top-5 trucking brokerage, a leading specialty MGA and a leading trucking MGA.
We run only 3 to 5 engagements at a time, so that every client works directly with the senior team.
About the team- Dozens
- of insurance companies, RIAs, banks and fintechs we have worked with
- 50 yrs
- combined AI engineering experience
- 10+ Patents
- granted to members of the team
- 100%
- of the IP we build is assigned to you
Find out whether this is worth building for your business.
A 30-minute call with an engineer usually shows whether this is worth building. Within a week you will have a free written point of view, including whether a packaged product would serve you better.