About three years ago, Global Risk and Data Authority Limited launched a platform aimed at automating the know-your-client and anti-money laundering compliance processes for banks in Cayman, as well as onshore correspondent banks.
The platform essentially serves as a checklist for banks that want to assess the risk of a potential client.
If, for example, the client wants to open a checking account with a Cayman bank, he or she would upload their passport and other necessary documents into the platform. The platform, in turn, would make sure the documents are authentic, and then assess the risk level of the potential client.
“We can test 5,000 different types of documents with the countries that issued them,” said Bob Taylor, GRADA’s head of corporate development.