Establishing a Know Your Customer (KYC) process is an integral part of a financial institution’s process to verify a customer’s identity and assess the potential risk of dealing with it. The process is complex and begins with verifying basic information about the entity, including the address of its headquarters and the sources of funds, and checking sanctions lists. The ongoing process should include monitoring adverse media, which can help reveal criminal activities like money laundering, drug or human trafficking, bribery, and organized crime. Advanced entity extraction for adverse media monitoring involves relationship extraction and event extraction, which goes beyond a focus on names.
