In addition to these internal procedures, businesses that deal directly with end consumers generally also need an additional layer of processes that deal with how the interaction with that consumer occurs, and what needs to be officially recorded. All companies are subject to this, from a store that issues the receipt at the time of sale (because issuing a receipt is a regulatory requirement) to the bank that analyzes the money laundering risk of each financial transaction that passes through its systems.
In most situations involving end consumers, regulatory requirements are related to the collection of information from these individuals. The exact type of information being collected may vary from market to market, but in general, the need is the same: it is necessary to collect information related to consumers (CPF, name, marital status, address, and so on) in order to minimize the risk of a crime being committed, and also to be able to investigate any problems that may arise.
This process of collecting information to meet regulatory compliance, however, brings with it several problems. Asking the end customer for all the necessary information taiwan phone numbers creates a lot of friction in the onboarding process, which can lead customers to give up on making a purchase or opening an account. At the same time, the answers provided may not be reliable and need to be validated against an external source. And there is still information that people are unaware of. Imagine a bank, for example, asking if a person is Politically Exposed (a PEP, or PPE). Many people don't even know what this means, and will not be able to answer the question correctly even if they have good intentions.
The best way to solve this problem is to use public sources to minimize the data being asked, validate the answers provided, and search for information that people do not know how to answer. At BigDataCorp, we help hundreds of companies meet their regulatory requirements , whether they are BACEN, Anatel, the Federal Government itself, or any other, by collecting the necessary data and cross-referencing it with the records made. All of this is automatic, simple, and in real time, minimizing the operational impact of working with this data.
Not only that, but we also offer continuous monitoring of information from public sources, delivering changes to the data as they occur. This allows our clients to keep their databases continuously updated, always in accordance with any requirements and without the need for periodic updates. If you need help complying with the regulatory requirements of your market, contact us and find out how we can help.