Overview

This section provides an overview on Due Diligence purpose and functions.

Due Diligence provides information concerning the intentions of the customer regarding the usage of services provided by the bank. The banks can assess the risk based on this information provided. These risks include identity fraud, money laundering, and terror financing.

Due Diligence microservice enables the banks to handle local regulations regarding the intentions of the customer on how he intends to consume the services of the bank versus how these are consumed. Different geographies have different regulations in terms of money movement, tax rules, etc. The Due Diligence microservice has a superset of this information and is able to support local regulations across different geographies.

The Due Diligence microservice provides the following key functions:

• Financial Information
• Source of Funds
• CDD Assessments Events
• Party Intentions and their related reference data entities

Data Model

The Due Diligence microservice uses the NoSQL data model to manage party information. NoSQL is the standard language to manage unstructured data. A NoSQL database can be used to insert, update, and retrieve database records. A NoSQL database is more scalable and provides superior performance.

In the NoSQL data model, the KEY_PARTITION attribute is available to store unique records in the database.

To view the NoSQL data model of Due Diligence microservice and different entities associated with it, click here.