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Know Your Customer (KYC) legislation has been introduced in financial centers globally. Businesses need to adapt and balance KYC compliance with smooth client interaction Easily onboard customers, and meet compliance requirements by defining custom workflows depending on activity. Protect your business by reducing fraud. Safeguarding your customers by establishing real trust
We remove the time-consuming process of verifying customers and provide the flexibility to manually intervene.
Stay up to date with your compliance and automate your KYC refresh cycles
KYC enables businesses to assess the risk associated with each customer and transaction. This allows them to allocate resources appropriately, implement enhanced due diligence for high-risk customers, and tailor their risk management strategies
Many industries are subject to regulations that require businesses to implement robust KYC procedures as part of their compliance efforts. Adhering to these regulations helps businesses avoid legal penalties and reputational damage.
Businesses that fail to implement effective KYC measures can inadvertently become associated with criminal activities. This can tarnish their reputation and lead to loss of trust among customers, partners, and stakeholders.
Fraudulent activities, money laundering, and other illegal actions can lead to financial losses for businesses. By implementing KYC procedures, businesses can minimize the risk of financial loss resulting from these activities
KYC allows businesses to perform enhanced due diligence on high-risk customers. This includes obtaining additional information and documentation to better understand the customer’s background and intentions.
KYC processes involve monitoring customer transactions and behaviors over time. This enables businesses to identify unusual or suspicious patterns of activity and take appropriate action.
KYC helps businesses verify the identity of their customers, reducing the risk of fraudulent activities. By ensuring that customers are who they claim to be, businesses can prevent criminals from using fake identities to carry out fraudulent transactions.
Businesses are vulnerable to being used as conduits for money laundering, where illegal funds are disguised as legitimate transactions. KYC procedures help identify and flag suspicious activities that might be indicative of money laundering.
KYC processes assist in identifying individuals or entities associated with terrorist financing. By identifying high-risk customers and transactions, businesses can help prevent their resources from being used to fund illegal activities.
Know Your Customer (KYC) refresh is typically conducted periodically to ensure that customer information remains accurate and up-to-date.
The frequency of KYC refresh can vary based on regulatory requirements, company policies, and the risk associated with the customer.
Common triggers for a KYC refresh include:
