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KYC AML Screening

Know Your Customer (KYC) process

by | Jul 28, 2021 | Company

Financial Institutions usually perform KYC processes before opening customer accounts. KYC stands for Know Your Customer. It is a mandatory procedure that helps banks, insurance companies and other financial institutions verify prospective customers’ identities and addresses before conducting transactions. It includes verification of the customer’s identity, address, residential status, financial status and other personal details. The KYC process helps financial entities verify that investments and transactions are being made in a real person’s name. This is to prevent unlawful practices like money laundering, fraud or financing illegal activities, in compliance with AML/CFT rulings. 

Customers are required to provide documents such as Passport, Identity card or a Driving license for Proof of Identity (POI) and bank statements (not more than 3 months old) or utility bills like electricity, gas and water (not more than 3 months old) for Proof of Address (POA) in which they are residing currently. The more complex KYC process today will even include video recordings of customers holding their actual ID cards and making a statement. 

As KYC is becoming a topmost concern for the financial industry, maintaining customer files on an on-going basis is also becoming a priority. Therefore, regular KYC remediation is needed to keep customer KYC files updated to meet regulator’s demands, and the mediate unnecessary disputes should any arise from operating your business.

Getting KYC done is an essential step for the broker dealer business. We understand that many startups have issues acquiring AML screening systems at the start of their business endeavor. We have solutions for AML screenings to done on a smaller scale, thus saving the startups a big sum of costs per month when it comes to smaller scale screenings of their clients AML/CFT screenings, where a report will be generated after a client is being screened.  

If you are interested in this screening service, feel free to contact us

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