Verify Customers Instantly with our advanced KYC Software

A KYC check can include confirming a customer’s name, date of birth and residential address; verifying identity documents; completing biometric and liveness checks; and screening the customer against sanctions and politically exposed person lists. The results can then be used to assess whether further due diligence or ongoing monitoring is required.

The time required depends on the type of verification and whether further review is needed. SmartSearch electronic identity checks can return results in seconds, while document, biometric, manual-review, or enhanced due-diligence stages may take longer.

Yes. Sanctions and PEP screening can form part of the wider KYC and Customer Due Diligence process. SmartSearch screens customers against relevant watchlists and can support ongoing monitoring to identify subsequent changes in their risk status.

KYC is the process of identifying and verifying individual customers, assessing their risk and confirming that they are who they claim to be. AML is the wider framework of policies, controls and checks used to prevent money laundering and other financial crime. KYC forms an important part of an organisation’s broader AML compliance programme.

Perpetual KYC differs from a traditional KYC programme primarily in the sense that customer information is checked — and, as and when necessary, updated — continuously. This means that, if the customer’s status does change, you can be notified especially quickly.

If you are an AML-regulated UK business, you have a legal requirement to use proper due diligence processes in the course of Know Your Customer procedures. This means identifying and verifying the client before screening them against PEP lists and sanctions lists.

This umbrella term covers measures AML-regulated firms are legally required to take for preventing criminals from illegally concealing the source of funds obtained from illicit activities like corruption, gambling, and human trafficking.

This can be seen as an aspect of AML, as KYC checks are what a company performs to establish that customers or clients seeking to work with the business are genuinely who they claim to be.

The continual nature of pKYC requires it to be electronic. If you are still carrying out KYC processes manually, you can future-proof them by transitioning to electronic verification (EV).

Ensure your KYC provider encompasses all of the features you need. While some KYC providers might — for example — offer AML screening but omit the use of facial biometrics, SmartSearch’s innovative platform for AML compliance covers all aspects of KYC.

KYC (Know Your Customer) is used to identify and verify individual customers, while KYB (Know Your Business) is used to verify businesses and understand the individuals behind them. KYB checks can include confirming company registration details and identifying Persons with Significant Control (PSCs) and Ultimate Beneficial Owners (UBOs). Learn more about our Know Your Business (KYB) checks.