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CDD is a key part of AML compliance, and KYC should be the first step in any strong risk-based approach. SmartSearch can perform KYC checks on both domestic and international clients – our resources can confirm identities in over 200 countries using our electronic verification software. You can even access this service on the go with our app, SmartAML. Perpetual Know Your Customer (pKYC) is a more dynamic all-encompassing KYC solution and said to be the future of risk management strategies.
KYC (or know your customer) checks, are background checks that should be carried out as part of your risk-based approach. The KYC process involves the verification of the customer’s identity, using documents like photographic ID, proof of date of birth and proof of address. This can be done manually, with physical documentation, but it’s faster and more reliable to do it electronically, with data sourced online.
Customer due diligence, or CDD is a longer process which continues after the customer has been onboarded, and includes checks like sanctions and PEP screenings, to continuously assess the risk-level that a customer poses to a business.
Both KYC and CDD are crucial aspects of AML compliance. Regulated firms must identify and verify anyone they work with, to ensure they don’t unknowingly become involved with a business or individual with a history of financial crime, or sanctions.
Perpetual Know Your Customer (pKYC) - also known as continual KYC - is the ongoing process by which businesses continuously update customer information as a part of their risk management strategy and is a step on from a standard Know Your Customer (KYC) process.
pKYC not only offers a much more dynamic and secure risk management solution but will automatically evolve as clients’ circumstances change, thereby reducing risk and the level of period work required by regulated firms.
Our platform can perform efficient, electronic KYC checks for every type of client – from individuals to businesses, including professional services and large corporate enterprises. Regardless of the scale of your customer or client, our KYC verification process is thorough, quick and extremely accurate, so you know exactly who you’re going into business with.
We’re proud to offer an end-to-end onboarding process. Our comprehensive platform is the largest collection of AML tools in one place – with everything you need, right through from initial checks to ongoing monitoring. Plus, our software can be seamlessly integrated with your existing systems for minimal disruption.
With SmartSearch, you’re not limited to carrying out KYC checks on customers in the UK. Our unique platform uses international databases like the Dow Jones WatchList, which is updated daily, to carry out due diligence checks on individuals and businesses all over the globe, in over 200 different countries.
We’re AML compliance experts. That means our platform is built to make every aspect of your compliance as convenient as possible, with time-saving features like electronic verification and automated status change alerts. Choose one of our products and you’ll benefit from the ongoing support of a dedicated account manager.
The reason many firms are looking to transition to a pKYC model is, not only is it far more reliable due to the fact it is constantly being updated to provide ongoing compliance, but because it is automated, it requires much less effort on the part of the regulated firm. Instead of doing an initial check, and then having to revisit the client each year to assess if their risk level has changed, pKYC enables the firm to sit back, rest assured that their customer database is always up to date and fully compliant.
We can verify the identity of your clients electronically in seconds, and the system will automatically undertake Enhanced Due Diligence if any client is matched with a Sanctions or PEP list. Our daily monitoring services will alert you of any changes ensuring you always remain fully AML compliant.
SmartSearch offers a one-stop-shop for all your firm’s AML requirements. The user-friendly system enables staff at any level to successfully run AML checks, and we are constantly updating and improving the platform to ensure it remains the leading AML solution on the market.
Including KYC in your AML compliance process is hugely beneficial. By verifying your customer’s identity, you reduce the chance of doing business with anyone who is known to be involved in financial crime. You’ll be protecting your business from fraud, and helping to combat money laundering and terrorism financing on a wider level. The KYC process can also help you to better understand your customer’s financial background, and serve them better as a result.
In banking and financial services, KYC stands for Know Your Customer, and refers to the process during which financial organisations obtain information which enables them to verify the identity of their customers. This information may consist of data like names, addresses, photographic IDs and details of nationalities, depending on whether you’re verifying the identity of an individual or a business.
While these could vary slightly according to the financial institution in question, most banks will require the following for KYC checks: a photographical ID, proof of date of birth and proof of address using a document like a credit card bill or similar.
There are two main categories of KYC checks: electronic and paper-based. While paper KYC checks rely on customers physically bringing in their identification documents, electronic KYC checks don’t require the presence of the customer at all.
KYC can be carried out in two different ways. With paper KYC checks, you’ll need to verify your customer’s identity using physical documentation provided by them, and carry out sanctions checks and PEP screening manually, using the information gleaned from these documents. Electronic verification is both faster and more accurate than manual; checks are carried out in seconds using regularly updated international databases, like the Dow Jones WatchList.
In the UK, KYC is compulsory for all registered financial institutions and banks. These checks are mandatory because they help you as a business to comply with AML regulations enforced by the FATF, as well as the recommendations of the FCA.
Every registered bank and financial institution should have a process in place for performing KYC checks and customer due diligence, and not a single customer or client should be exempt from this screening process.
In addition to technology and data sources needed for the identification, verification and screening required for standard KYC, businesses that want to transition to pKYC will need to aggregate and enrich their data using other free and paid-for public sources, as well as any internal data they own.
Overlaying their own data is a key part of pKYC as it can offer a much more valuable level of information that is unique to the business and its risk level. By utilising the information they hold on their clients, regulated firms will be able to recognise connections and potential issues that would otherwise be impossible to identify.
Not only is it more cost effective for businesses to manage their risk perpetually rather than transactionally, as it uses fewer resources and requires less intervention, but by gathering and managing up-to-date information, firms can also create better and more meaningful long-term relationships with their clients. A personal update on a client - new name, new address, different job - can create business opportunities for professionals as life events often lead to the need for products, services, and advice. Furthermore, a system that is able to detect out-of-date clients means businesses are able to focus their attention on existing relationships to maximise profitability.
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