Customer due diligence is the process of identifying customers and clients to check they are who they say they are. Under the Bank Secrecy Act, all US financial institutions must perform customer due diligence - also known as Know Your Customer (KYC) checks – on all customers. This involves identifying and verifying the client, checking them against sanctions and PEPs lists and monitoring them on an ongoing basis.
Electronic verification is the most reliable way to complete AML checks as it cross-checks a person’s details using multiple data platforms, as well as screening for sanctions and PEPs. If the documents or details provided are fake, electronic verification will expose this. SmartSearch is a unique AML, fraud prevention and Know Your Customer / due diligence platform which incorporates fully automated sanction, PEP, SIP and RCA screening, offering a ‘one-stop-shop’ to verify individuals and businesses. The platform also offers daily monitoring to ensure all client firms remain fully compliant and protected for the life of their contract.