All financial institutions in the US must undertake Know Your Customer (KYC) checks to assess the suitability of their clients and potential clients and identify any risks they may pose to their businesses.
To perform KYC - also known as customer due diligence - you need to identify the client and then verify that they are who they say they are. To do this you will need their name, date of birth, address and social security number. With an EV system like SmartSearch, you can type these details into the system or scan a document (passport or driver’s license) using OCR and it will automatically perform a full AML check with Sanctions and PEP screening and produce a detailed AML report in seconds. All checks will be saved onto the system and checked on an ongoing basis using data from the Dow Jones Factiva WatchList.