Know Your Customer (KYC) is the due-diligence and regulations that banks, financial services firms, payment services providers and many other organisations must perform to identify their customer and ascertain relevant information from them to perform business with them.
KYC controls are designed to prevent identity fraud, money laundering and terrorist financing. While the need for the control is understood and accepted, its current methods of implementation may be costly to operate, contains significant duplication of work and has negative impacts to both end-customers and organisations.
Researching and documenting the full ownership of your customers is a manual and time consuming process, which is why Experian can help you to carry out these checks, quickly and easily.
We’ve created a unique algorithm that analyses the full corporate tree. Those with an equal or greater than shareholding of 10% are then identified.
|Batch||Reviewing, benchmarking and assessing existing customer portfolio|
|API||Real time verification checks to support your customer on-boading process|
|Alerts||On-going monitoring of activity by:|
|Periodic assessment of your customer portfolio|
|Implementing notification mechanism to flag specific updates in your portfolio|
Experian continues to add enhancements to further develop the existing service to adapt to both market trends and the user experience. Concurrently, our development team is diligently working to find any opportunity to improve this proposition. One of the latest enhancements includes PSC data.
This is the additional Company Information now available from the Companies House, based on the self-declared Companies reports and could be integrated with the UBO service.
A PSC is defined as anybody in a company, LLP or SE (Societas Europea) who meet one or more of the conditions listed within the legislation. This includes someone who:
UBO data will identify individuals meeting points 1 and 2 (above). The addition of the PSC data will identify the additional individuals matching points 3-5, further supporting your KYC requirements (especially within Banking and Financial Services).
Over and above PSC register, Experian UBO mechanism also identifies significant shareholders across all levels of corporate tree and is available for the historical data.