Know your Customer (KYC) Compliance

Meet all relevant KYC compliance requirements.

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We can help you meet KYC regulations and stay compliant

As a company handling financial transactions, it’s important that you are totally confident in who your customers are and the level of risk they pose to your business. KYC consumer checks are the mandatory process of identifying and verifying a customer’s identity when they initially open an account, as well as over time.

With access to the right data, you can uncover hidden risks relating to your customers, ensuring you meet all relevant KYC regulations and remain fully compliant.  


What is KYC?

KYC, or Know Your Customer, is the mandatory process to identify and verify the identity of clients of financial institutions, as required by the Financial Conduct Authority (FCA), to check they are who they claim they are.

See KYC guide


KYC checks and verification

Businesses, especially those handling financial transactions, must comply with strict regulations to verify customers' identities and confirm they are who they say they are. KYC checks are crucial for ensuring that customers are not engaged in financial crimes or fraud, and display your commitment to responsible business practices. The KYC process covers initial health checks on the customer base, maintaining consistent standards during account openings, and ongoing monitoring to manage your business's risk tolerance.

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Further reading on KYC solutions

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KYC documents and ID verification

In situations where your business needs to verify a customer’s identity – for example, when opening an account – the right ID verification tools will help ensure that you meet regulatory requirements, protect you from the potentially significant costs resulting from fraud, and help manage your reputation so you can attract and retain new customers that are truly valuable. Utilising an extensive range of Identity Attributes, tools such as CrossCore Identity Services check and validate identity as well as the elements that make up an individual’s digital identity.

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Further reading on identity verification

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We can tailor our KYC document and ID verification solutions to meet your business needs. Let's talk.

Digital customer onboarding

As more businesses prioritise online channels, there is an increasing need to find easier, more cost-effective ways to comply with KYC policies and regulations. Digital onboarding involves the customer completing a series of automated steps, and providing personal data, which is then authenticated by digital technology, to ensure they are who they say they are.

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Further reading on customer onboarding

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KYC regulations in finance

Under anti-money laundering regulations, financial institutions and those dealing with financial transactions are obligated to assess the level of risk that each customer presents. All institutions must comply with the regulations and recommendations laid out by JMLSG and AML6D. As part of AML regulations, KYC requirements in the UK are regulated by the Financial Conduct Authority (FCA), the National Crime Agency (NCA), and the Serious Fraud Office (SFO).

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Further reading on financial compliance

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We can tailor our KYC solutions to meet your business needs. Let's talk.

Automated KYC

Many organisations still adopt a manual approach to KYC, meaning high volumes of data processing and potential delays for customers. This is not only complex, but it is also time and resource-consuming and, ultimately, costly. Automation offers an efficient, effective, and accurate alternative. Event-driven, automated models, such as Experian’s, proactively monitor portfolios for financial risk, only requiring human intervention when changes occur. This offers a potential cost saving of over 50%. Using third-party data, we can help financial institutions to automate their KYC checks, so they can proactively monitor their portfolio and only require manual intervention when there is a change in data that could impact a customer’s level of risk.

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Learn more about our KYC Identity Services APIs

Interested in discovering our API’s? On Experian’s Developer Portal you can easily access our KYC Identity Services API’s. Get insight into Experian integration criteria by viewing instructions on how to easily access and integrate data and understand how our API’s meet your business needs. You can access: - Tutorials on how to use APIs step-by-step - The full catalogue of Experian API’s - Information on how to acquire information through a data capture form - Insight into how available information can be requested and consumed and much more

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Further reading on fraud prevention

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We can tailor our automated KYC solutions to meet your business needs. Let's talk.

More on preventing fraud and identity theft

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