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.  

KYC verification

All businesses that need to confirm a customer’s identity, including those handling financial transactions, must comply with strict regulations, including KYC regulations. To do this, you must take steps to verify that your customers are who they say they are.

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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 check and validate identity as well as the elements that make up an individual’s digital identity.

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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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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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KYC checks

KYC checks help companies ensure that their customers aren’t involved in financial crime or fraud, by allowing you to verify the individual or business you’re working with. KYC checks also help build trust and credibility with customers by demonstrating a commitment to responsible business practices. These can range from initial KYC health checks on your customer base, through maintaining consistent standards for checks at the opening of accounts, to ongoing monitoring within your own tolerance of risk.

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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 API's

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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