Know your Customer (KYC) Compliance

With KYC software and tools, powered by platforms like Experian CrossCore, you can carry out end-to-end identity verification checks, age restriction checks, instant documentation verification, and bank account verification. Tie in with your systems to maintain accurate and up-to-date customer data, automate KYC checks and reduce the cost of manual processes.

For organisations regulated by JMLSG and GPG45, KYC compliance forms part of the AML directives. With KYC tools and platforms you can stay ahead of regulation and compliance, allowing you to provide a quick and seamless customer experience while completing all required checks.

As fraud checks during new account openings are becoming stronger, financial criminals are increasingly looking for weaknesses in fraud controls on existing accounts, using another person’s details to create new profiles or infiltrate existing accounts. Suitable KYC remediation will help you to identify and verify customer information, assess risk, and implement appropriate controls.

Combining KYB and KYC due diligence, our tools help verify businesses by applying multiple layers of risk detection to fully understand if the business or the owner is engaged in suspicious activity. Experian provides access to the most comprehensive breadth of data sources in the market. Multi-sourced data corroboration is critical for understanding customers and exposing hidden risks.

As a business, you need to ensure you carry out thorough KYC checks on new account customers to protect your organisation from fraud and losses while ensuring you meet all industry regulations. Although these regulations have traditionally been associated with banks and the financial sector, the expansion of online services now means they are much more widely required, including industries such as insurance, Forex, telehealth, e-learning, real estate, and e-gaming.

Enhanced due diligence (EDD) is a KYC process that involves a greater level of scrutiny, flagging potential risks that would not necessarily be detected by standard customer due diligence. With tools such as CrossCore, PowerCurve, and PCCA, you can carry out EDD to help deter financial crime, better serve your customers, and avoid potential fines.

For banks and finance organisations, KYC is a key aspect of industry regulations, such as AML compliance. You must identify and verify any individual you work with, to avoid facilitating a fraud or financial crime.

KYC checks must confirm that an applicant not only exists but that they are who they say they are. This includes validating the name, address, DOB, nationality, occupation, and contact details, as well as their Source of Funds.