Customer Due Diligence
Customer Due Diligence
The worldwide price for financial crime is very large and estimated at trillions of dollars every year. Should customer due diligence not be comprehensive then your company might be under threat from this crime. According to a LexisNexis study done in 2023, the average financial institution costs per compliance has gone up by 18.3%. To avoid this, KYC Solutions give clients well researched customer due diligence services. Compliance with international regulations is certain due to our advanced technology and experienced team, thereby reducing chances of being fined or penalized.
By 2022, a Thomson Reuters research revealed that 52% of worldwide organizations encountered financial crimes last year. Instead of playing victim, work with KYC Solutions and protect your business from financial criminality together with its grave outcomes like fines or prosecution. We specialize in customer due diligence in order to enable you concentrate on growing your business. Reach out to us now for further information on the full-range of customer diligence services that we offer and how this would benefit in safeguarding your organization.
AML Due Diligence
Anti-money laundering (AML) stipulations is paramount for financial institutions in order to ensure that crooks do not attempt to pass illegitimate income as clean money. KYC Solutions offers an all-inclusive method of carrying out AML due diligence. We cover an extensive list with customer identification, risk evaluation, constant follow up surveillance and executing transaction screening with the aim of noticing where there is any kind of doubtful business activities.
Partnership with KYC Solutions your Reputation is saved from damage as well as penalties worth fortune saved because they will help you comply with global anti-money laundering standards. While our AML support staffs and due diligence experts and cutting-edge technology make everything easier for you, involving themselves with other core tasks which bring more wealth. Do not leave your company open to attack by financial wrongdoers, choose KYC Solutions for rigorous anti-money laundering scrutiny.
Frequently Asked Questions
KYC due diligence requires to find out customer identities, check their risk profiles, & scrutinizing transactions for any doubtful activities. Moreover, it examining the documents related to identity, comparing against sanction lists, & performing enhanced due diligence for suspectable customers.
Customers provide companies with KYC information directly: (identification papers, proof of residence); they obtain the information from third-party database (verification of identity, examination against sanctions), & public data may gather them from open sources (company registers, news articles).
Innovations in compliance due diligence are AI-fueled risk assessments and automation, as well biometric verification used to check identity, blockchain that protects stored information and RegTech solutions for fast regulatory adherence.