Increase your customer acceptance rates
AML (Anti-Money Laundering) rules and regulations account for a variety of control and monitoring obligations being placed on companies operating within the payment market and the payment industry. The payment market consists of organizations, sole traders, and partnerships that are engaged in facilitating payment transfers between individuals and companies, or both, whereas institutions involved in payment processing such as banks, non-banking financial institutions, and others constitute the payment industry. Entities within both fields must meet KYC and KYB compliance demands. KYC (Know Your Customer) and KYB (Know Your Business) are regulated processes for verifying a private customer’s identity or that of a corporate client and for assessing and monitoring risks with potential and existing clients. In the ongoing battle against money laundering and terrorist financing, the KYC process is a fundamental concept. The KYB process serves as a sentinel placed on what once was a blind spot that criminals were able to exploit by using financial relationships between businesses to conceal their identities and launder money.
Within regulated industries, hefty fines or even prosecution may be the consequence for a company that doesn’t meet KYC and KYB requirements. Having digitised and automated processes with a seamless customer experience in real-time for customer onboarding, due diligence, and monitoring is essential, it is also a prerequisite for adopting an effective risk-based approach. Thorough and efficient automated processes allow companies to access information about the client quickly and act accordingly, time for decision making is reduced from days to hours. Manual regulatory compliance checks are cumbersome, immensely time-consuming, and vulnerable due to human errors. Whereas an automated KYC and KYB process improves operational efficiency, reduces fraud, lower operational cost, enhances the client experience and increases your customer acceptance rates.