Anti-Money Laundering (AML)
Customer Due Diligence
Identity Verification

Exploring the Role of KYC in the Prevention of Financial Crime

We discuss the prevention of financial crime and how Know Your Customer plays a pivotal role in ensuring compliance and protecting regulated entities.


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Customer Due Diligence

Customer Due Diligence Regulation Explained

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Ben Lachenal

Customer Due Diligence (CDD) is a critical component of Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF). The process involves regulated entities gathering and verifying personal information (including name, address, date of birth, and Government issued ID documents), to ensure customers are who they say they are and identity financial crime risks.

CDD regulations are designed to ensure that businesses have the knowledge and guidance required to implement effective CDD processes and prevent the risk of money laundering and other illicit activities.

Overview of CDD regulations

Various regulatory bodies are established globally to govern CDD regulations, each aiming to enhance the transparency and integrity of businesses and their relationship with customers. The main regulatory bodies & regulation includes:

Financial Action Task Force (FATF)

This is a global regulatory body that sets standards and promotes effective implementation of AML and CTF measures. FATF recommendations form the basis for many national and localised CDD regulation.

European Union (EU) due diligence regulation

The EU has established several directives aimed at CDD at AML, including the 5th and 6th Anti-Money Laundering Directives (5AMLD and 6AMLD), which mandate comprehensive CDD measures for financial institutions within its member states.

The USA Patriot Act

This legislation includes various provisions for AML, including stringent CDD requirements for regulated entities operating in the United States. The Patriot Act specifically requires institutions to establish a robust due diligence program, ensuring that all customers have their identity verified at the point of account opening.

The UK Money Laundering act

Governed by the UK’s Financial Conduct Authority (FCA), these regulations require businesses to implement robust CDD measures to prevent money laundering, terrorist financing, and other illicit activities.

Latest CDD regulation

Regulatory bodies are continually updating CDD regulations to enhance the growing risk of money laundering and fraud. The most recent updates add more pressure for regulated entities to utilise advanced CDD compliance processes to stay ahead of the fight against financial crime. Some of the recent updates include:

The 6th Anti-Money Laundering Directive introduced stricter penalties for non-compliance and extended the scope of predicate offenses for money laundering. The directive also introduced a closer focus on verifying Ultimate Beneficial Owners (UBOs) which has put more focus on businesses implementing Know Your Business (KYB) procedures.

In the USA, FinCen’s new CDD rule also requires financial institutions to identify and verify the identities of beneficial owners of legal entity customers. The introduction of beneficial ownership verification has followed in multiple jurisdictions due to the rising risk of fraud and money laundering in B2B relationships.

The UK’s Economic Crime Levy aims to raise funds to tackle economic crime, impacting firms regulated under money laundering regulation. Any entity whose UK revenue exceeds £10.2 million per year is required to pay the levy and it is collected by the Financial Conduct Authority (FCA), the Gambling Commission (GC), and HMRC.

Challenges of CDD regulation

Whilst the majority of customer due diligence regulation aims to achieve the same result of keeping businesses and customers safe from money laundering and financial crimes, there are naturally nuances between the regulation which makes cross-jurisdiction compliance even more challenging for regulated entities.

Complexity of regulations is one of the biggest challenges facing businesses needing to implement CDD processes. Different jurisdictions have varying CDD regulations, making it difficult for global entities to develop a uniform compliance strategy.

Not only are regulations complex, but they are also ever evolving. Regulatory bodies frequently update CDD requirements to address emerging risks, changing customer behaviour, and external factors. Regulated entities need to stay agile to continuously adapt their CDD policies, KYC and AML processes, and fraud prevention measures.

Adapting to changing regulation can also be resource intensive. Implementing effective customer due diligence measures is costly from a technical and workforce perspective, meaning that reliance on legacy systems can lead to security risks if the business isn’t willing to adapt to new requirements.

Finally, the CDD process involves a significant amount of data from customer screening. To remain audit-proof, entities are required to securely store all verification data across platforms and jurisdictions. Dependent on what systems are used, this can become complex and hard to manage.

CDD best practices

To effectively comply with CDD regulations, it’s important that regulated entities adopt best practices and have a clear understanding of what measures will deliver the required results.

CDD Policy and procedures

The first step to creating an effective CDD framework is to develop an internal customer due diligence policy. This document(s) should outline the steps required for identification, verification, and ongoing monitoring. By developing this, all teams within the organisation will understand what’s required during the CDD process, how to use the tools available to them to achieve results and keep updated on the latest regulation and what risks to look out for.

Risk-based approach

Regulated entities are advised to take a risk-based approach to compliance and CDD. This means that verification and investigation measures should be tailored to the specific risks posed by different customers and transactions.

For example, if a customer attempting to onboard is identified as an ‘Ex-PEP’ (previously politically exposed persons), the business should take more caution with this customer and assign a higher risk group or more verification methods for them. This will ensure that higher risk customers are flagged for Enhanced Due Diligence (EDD) checks whilst keeping lower risk customers free of unnecessary checks.

Training and awareness

One of the most critical elements to CDD is training and awareness internally. Many global corporations are operating with thousands of compliance employees who need to be educated on the latest regulations, fraud tactics, and how to ensure business security by using the latest guidance from regulatory bodies.

Technology and automation

With increased risk and developing fraud and money laundering tactics, CDD technology and automation has emerged as an effective best practice to stay on top of requirements. These systems will often aggregate multiple sources of data and compliance checks into a centralised system & will come equipped with audit-proof storage of data and reporting tools.

How automation can help with CDD regulation

As CDD regulation continues to become more complex alongside fraud and money laundering being more difficult to detect manually, automation (otherwise known as RegTech) has emerged as a key method to assist in the due diligence process.

By implementing an automated CDD platform, regulated entities can benefit from multiple efficiency improvements and begin to use account opening as a driver of growth and not a blocker to new customers.

Automation can significantly enhanced CDD processes by:

1. Streamlining data collection: Automated systems can efficiently gather and process large volumes of KYC, AML, and anti-fraud data from several data sources.

2. Reducing errors: Automation minimises the risk of human error in data entry and verification processes, ensuring that CRMs are enriched with correct and in-depth customer data.

3. Enhancing efficiency: Automated CDD systems can analyse customer information in real time, identifying potential risks and allowing for faster decision-making.

4. Ensuring compliance: Automated CDD can be regularly updated to align with the latest regulatory guidance, ensuring continuous compliance and keeping ahead of emerging risks.

How FullCircl can help

FullCircl works with 700+ regulated entities including 7 out of the top 10 UK banks to support CDD regulatory adherence and craft great customer onboarding experiences.

Our IDV platform includes access to global KYC, AML, KYC, document verification, and anti-fraud solutions, using data from 20+ global data sources. FullCircl is data agnostic so customers can choose the data sources that fit their specific use case.

Ready to learn more about how we can help with simplified, standard, and enhanced due diligence money laundering regulations? Contact us here for a free demonstration.

Customer Due Diligence

Understanding Customer Due Diligence (CDD) Requirements

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Ben Lachenal

Introduction to Customer Due Diligence (CDD)

Customer Due Diligence (CDD) is a critical process used by regulated businesses to gather and verify information about their clients and customers.

This procedure helps institutions identify potential risks of illegal activities, including money laundering and terrorist financing, ensuring compliance with Anti-Money Laundering (AML) regulations. By implementing robust CDD measures, organisations can protect themselves from financial crime and adhere to complex regulatory requirements.

When is CDD required?

CDD is required at the point of account opening and is relevant to a wide range of entities, including banks, financial institutions, gambling operators, cryptocurrency providers, and other businesses that handle significant financial transactions.

The process involves collecting detailed information to verify the identity of clients, understand the nature of their business relationships, and assess potential risks. Having a proactive approach to CDD not only safeguards the organisations but also promotes transparency and trust in the financial system.

Different types of CDD: when to use it and who it applies to

CDD can be categorised into three main types based on the level of risk associated with the customer and the nature of the business relationship: Simplified Due Diligence (SDD), Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD).

1. Simplified Due Diligence

This is applied to customers posing a lower risk of money laundering or where regulation isn’t as stringent. This might include low-value accounts or customers from countries with robust AML frameworks. Simplified due diligence involves basic identity verification without the need for extensive documentation or manual intervention.

2. Customer Due Diligence (CDD)

This is the most common form of due diligence and applies to the majority of customers and industries. It involves verifying the customer’s identity through official documents or data checks and assessing the purpose and intended nature of the business relationship.

3. Enhanced Due Diligence (EDD)

Required for customers posing a higher risk, such as Politically Exposed Persons (PEPs), customers from high-risk countries, or those involved in complex or large transactions. EDD involves a more thorough investigation, including detailed scrutiny of the customer’s background, source of funds, and high frequency of ongoing monitoring.

CDD processes

1. Customer identification and verification

Institutions must obtain and verify information to confirm the identity of their customers in the CDD process. This typically includes collecting documents such as passport, driver's license, and personal information such as name, address, and date of birth. The aim is to ensure that the customer is who they claim to be, thus preventing identity theft and fraud.

2. Corporate verification

CDD not only applies to individuals but should also be implemented for B2B relationships. It is crucial to screen the business and directors of a business to understand risk, with the most critical element being beneficial ownership verification. This involves determining who ultimately owns or controls the business. Collecting CDD documents can be used to verify beneficial ownership.

3. Ongoing monitoring

CDD is not a one-time process. Continuous monitoring including transaction monitoring and re-screening is essential to detect and report any suspicious behaviour. This helps in identifying any changes in the customer’s risk profile and ensures compliance with regulatory requirements over time.

CDD requirements for regulated entities

Regulated institutions such as banks and financial institutions are at the forefront of implementing robust CDD requirements due to the high-risk nature of their operations. Specific regulations, such as those enforced by the Financial Conduct Authority (FCA) in the UK, mandate strict adherence to CDD measures. Key requirements include:

Know Your Customer (KYC) customer due diligence required

Regulated entities must implement KYC procedures to identify and verify the identity of their customers. This includes obtaining personal information, verifying identities, and assessing the risk level of each customer.

Customer Due Diligence (CDD) AML requirements

Regulated businesses must comply with global AML regulations, which involve comprehensive CDD processes to prevent money laundering activities. This includes verifying customers against PEP and sanctions lists, understanding the nature of business relationships, and monitoring transactions.

FCA CDD requirements

In the UK, customer due diligence requirements for financial institutions are set by Financial Conduct Authority (FCA) specific guidelines. Regulated entities must follow these guidelines to ensure they meet regulatory standard and avoid penalties. This includes performing risk assessments, maintaining accurate records, and reporting suspicious activity.

Risk-based approach

Businesses conducting CDD are encouraged to adopt a risk-based approach, tailoring their CDD measures to the risk level of each customer. High-risk customers require more rigorous EDD checks, while low-risk customers may undergo simpler verification processes.

Importance of CDD

Implementing robust CDD measures is vital for several reasons:

1. Compliance with regulation

Adhering to CDD/KYC requirements ensures compliance with global AML regulations, reducing the risk of legal penalties and reputational damage.

2. Risk mitigation

CDD helps identify and mitigate risks associated with money laundering, terrorist financing, and other financial crimes. By understanding their customers, regulated institutions can detect and prevent suspicious activities more effectively.

3. Protecting financial systems

Effective CDD measures promote transparency and integrity within the financial system, building trust among clients and stakeholders.

4. Enhancing customer trust

Customers are more likely to trust businesses that prioritise security and compliance, leading to stronger business relationships.

Solutions for CDD compliance

The increasing complexity of regulatory requirements has led to the development of advanced solutions and automations to streamline the CDD process. These technologies enhance efficiency, accuracy, and compliance, making it easier for regulated entities to meet their obligations.

Digital identity verification

Automated ID&V solutions for verifying customer identities using government issued documentation and biometric data are becoming increasingly popular. These systems can quickly and accurately verify identities, reducing the risk of human error.

CDD AML requirements

Specialised AML software can screen customers against global PEP and sanction watchlists to identify illicit activity and can monitor transactions in real-time, flagging any suspicious activities for further investigation. These systems use machine learning and AI to detect patterns indicative of money laundering.

RegTech solutions

Regulatory technology (RegTech) solutions offer comprehensive tools for managing customer due diligence. These include automated identity verification, anti-fraud solutions, and ongoing monitoring, ensuring businesses stay up to date with regulatory changes whilst giving their customers a seamless onboarding experience.

Blockchain technology

Blockchain is emerging as a valuable tool for customer due diligence. This technology can enhance the integrity of CDD processes by providing an immutable record of all transactions and verification attempts. Although, the technology is still new and evolving, so uptake has been slow compared to RegTech automation.

How FullCircl can help

FullCircl works with 700+ businesses to understand their due diligence needs. Our IDV platform consisting of global KYC, AML, document verification, anti-fraud, and KYB is trusted by regulated entities to increase both the efficiency and effectiveness of customer onboarding whilst keeping ahead of evolving regulation.

Whether you need to explore CDD documents required, CDD requirements in the UK, KYC CDD requirements, or just curious in exploring transforming your compliance processes, we’re on hand to help.

Book a demo today to find out more.

Customer Due Diligence

Gambling act review: How to stay ahead of the latest changes

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Ben Lachenal

Gambling act review: How to stay ahead of the latest changes

The hotly anticipated gambling act review has emerged as a critical initiative in the UK, aimed at modernising gambling regulation and ensuring the industry is fit for the digital age. The review was initially set to come into play in 2021, but due to various delays from COVID and Government priority, has slipped to only now coming into effect.  

Whilst the updated regulation will initially be imposed on operators in the UK, global jurisdictions have been keeping a close eye on the changes to regulation and how it impacts the industry.  

Originally enacted in 2005, the gambling act was designed to regulate betting activities, ensuring fairness and protecting vulnerable players. However, with the rise in online gambling and significant changes in how people engage with betting and gaming, it has become clear that the existing framework is no longer fit for purpose.  

One of the pivotal aspects of the gambling act review is the introduction of new financial risk checks (formerly known as affordability checks). These are designed to enhance responsible gambling initiatives and ensure that players are not gambling beyond their means.

The need for change within the industry is underscored by rising concerns about problem gambling. With an increasing number of people affected by gambling addition, with an estimated 0.5 of the adult population having a gambling problem, 3.8% gambling at at-risk levels, and 7% being negatively impacted by other people’s gambling, it’s critical to implement updated regulation that prioritises players over commercial goals.  

With the first round of changes set to be implemented from 30th August 2024, this blog will explore the financial risk requirements the gambling industry needs to to act on and how to stay ahead of the regulation to avoid penalties and reputational damage.  

Financial risk and vulnerability checks

Light-touch checks: From 30th August 2024, operators must implement these checks on their players. These need to be triggered when players have £500 net deposits in a rolling 30-day period (reducing to £125 from 28th February 2025).

The checks will trigger public records for bankruptcy, CCJ, IVA, HCJ, AO, or DRO.

The purpose of these checks is to inform customer interaction decisions, where the operators must act in response to results whilst considering all other information on the players. Once triggered, the check doesn’t need to be repeated for 12 months.  

Enhanced checks: Currently in a pilot phase for remote operators in fee categories J1+ from 30th August 2024 to 31st March 2025.

The gambling commission specified threshold include triggering a request for a financial risk assessment from a Credit Reference Agency (CRA), to include (where available) credit performance data and aggregated current account turnover.

Operators do not need to act in response to findings during the pilot phase.

Interim Betting & Gaming Council code: The code laid out by the BGC is voluntary but also not endorsed by the Gambling Commission.  

It includes a risk assessment of customers (without production of documents) before they are permitted net deposits of over £5000 per rolling month (or £2500 for under 25-year-olds), enhanced consideration of documentation triggered by a net deposit of over £25,000 in a rolling year.  

How FullCircl can help

FullCircl works with some of the biggest gambling operators including Entain, Novibet, and Fitzdares to understand their pain points in balancing revenue generation with player protection.  

We have developed a financial risk solution which satisfies the need for light-touch checks by evidencing data on players including bankruptcy, CCJ, IVA, HCJ, AO, or DRO. Our solution is designed to remove friction with players whilst staying ahead of the latest gambling commission regulatory guidance.  

FullCircl offers both no-code and low-code integration options to ensure that operators can efficiently implement new services without technical overheads or lengthy integration processes.

Contact us here to find out more.

Current Affairs

Companies set to face significant costs for identity verification of shareholders

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Lucy Huntley

Financial Institutions set to face significant costs for identity verification of shareholders

The Economic Crime and Corporate Transparency Act (ECCTA) which came into force in October 2023, includes identity verification (IDV) requirements for directors, persons of significant control (PSCs) and shareholders, with the aim of improving the usefulness of company information held by the registrar i.e. Companies House.  

Whilst most financial institutions are aware of the ECCTA and the Companies House reform, many might not realise that the ECCTA requires all new and existing directors, PSCs and most presenters filing documents with Companies House, to verify their identity (it's estimated that some 7,687,000 unique officers must verify by Spring 2025), making this the costliest element of the reforms. The Government also consulted on extending identity verification to shareholders in its 2019 Corporate Transparency and Register Reform Consultation, but decided not to proceed with it.

The revised impact assessment for identity verification estimates that IDV and authorised corporate service provider reform as a whole will cost businesses around £19.5 million annually.

A bit of background

The ECCTA strengthens the UK’s efforts to combat economic crime via a wide-ranging suite of reforms. These include new and enhanced powers for Companies House to scrutinise information provided by companies and their directors, taking it from turning it from a largely passive recipient of company information to a much more active gatekeeper. Companies House now has enhanced abilities to verify the identities of company directors, remove fraudulent organisations from the register, and share information with criminal investigation agencies.  

Why so costly?

The introduction of IDV is the costliest element of the Companies House overhaul, making up around 75% of the estimated cost in the reform package.

Companies currently only must provide shareholder names and limited information about shareholdings to Companies House. Providing any further information comes at cost:

  • Understanding this policy change and collecting additional information on shareholders to submit to Companies House.  
  • Shareholders having to understand and take part in the identity verification process or confirm they have already been verified as PSC / director.
  • Familiarisation costs i.e. cost to understand that shareholders will need to be identity verified and the processes associated with that .
  • Ongoing costs – continuously collecting, collating and submitting additional information to Companies House going forward on their shareholders.

And we’re not just talking big companies here, or shareholders with majority stakes. The government’s position is that, under the Act, if a minority shareholder – however small their shareholding - exercises significant influence or control in a company, they will be required to verify their identity.

How to reduce the IDV cost burden

Adding to the cost burden is the fact that many financial institutions are currently using either heavily manual IDV processes or a plethora of disparate tools.  

This also presents possibly the biggest opportunity to reduce the IDV cost burden and boost the ability to meet the requirements of the ECCTA. In fact, 65% of corporate risk and compliance professionals believe that using technology to streamline and automate manual processes helps reduce the complexity and cost of compliance.

W2 by FullCircl is a single IDV platform to help you simplify the compliance process and meet regulatory requirements. We provide access to robust data to assist with real-time access to reliable, up-to-date information on directors, PSCs and shareholders including, but not limited to:

  • ID and age verification
  • PEPs and sanctions screening
  • Automated and manual document verification
  • Facial comparison
  • Address Lookup
  • Email risk assessment
  • Salacious name checks
  • Director lookups and disqualified director data
  • Affordability checks (for the gambling and gaming industries)

Find out more about the IDV requirements under the EECTA and their costs here.

Want to know more about IDV solutions and their benefit to your business? Download our free Buyers Guide to IDV Software.


KYB & KYB: FullCircl unpacks the what, why & differences

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Lucy Huntley

Understanding the difference between KYC and KYB is crucial for businesses navigating the financial landscape. Both KYC/KYB processes are integral to ensuring regulatory compliance and building trust. In this blog, we'll delve into the KYC KYB processes, highlighting their significance and the difference between KYC & KYB in maintaining financial integrity.

KYC meaning

Know You Customer (KYC), or sometimes Know Your Client, refers to the policies and procedures put in place by businesses to manage risk and verify the identities of customers/clients. These are particularly vital to the financial services industry, to ensure compliance with national and international regulations targeting anti money laundering (AML), terrorism financing, fraud, and other forms of corruption and bribery.

Why is KYC important?

In the UK in 2022, 64% of businesses experienced fraud, corruption, or other economic/financial crime. In a world where the risk landscape is constantly evolving, it’s never been more important for businesses to build resilience.

Effective KYC policies and procedures prevent money laundering, reduce the risk of unwittingly embarking upon a relationship with individuals or organisations involved in illegal activity, and keep regulated entities ahead of regulatory requirements.

As well as preventing criminal activity, KYC is also a vital tool in understanding customer needs and preferences, establishing trust, providing superior service, and importantly reducing cost to acquire and serve customers.

How does KYC apply across the customer lifecycle?

The simple answer is, KYC applies at every stage.

  • Finding the right customers - pre-screening customers for suitability allows businesses to be confident they are always efficiently pursuing not only the best opportunities, but the ones that best fit their risk profile.
  • Onboarding them faster Effective KYC procedures are mandatory for regulated businesses when onboarding a new customer. Done well they also deliver a positive experience for the customer, and a great first impression for the business.
  • Keeping customers for life KYC enables businesses to identify and mitigate risks sooner throughout the customer lifecycle. A proactive approach through Perpetual KYC (we’ll come on to this later) can simultaneously improve customer retention while increasing upsell opportunities. 

The problem with KYC is that traditionally companies waste vast amounts of money, time, and resource because their KYC processes are inefficient.

According to a 2022 study, financial institutions spend millions of pounds every year inefficiently onboarding and maintaining clients. The survey found that almost 30% of firms dedicate between 31% to 40% of their entire compliance budget meeting their KYC obligations, and that between 1,000 and 2,500 employees work on KYC tasks.

eKYC meaning

Put simply, eKYC is a digitised and automated form of KYC verification, with the capability to verify customers remotely in a faster, more accurate way compared to traditional highly manual KYC processes.

At a time when customers are more demanding and expect fast, streamlined services, eKYC delivers improved customer experiences, whilst reducing manual efforts, improving compliance, and reducing costs.

But KYC does not stop, or at least should not stop after onboarding. It should be a continuous process throughout the customer lifecycle. This is known as Perpetual KYC.

Perpetual KYC meaning

Despite advances in eKYC, there is still a strong reliance on periodic reviews and trigger events to meet regulatory compliance commitments. This brings an ongoing dependency on front line staff gleaning information through their interactions with customers, to identify potential high-risk activity and implement remediation processes.

There is a need for reviews to be more proactive, rather than relying on a reactive approach. To achieve this, regulated businesses need to make the cultural shift towards a perpetual KYC model.

Perpetual KYC (P-KYC) delivers a totally new approach to how banks manage KYC policies and procedures – it’s proactive rather than reactive, and continuously monitors customers throughout their lifecycle.

P-KYC reduces risk whilst optimising compliance resources, reducing remediation costs, and maintaining trust. As market shifts occur, P-KYC also allows businesses to remain one step ahead of customer needs and provides new opportunities to deepen investment in the relationship, offer new services and broaden cover.

There is one last term to throw into the mix…

KYB meaning

KYB verification measures are also necessary when regulated businesses enter into relationships with other businesses as part of a supply chain, stakeholder, beneficiary, or other relationship. In this context, that verification process is referred to as Know Your Business (KYB).

This involves company identification, verification of the information provided by the business and its directors, determining company structure, ultimate beneficial owners, CCJ and legal notices, Anti-Money Laundering checks including PEP’s, sanctions lists, adverse media, and watchlists.

KYB policies and procedures enable regulated businesses to determine the authenticity of the entities they are dealing with, and ensure they are not being used to conceal the identities of owners for illegitimate purposes.

Why is KYB important?

KYB is a critical step in the onboarding of corporate clients. With the complexity of regulation progressing globally, coupled with the risk of money laundering and fraud rising exponentially, it is imperative that businesses conduct the correct Customer Due Diligence (CDD) processes on their clients to identify risks.

By conducting KYB checks, businesses can have peace of mind that the clients they are working with are suitable to their risk appetite whilst complying with regulation and remaining compliant.

Difference between KYC & KYB

The key difference between KYC & KYB is that KYC focuses on verifying the identity of individual customers to prevent fraud, money laundering, and other financial crimes. It involves collecting personal information such as name, address, date of birth, and identification documents.

In contrast, KYB is aimed at verifying businesses and their owners. This process ensures that the business is legitimate and involves gathering details about the company's structure, ownership, and financial status.

Ready to learn more?

We hope we’ve clarified things for you.

FullCircl goes beyond standard KYC and eKYC practices. Using automated data collection, data matching, and execution of critical checks and adverse media monitoring, we deliver improved onboarding and in-life experiences. The result is your business can ensure compliance through proactive risk mitigation, targeting effort where it is needed in line with your individual policies, procedures, and risk appetite.

FullCircl's platform includes KYC software, AML solutions, global KYB, and more. A game-changer in the KYC space, we overlay policy decisioning and risk appetite over that data to provide consistency of decisioning and benefits in KYC advancement.

Get in touch to find out how we can supercharge your KYC - so you can do Better Business, Faster.

Product Updates

Spring release: Our latest round of product updates

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Shazia Anthony

Welcome to the latest updates from FullCircl. In this blog post, we'll dive into our recent product improvements and highlight the exciting new features our team is developing to enhance your experience with our services.

ISO 27001 certification

We are thrilled to announce that FullCircl has renewed and expanded ISO 27001 certification, underscoring our steadfast commitment to information security and data protection. By achieving this milestone, we ensure that your sensitive information is managed and protected in compliance with international best practices, reducing risks and providing you with greater peace of mind. ISO 27001 certification means you can trust that your data is in safe hands, enabling you to focus on your core business objectives without concerns about security vulnerabilities in your supply chain.

Email notification updates

Daily news email with updated FullCircl branding

We've updated the design of our Daily News and Engagement Signal emails. These emails help keep you updated on the latest news on the companies you are following and alert you to reasons to engage with clients and prospects.

FCA authorised indicator

Data page of the FullCircl platform showing the new FCA authorised indicator

Knowing a company's FCA authorisation status allows our customers to engage with compliant and reputable businesses, thereby enhancing risk management and overall compliance. We have introduced a new feature that indicates whether a company is authorised by the FCA. Additionally, we have updated our status indicators to display the 'official' status from Companies House. This enhancement enables us to show a broader range of statuses beyond just active or inactive, providing users with more detailed information, such as an intermediate status like 'in administration'.

Financial data history

We've increased financial history data from 5 years to 20 years for all UK-registered companies. Historical data can reveal trends, patterns, and potential red flags that may impact current and future financial health. This data can help to assess a company's ability to meet financial obligations and manage risks over time. 

Lastly, a quick look at what's coming soon.

Search updates

The updated Search data will include dissolved and newly incorporated companies. This expansion will allow customers to conduct due diligence and understand directors' histories with these entities more comprehensively. It will provide valuable insights for informed decision-making and deeper analysis of business backgrounds and directorial associations.

FCA data

We’ll also be adding FCA data to our platform. This update will include crucial information such as the FCA reference number and the specific authorisations for each business. This enhancement will help you quickly verify the regulatory status and compliance of the companies you interact with.

Please visit our Release Notes page for more information on our latest updates.

Anti-Money Laundering (AML)
Anti-Money Laundering (AML)
Identity Verification
Identity Verification
Product Updates
Product Updates
Sales Intelligence
Sales Intelligence
SME Economy
SME Economy
Risk Management
Risk Management
Digital Transformation
Digital Transformation
Customer Lifecycle Intelligence
Customer Lifecycle Intelligence
Customer Experience
Customer Experience
Customer Due Diligence
Customer Due Diligence
Current Affairs
Current Affairs
Client Onboarding
Client Onboarding
Business Automation
Business Automation
Financial Services
Financial Services