of firms spend 31-40% of their compliance budget meeting KYC obligations
(Fenergo)
of firms still carry out 41-60% of KYC tasks manually
(Fenergo)
Estimated annual saving financial institutions can make by improving KYC processes and systems
(Consult Hyperion)
Average time banks take to complete onboarding, largely due to meeting KYC obligations
(Thomson Reuters)
Automate KYC/KYB checks to comply with regulatory requirements and reduce the risk of non-compliance-associated penalties.
Achieve cost efficiency through automation, requiring less time to perform routine checks and verifications.
Streamline the onboarding process, making it quicker and more efficient.
Get alerted to suspicious or high-risk entities and mitigate risks associated with customers or businesses.
We are excited to work with FullCircl to take such a revolutionary tech-driven approach to bringing compliance and KYC into the forefront of our business and commercial banking activities. FullCircl will help us know more, know sooner and save valuable time we can invest in building great customer relationships.
Set rules to ensure consistent application of compliance and risk policies.
Save time and lower costs by pre-populating onboarding forms.
Assess a customer’s creditworthiness and financial health.
Detect and respond to suspicious or unusual behaviour promptly.
Customer onboarding checks
Ongoing screening
Ownership and UBOs
Credit and risk
PEPs, Sanctions and Adverse Media
Monitoring
Customer Lifecycle intelligence from FullCircl helps regulated business win the right customers, accelerate onboarding and keep customers for life
AML/KYB automation for better onboarding and risk management.
Discover the power of all access automation to the UK’s richest source of company data and intelligence.
Access an identity verification platform including global KYC, AML, anti-fraud, document verification, age verification, and more.
Experience FullCircl's capabilities first hand. Sign up for a demo today and see how FullCircl empowers your business to attract ideal customers, streamline onboarding, and foster lasting relationships.
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KYC (Know Your Customer) and KYB (Know Your Business) compliance are regulatory processes used by businesses to verify customer identities and assess business entities for risk and legality. KYC enables businesses to verify the identity of consumers, whilst KYB is geared towards business and entity verification.
KYC & KYB software involves automated identity verification, document checks, and risk assessment. This enhances accuracy and efficiency, reducing fraud, and ensuring compliance. Automated software ensures that businesses not only access the data they need on consumer and business customers, but can keep those customers engaged in a smooth, real-time journey.
KYC requirements vary depending on industry and geographical location, but will typically involve identity verification by matching name, date of birth, and address against credit data. KYB on the other hand involves verifying a business' registration, ownership, financial standing, and risk factors.
KYC focuses on individual customers and is a measure of identifying that the individual attempting to onboard is who they say they are. KYB is geared towards businesses and corporate entities and will often include a business report on multiple factors including credit, share ownership structure, and risk.
Alternatives to KYC & KYB software include manual verification, which is time-consuming and subject to human error. Customers now expect access to services quicker than ever before so it has become vital for regulated businesses to automated their compliance processes to ensure it doesn't negatively impact the onboarding journey.
In 2023, the latest KYC & KYB trends include increased use of AI and blockchain for secure and efficient verification, global regulatory harmonisation, and a shift toward remote and digital onboarding processes to enhance customer experiences.
How can this ingenious solution supercharge your business? What challenges can we tackle head-on today? And of course, we know you're curious about our scalable plans. Not to worry, we've got a friendly team of FullCircl'rs ready to break it all down:
→ Technical essentials to make it work seamlessly
→ Tailored demos designed just for your unique needs
→ Pricing insights to suit your budget
For Banks, Lenders, and Insurance companies who want to find the right customers, onboard them quickly and keep them for life, we provide FullCircl.
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