30%

of firms spend 31-40% of their compliance budget meeting KYC obligations
(Fenergo)

28%

of firms still carry out 41-60% of KYC tasks manually
(Fenergo)

$12m

Estimated annual saving financial institutions can make by improving KYC processes and systems
(Consult Hyperion)

24 days

Average time banks take to complete onboarding, largely due to meeting KYC obligations
(Thomson Reuters)

Features 1 (3-column)

Value you can count on

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Enhanced compliance

Automate KYC/KYB checks to comply with regulatory requirements and reduce the risk of non-compliance-associated penalties.

Cost efficiency

Achieve cost efficiency through automation, requiring less time to perform routine checks and verifications.

Faster onboarding

Streamline the onboarding process, making it quicker and more efficient.

Risk mitigation

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.

Mark Stokes
Fmr. Managing Director Commercial Banking
Features

FullCircl KYC & KYB Capabilities

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Configure checks based on your policies

Set rules to ensure consistent application of compliance and risk policies.

Pre-populate onboarding forms

Save time and lower costs by pre-populating onboarding forms.

Credit and risk information

Assess a customer’s creditworthiness and financial health.

Ongoing monitoring

Detect and respond to suspicious or unusual behaviour promptly.

Key Features

Customer onboarding checks
Ongoing screening
Ownership and UBOs

Credit and risk
PEPs, Sanctions and Adverse Media
Monitoring

See our KYC & KYB capabilities in action

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.

Features 4

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Learn about KYC & KYB

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Feel free to ask us questions at hello@client-first.com

What is KYC & KYB compliance?

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.

Why use KYC & KYB software?

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.

What are KYC & KYB requirements?

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.

What's the difference between KYC & KYB?

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.

What are the alternatives to KYC & KYB software?

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.

What are the latest KYC & KYB trends in 2023?

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.