Over 160 regional and country databases including accurate matching to meet global regulatory standards.
Achieve cost efficiency through automation, requiring less time to perform routine checks and verifications.
Constantly developing data services and platform delivery means you always stay ahead of changing regulation.
Access to 20+ suppliers including failover and waterfall options ensuring maximum match rates, with minimum downtime.
W2 provides our global eKYC expertise, ensuring that our Know Your Customer processes meet the same robust level of scrutiny as traditional offline checks of identification.
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KYC verification designed to scale with your growth plans, whether you're onboarding 100 or 100,000 customers per month.
Detect and respond to suspicious or unusual behaviour with routine re-screening of your customer base.
Data powered by all major Credit Reference Agencies and supplemented by 20+ global data sources for efficient identification and verification.
Create a single customer view and transform your data consumption by linking onboarding and monitoring in a real-time journey.
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.
KYC compliance, or Know Your Customer compliance, is a regulatory requirement that mandates businesses to verify and authenticate the identity of their customers. It is a crucial process to prevent financial crimes, such as money laundering and fraud. KYC solutions involve collecting and analysing customer information, including identification documents, to ensure transparency and trust in financial transactions. This helps institutions assess and manage risks associated with their clients, fostering a secure and compliant business environment.
KYC software includes automated identity verification, document checks, and extensive 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 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. The overall reason many businesses need to implement Know Your Customer checks is to comply with relevant regulation, however more industries are beginning to understand the importance of customer identification.
KYC focuses on individual customers and is a measure of identifying that the individual attempting to onboard is who they say they are. KYB focuses on businesses and corporate entities, and it often includes a business report on multiple factors such as credit, share ownership structure, and risk.
Alternatives to KYC 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 automate their compliance process to ensure it doesn't negatively impact the onboarding journey.
Facets of financial security connect KYC (Know Your Customer) and AML (Anti-Money Laundering). While KYC focuses on verifying customer identities, AML ensures detection and prevention of illicit financial activities. An effective KYC system, like FullCircl's, integrates both processes to create a robust compliance framework.
FullCircl's KYC software strikes a unique balance by streamlining customer onboarding and due diligence. Leveraging advanced technologies, it expedites KYC processes, ensuring compliance with regulations while enhancing the overall customer experience. This efficient approach not only safeguards against risks but also accelerates revenue generation through frictionless onboarding.
In 2024, the latest KYC trends include the introduction of AI for secure and efficient verification, global regulatory harmonisation, and a shift toward remote and digital onboarding processes to enhance customer experiences. As customer risk continues to increase and with fraud on the rise, the implementation of secure KYC software is becoming increasingly complex.