ML / TF RISK ASSESSMENT

KYC or Customer Due Diligence is not only about the identification and verification of your customer’s identity. It is also a process during which you get to know your client better by collecting such information as residential address, contact details, the purpose of the account with your organization, etc. If you provide services to business clients, you definitely want to know your customer‘s ownership structure, economic activity, source of funds, etc.

Usually, financial institutions create KYC questionnaires to collect all necessary data. Then follows the process of information verification, customer screening and risk scoring.

Effective Know Your Customer Compliance

KYC is a continuous process – the information you collect during customer on-boarding needs to be reviewed and, if needed, updated. What is more, you also have to monitor your customer’s activity in order to assess whether it is in line with the information collected at the beginning of the business relationship.

To design a flawless and effective KYC process, you have to:

– decide on-boarding method: remote or face-to-face;
– create customer-friendly KYC questionnaire;
– introduce convenient Customer Relationship Management software;
– build information storing solution;
– set up transaction monitoring;
– design ongoing due diligence process.

We can:

– consult on Customer Relationship Management software, transaction monitoring solution, customer on-boarding service provider, etc.;
– build KYC program and procedures;
– create customer-friendly KYC questionnaire.

More services:

ML / TF Risk Assessment

Internal Policies, Procedures and Controls

Compliance Officer and AML Team 

Independent AML Audit and Testing

AML Training