ML / TF RISK ASSESSMENT

KYC or Customer Due Diligence is not only about 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, purpose of the account with your organization, etc. If you serve 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 the needed 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 need to monitor your customer‘s activity to assess whether it is in line with information collected in the beginning of business relationship.

To design flawless and effective KYC process, you need 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 Assesment

Internal Policies, Procedures and Controls

Compliance Officer and AML Team 

Independet AML Audit and Testing

AML Training