Know Your Customer (KYC) solutions will help you comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
What is KYC Due Diligence?
Every company should know the term “Know-Your-Customer,” otherwise abbreviated as KYC, as well as “Due Diligence.” Both of which are essential concepts in the economic and commercial sectors. Therefore, a clear understanding of both is essential for all companies.
KYC is when businesses gain information and data in order to confirm and verify the identity of client/customers and ensure that they are not or have ever been involved in any type of criminal activity such as money-laundering or any other type of financial crime. By conducting thorough check on the background of the prospective customer, you can be rest assured that your company or organisation would not be implicated to third-party risks when closing a deal, onboarding a partner, or investing in other business ventures.
KYC DUE DILIGENCE
USES OF KYC SERVICES
- Client on-boarding.
- User Registration.
- Processing of high-profile transactions.
- Re-verification of existing users.
- Ensure regulatory compliance.
- Replacement of outdated authentication mechanisms.
Due Diligence Solves the following points.
- Reducing criminal syndicates infiltrating to companies
- Keeping track of STAKEHOLDERS, important suppliers and before awarding major contracts.
- Looking for verified business opportunities such as franchisees and new product suppliers from overseas.
- Searching for suitable investors and getting an investor for your current business.
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