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.
Due diligence is the inquiry or practice of care that a reasonable business or individual is responsible for prior to entering into a contract or agreement with another party. The method by which a prospective acquirer evaluates a target business or its assets for an acquisition is a popular instance of due diligence in different sectors after the start of B2B or B2C relationship. In essence, Due Diligence offers organizations with a continuing insurance system, particularly those conducting big numbers of daily operations such as banks and investment houses to preserve corporate compliance.
KYC DUE DILIGENCE
KYC Due Diligence, is the combined strategy specifically intended for dealing with high risk or high value customers and large transactions, as these transactions and clients pose greater risks to the financial sector, they are heavily regulated and monitored in order to adhere to compliance acts set by governing bodies. Many industries are subject to AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorist) compliance, including requirements disseminated by MAS (Monetary Authority of Singapore) applicable to any and all financial institutions in Singapore. Hence, it is imperative that business owners and entrepreneurs of today, to not only be aware of the various risks at hand in the financial sector as well as the overall global economy, but also know the inherent responsibility to conduct regular KYC Due Diligence checks in order to comply to the laws and regulations set to protect businesses. Therefore, we have made an application, Intellinz, for firms owners to search for opportunities, potential partners, buy or sell businesses and investment with our integrated ongoing due diligence screening. This will help to build safe and conducive marketplace for any firms that use our platform.
By closing the gap in KYC due diligence for Small Medium companies, Our application solves the pain points of customers who do not have a clue on how to perform Due Diligence and cannot afford a full KYC services. Solving the following pain points.
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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