KYC (Know Your Customer)


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DataChecker KYC solutions

The purpose of KYC (Know Your Customer) guidelines for organizations is to protect themselves against people or organizations that deliberately or unintentionally pose a risk. For example, criminals who want money laundering or terrorism. Different procedures such as KYC enable companies to better understand their customers and their financial transactions. This also limits the risks. At this moment not only the banks, but also other (online) companies can implement KYC. You usually define a KYC policy with the following four key elements:

  • Customer acceptance policy;
  • Customer identification procedures;
  • Monitoring transactions;
  • Risk management.

Who is the KYC policy for?

A person or entity has a business relationship with an organization; A financial transaction is executed directly or via an intermediary. Any person or entity associated with the financial transaction, such as a transfer, poses a potential risk, which may cause reputational damage to the organization or other organizations involved.

 A good KYC process can be arranged in the following way:

  • Collection and analysis of basic identity information such as identity documents
  • Name comparison with lists of known parties (such as 'politically prominent person' or PEP)
  • Determination of the customer's risk in terms of tendency to money laundering, terrorist financing or identity theft
  • Create an expectation of the transactional behavior of a customer
  • Monitoring the transactions of a customer with the expected behavior and registered profile

 

DataChecker supports companies in the KYC process, in the area of inspiration, design and implementation.

Would you like to know more about the possibilities of KYC for your organization? Please contact us for more information

 


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