Know Your Customer (KYC)

Know Your Customer (KYC) requirements must incorporate knowledge of the customer’s nature and purpose of account activity and allocation of a customer risk profile. This KYC process informs decision-making during ongoing monitoring of any subsequent red flag alerts. 

customer risk profiling

Key Risks

Instantly identify higher-risk clients.

Heat Maps

Data Visualisation.


Automated Updates.


What is KYC?

Before a customer can be onboarded, a business must meet Know Your Customer (KYC) legislative requirements. Thus, a company must validate customers are who they say they are.  While this can be achieved through identity verification, KYC is more than identity verification and screening. Anti-money laundering (AML) compliance requires businesses to determine AML risks.  Consequently, companies must know those customers with increased vulnerability to commit a financial crime.

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What is KYC
KYC Process

KYC Process

Know Your Customer Process

Unquestionably, the process of Know Your Customer begins with quality data.  Thereupon, quality data informs customer risk profiling and provides knowledge of the nature and purpose of the customer’s underlying business relationship.  Subsequently, the business can make informed decisions whilst undertaking ongoing monitoring.

Therefore, under risk-based principles, the outputs of Know Your Customer must provide knowledge of higher-risk customers.  


Customer Due Diligence

If your business is using manual processes, this will increase compliance costs. Further, manual systems are unlikely to result in streamlined monitoring and reporting. Thus, ageing alerts or red flags are likely to increase regulatory risk. Accordingly, to meet anti-money laundering compliance obligations, businesses should adopt AML regulatory technology. 

AML regulatory technology (AML RegTech) improves risk management and enhanced time and cost efficiency.

AML360 RegTech provides automated customer risk assessments to ensure Know Your Customer processes are reliable and effective. Thus, your business gains compliance confidence and protects brand quality.

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KYC customer due diligence
AML RegTech