AML Software

Know Your Customer (KYC)

AML360 is represented by anti-money laundering compliance professionals from across the globe.  We offer a unique service model by providing your business with a digital platform to manage every aspect of AML/CFT compliance. PLUS, we also provide you with a dedicated AML/CFT compliance professional from your jurisdiction. Your dedicated professional will assist your business in managing AML/CFT compliance and ensure you are alerted to any factors requiring attention.

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customer risk profiling

Key Risks

Instantly identify higher-risk clients.

Heat Maps

Data Visualisation.

Maintenance

Automated Updates.

KYC REQUIREMENTS

What is Know Your Customer?

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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KYC
kyc know your customer

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, Know Your Customer policies must result in knowledge of higher-risk customers.  

Know Your customer profiling

Customer Risk Profiling

Customer risk profiling should result in risk ratings for individual customers.  The risk ratings must rely on adequate data to enable results to be reasonable. Once risk ratings of customers and clients are assigned, a business is in a better position to dedicate resourcing to higher risks. This does not mean lower-risk customers can be ignored.  

Ongoing monitoring protocols must incorporate all customers, regardless of the risk rating assigned.  Ongoing monitoring results should identify activity from lower-risk customers when the account activity is high-risk.  

AML360’s compliance platform automates ongoing monitoring and organises alerts in priority order.  Rules are easily modified to ensure quality reporting.

customer risk profiling
AML RegTech

REGULATORY TECHNOLOGY

Know Your 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, reduces time and improves 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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