Category: KYC/AML
What is KYC and why are online KYC checks good for small businesses
Tony Machin
March 8, 2021
With identity and financial fraud risks growing in an increasingly online, remote world, no business is safe from financial fraud. A recent poll from major accountancy firm BDO found that six in ten mid-sized businesses in the UK were hit by fraud in 2020, with an average loss totalling £245,000.
Industry-leading identity verification now available for KYC checks
Tony Machin
November 30, 2020
We are delighted to announce the launch of our new KYC check service! We’ve added PEPs & Sanctions and address verification checks to our identity verification services to provide an all-in-one service to support your AML compliance.
Putting identity document checks at the heart of your KYC checks
Tony Machin
November 10, 2020
A KYC check is a mandatory process for regulated business to identify their customers and gather knowledge of their background as part of Anti-Money Laundering compliance. Effective KYC checks rely on proving that customers are who they say they are. The most important first step in this process is the verification of a government issued identity document.
Identity fraud in SMEs: take early action to protect your business
Tony Machin
October 10, 2019
Whilst financial fraud is a risk to every business of any size, SMEs certainly shouldn’t believe it won’t happen to them just because they are employing fewer staff or working within a smaller network. Identity fraud amongst employees presents a very real risk to SMEs. In fact, according to ActionFraud, 1 in 5 small businesses have been defrauded by an employee.
Smarter identity checks to satisfy ‘Know Your Customer’ (KYC) requirements
Tony Machin
March 12, 2018
As you probably know, anti-money laundering (AML) regulations state that your first step should be to perform an appropriate level of identity check to satisfy ‘Know Your Customer’ (KYC) requirements. This most often starts by the person being asked to produce some form of official documentation to prove their identity.
