Know Your Customer (KYC) programs enable you to better understand the financial dealings of customers while managing and mitigating risk to your business – but in today’s online world, most financial institutions are mainly looking at offline, physical details to verify corporate customers. Shouldn’t the online details of your corporate customers be evaluated in KYC checks, too?
We have discovered that many financial institutions could be operating with major gaps in their Anti-Money Laundering (AML)/ KYC procedures – gaps that allow money laundering, terror financing and many other types of fraud to slip into the banking system.
To close the gap, financial institutions must enhance their KYC process by looking at the complete online presence of customer.
During a standard KYC check on a corporate customer, you evaluate many details including: Business Name & Address, Registration, Credit Score, Nature of Business, Sanction & PEP List & much more…
These data points are based on physical real-world attributes and neglect the online presence of a customer – which can potentially include hard-to-find, unreported connections, and risky business associations. This KYC gap can allow money laundering, terror financing and many other types of illegal activity and fraud to slip into the banking system, unnoticed.
EverCompliant’s new, revolutionary electronic KYC solution is API-driven, providing an additional layer to your existing KYC solution with an immediate time-to-market. Global in nature and language-agnostic, our AI-powered technology offers you a new, panoramic view of your customers’ online presence to uncover potential unreported countries of operation, lines of business, and related companies that could be risky to your business.