London Compliance Solutions: KYC
Know your Customer (KYC) is an integral part of compliance management and something we excel at implementing across our range of clients. With regulators that have very little patience for companies failing to be compliant in this area it is vital that you get your KYC right first time. Failing to do so has landed even the biggest companies and banks in hot water. The great news is, with our assistance, you can implement it in no time at all.
What is KYC?
KYC is a set of processes that dictates how a business should verify their customers information and identity. The role of the KYC is to create a safe environment for financial transactions to occur, free of money laundering and fraud. KYC is often used to establish an individual’s identity, but the controls are not limited to a single person and can be used and in most cases should be used to get information about companies or groups of customers.
So How Can London Compliance Solutions Help?
We will give you the strict framework in which to operate in safely. Outlining key areas that need to be addressed and ensuring rigorous controls are in place so that your business can trade without the burden of worrying whether or not you have got it right.
Ultimately verifying a customer’s identity can be done in numerous ways, but the financial compliance aspect goes far beyond just ascertaining someone is who they say they are. Of equal importance is the manner in which the records are kept, it is absolutely vital that when an audit occurs, every single client has a well-documented KYC. With some types of business this even goes as far as having photographic records of each client.
KYC Help That You Need
Contact us to find out exactly how we can help your business, we aim to make your financial compliance tests robust and keep you concentrating on generating profit. Use the form below to find out how we can help you now.