KYC (Know Your Customer) processes are the fundamental building blocks of any regulated entity’s AML (Anti-Money Laundering) process. Being confident that you know who you are doing business with, from day one of the relationship, is the first step to … Read More
KYC
12 Benefits of Using KYC Software
Faster, easier and lower-cost digital channels have been adopted by regulated organisations to achieve new business growth. However, current regulatory requirements create a complex landscape, particularly when it comes to delivering the convenience of signing up through digital channels and the business is still using manual processes for Know Your Customer (KYC) identity verification. … Read More
What is client due diligence (CDD) and how does it work?
When considering onboarding processes, there can sometimes be confusion between KYC and CDD because the terms are so closely linked. Simply put, KYC (Know Your Customer) checks tend to refer to those carried out at the beginning of a relationship, to initially establish and verify the identity of the subject you are onboarding. CDD (Customer Due Diligence), on the other hand, refers to the ongoing process of retaining confidence in the data you have collected, making any changes and identifying any issues that may be suspicious, and may require further investigation. … Read More
Adverse media screening for AML compliance
Checking for adverse media is a crucial part of customer due diligence processes, aimed at uncovering any risks or allegations indicating an individual’s or business’ involvement in criminal activity. Being associated and having business relations with such parties can give … Read More
How to replace manual client onboarding with automated KYC/KYB
There has been rapid digital growth over the last two years, accelerated by the global pandemic. Consumers’ expectations are now higher than ever, and their patience is reducing – they expect to sign up or be onboarded instantaneously. They also … Read More
Spotting The Signs Of Money Laundering in Property Transactions
Firms from across the real estate sector were fined £190,000+ in 2021 for failing to comply with money laundering regulations. In information publicly available from HMRC, with the highest fine a crippling £52,000. With penalties being issued for failures in … Read More
NorthRow brochure
NorthRow significantly reduces the administrative overheads associated with regulatory requirements, providing the ability to add workflows, automation and application integration to your processes. … Read More
What is the Register of Overseas Entities and How Will it Impact Property Transactions?
In March of 2022, in the wake of the Russian invasion of Ukraine and amid rising concern about dirty money entering the UK originating from Russia, the Government fast-tracked the Economic Crime Act 2022 through Parliament. At its core, the main … Read More
What Due Diligence Checks are Mandatory in the UK?
If a business is covered by Money Laundering Regulations, it has a responsibility to meet certain day-to-day criteria. These include Customer Due Diligence (CDD) measures to ensure that customers are who they say they are. The business must evidence that … Read More
Why Should you Automate Identity and Verification for Customer Onboarding?
ID verification is a non-negotiable element when onboarding new customers. It’s an essential part of the Know Your Business (KYB), Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. When done well, it supports the business in creating long-term customer … Read More