Know Your Customer

Established in 2015, Know Your Customer provides next-generation digital onboarding solutions to financial institutions and FinTech organisations around the world. Our award-winning technology is setting a new standard in the space of Anti-Money Laundering, Corporate & Individual KYC and ID Verification.

Through Know Your Customer’s intuitive SaaS compliance platform and range of customer-facing tools (e.g. iOS/Android App and Web Portal), compliance teams can efficiently perform all necessary KYC and AML checks on both corporate and individual customers.

More specifically, Know Your Customer empowers organisations to centralise the four pillars of client onboarding – document collection, data extraction & assessment, on-going monitoring, and reporting – for a more seamless, efficient and secure compliance process.

1) DOCUMENT COLLECTION

Relying on official documents is the best way for financial institutions to protect themselves during customer onboarding. By acquiring those documents directly from their official source, organisations can reduce the time needed for corporate client onboarding by up to 86%, minimising customer friction and accelerating access to revenue. This is why, as a default, our solution will automatically retrieve the official incorporation documents that regulations demand, eliminating the need for certified copies.

We provide a range of secure tools to enable end customers to provide the information organisations need from them, including iOS & Android Mobile Apps and a Secure Web Browser Portal. Other ways for organisations to import case information and documents directly into the KYC system are the Batch Upload Portal and our Rest APIs. Through our sophisticated rules engine, compliance teams can design specific journeys for each type of customer, only requesting the documents that are truly needed. Clients can also choose to activate geo-locationing as an alternative to traditional proofs of address.

2) DATA EXTRACTION & ASSESSMENT

Individual customers’ IDs, securely uploaded via mobile app or web portal, are screened and verified through military-grade technology, extracting their details through Optical Character Recognition (OCR) and Artificial Intelligence (AI) to populate their corresponding case within the Know Your Customer platform. Each new potential customer is then automatically screened against anti-money laundering watch lists and any possible match is instantly flagged to the compliance team for review. As a result, with Know Your Customer clients can securely onboard individuals from 180+ countries around the world.

On the other hand, to accelerate corporate client onboarding, we have coded our solution to extract all the relevant information from the documents retrieved from the official company registries, again applying OCR and AI to a vast range of documents from a variety of jurisdictions around the world. By identifying the company’s Ultimate Beneficial Owners (UBOs) and automatically screening them against anti-money laundering watch lists, our solution digitises the steps any onboarding officer would need to go through, making the process more seamless and cost-effective.

3) ON-GOING MONITORING

The new regulatory environment requires organisations to know their customers’ position at all times. While other solution providers on the market will only screen new customers at the point of entry, our solution runs weekly AML screening of all new and existing customers by default. As we identify any entity or individual as part of a new KYC case, we automatically screen them for any AML activity, continuously monitoring their status and flagging any changes in their situation. Our technology is agnostic in terms of AML list provider and will integrate with all major solutions on the market.

4) REPORTING & ANALYSIS

With Know Your Customer, compliance teams can easily and quickly create a variety of customised reports, including regulatory, internal, and external Reports, on-demand and in real-time. Through an extremely intuitive user interface, our system aggregates and showcases key statistics about compliance teams’ on-going activities, including the number of cases that are created, the amount of time spent on every new customer by team members, where most compliance red flags tend to originate from, among other things.

This unique tracking system enables financial institutions to gain a better understanding of the inefficiencies in their internal process, which represents the first, essential step to address existing gaps and improve cost-per-acquisition and procedure efficiency over time.