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Top 3 tips for getting your KYC in order

 

1. Screen your customers against relevant and up-to-date screening lists.

Screening your customers against the most relevant and up-to-date lists will increase the reliability of your results and therefore reduce your workload. Using the optimal KYC data will also minimise your number of false positives.

 

2. Incorporate your KYC processes into the broader risk assessment of your business.

A client’s KYC answers may change within 6-12 months, so it’s important to follow up on your KYC data continuously.  Any changes to a client’s answers could impact the overall risk assessment. Incorporating your KYC data into the risk assessment makes it even easier to link to your ongoing due diligence process.

 

3. Make sure your KYC process is scalable.

For your business to grow, you will need flexible and scalable tools and processes to help and not hinder your growth. Onboarding new clients (and new types of clients) should be a cause for celebration and not a burden resulting from additional work. Establishing a KYC process that can grow with you eases the onboarding of clients.