“Know your customer”, KYC, is an important part of the EU’s third and fourth directive against money laundering and terrorism financing. Banks, financial companies and institutions must screen their clients against EU sanctions lists and also keep track if a client is a Politically Exposed Person, PEP, or can be categorized as Relatives and Close Associates, RCA.
The service InstantWatch KYC makes it easy to carry out such screenings at a reasonable cost, for small companies as well as large corporations.
If a company also wants to screen their customers against the U.S. Ofac/SDN list then the KYC service can, under certain conditions, also provide this.
A prospective client should be screened during the client on boarding process. Furthermore, all clients should be screened regularly, preferable on a daily basis.
So-called PEP customers require an enhanced due diligence process regarding money laundering and terrorist financing. With the InstantWatch KYC service it is easy to find out if a customer is a PEP or RCA. Read more about Trapets PEP lists.
InstantWatch KYC is a service that was built from the start with security in focus. Traffic to and from the service is encrypted automatically via SSL/https.
To know your customer and screen the client against various forms of sanctions lists is a very important part of the directive on money laundering monitoring. The next step is to introduce an automatic risk based approach and monitoring of customer transactions. Trapets provides an automatic internet service to manage even this, the InstantWatch AML.
An individual customer can be screened by InstantWatch KYC, for example, in the customer acceptance process. It is also possible to send a file with a large number of customers to the InstantWatch KYC service to be screened in a single batch.
This can be done in two ways:
1. InstantWatch KYC directly over the Internet
You can log onto the web interface with an ordinary web browser and perform screening of an individual customer or of a data file with multiple customers.
2. InstantWatch KYC integrated directly from other applications
It is easy to connect other programs and systems to the InstantWatch KYC service. This is also done over the Internet through a so-called web service interface. Then KYC-screenings of customers can be done directly from the client’s own management software and you can let the system screen all customers automatically, for example, each night.
You need an agreement with Trapets AB to be able to use the service. Within a few days you receive your login details and are up and running. Trapets also provides specifications and support. Contact Trapets for more information and pricing!