Know Your Customer, or what is more commonly referred to as KYC, is the process carried out by companies and organisations to verify the identity of their customers, either before engaging them into their organisation or during the customer's life span with the organisation. KYC is most common amongst financial and insurance institutions, such as banks, credit companies, and insurance agencies, which would need to verify their customers’ identity and have customers provide other detailed information in order to ensure that these are legitimate and are not involved with corruption, bribery, or money laundering.
Our basic checks would include validating your customer's basic information, allowing you to gather and validate customer identification information such as name and surname, date of birth, address and identification number. Data would be validated against any proof of documentation you would require such as ID cards, a passport or a driving licence. We can also validate information further, and ask your customers to provide more documents such as proof of address, in order to ensure that the customers you on-board are who they say they are.
We understand that your industry might require further due diligence, conducting more detailed risk assessments such as PEP and Sanction checks. These exercises will ensure that the customer is not black-listed due to corruption cases, or suspected for being involved in any criminal case, or classifies as high risk due to participation in money laundering or bribery; and that the customer is not a Politically Exposed Person (PEPs).
Since some companies have a thorough process to on-board customers, we also carry out validation of documents submitted, ensuring that the customer has submitted all the required information to complete the application process. This service can be backed up with customer support, whereby we would reachout to your customer via telephone or email, and follow up on any missing/incomplete information to ensure that the application process is finalised as soon as possible.
Ultimately, our KYC services are ongoing, as we also provide monitoring services to ensure stability and minimise any risks that may arise due to a customer's change in status or standings. Ultimately the aim of the ongoing monitoring would be to continuously run a risk-based assessment that would determine the risk value of customers for the company.
If you're looking for a reliable service provider, with access to the right tools and expertise to allow you to minimise any risk with your customer portfolio, Centrecom can offer you all this and much more.
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