Break Free from Complex KYC – For Designated Non-Financial Businesses & Professions

Are you a DNFBP? A Designated Non-Financial Business or Professional, such as a Lawyer, Accountant, Real Estate Agent, Precious Metals Dealers? If you are, you already know that you and your business are subject to a number of regulations such as anti-money laundering (AML) and counter-terrorism financing (CTF).

Your customers dread receiving your email asking them to provide their identity documents as well as other documents, so that you can conduct customer due diligence. Not only do customers hate having to dig up documents, they do not have time while you photocopy, stamp and store these documents.  

The Know Your Customer (KYC) process, crucial for ensuring the integrity of financial transactions, has undergone a transformative evolution and is not just a necessity but an opportunity for efficiency and growth. If your customers know your onboarding experience is less painful than your competitor, they are likely to stick with you becoming more loyal, and are more likely to recommend and refer your business to others.  If your KYC process is document heavy, you are likely losing customers which you are not aware of, because they have not sent you all the documents, or they found it too cumbersome and went elsewhere.

Why improve your KYC process?

1. Accuracy and Consistency: Minimize the risk of human error with automated data collection and verification processes, ensuring the accuracy and consistency of your KYC records. Don’t ask your customer to submit their documents again because the document got lost or misplaced, or your employee is off sick.

2. Save time and money: How much are you spending on administrative staff to gather, photocopy and store documents? For less than that cost you can offer your customer an easier process that enables them to finish the KYC process easily and quickly.

3. Reduce risk and increase compliance: Improve your business bottom line by reducing fraud, better storing and reporting on customer data.