Banking and financial institutes are required to include KYC or Know Your Customer protocols as part of their overall compliance with AML or Anti-Money Laundering regulations and requirements. Most countries considered international trading partners are mandated to use these regulations, which is essential in controlling financial fraud around the world.
However, many other types of businesses and industries are also including KYC as part of their security protocols. Staying abreast of current technology is crucial in maintaining KYC compliance and providing the most effective security for your customers and the business.
There are several areas where KYC compliance can become problematic. To help address these issues, working with a top company providing effective, easy to use KYC technology is a positive and proactive way to avoid problems.
Thanks to cloud-based software and the use of smartphone apps, KYC compliance does not have to be costly for a business. The new options in software platforms do not require costly purchases or additional hardware, and they can be easily integrated into an existing app or security protocol.
Knowledge of Current Requirements
Hackers and criminals are continually working to get around KYC technology. Using a system that constantly updates to provide the required levels of security is essential for a business of any size and in any industry.
Tested, proven, and continually updated and checked against known sanction lists, KYC and AML should use databases that are updated multiple times an hour, ensuring the latest in information is used during the verification and real-time report.
Accura Scan provides customized options for KYC compliance and AML regulations for all types of businesses. To find out more or to try our free demo, see us online at accurascan.com.