KYC (Know Your Customer) Process Management

Along with the advancement in technology comes the increased risk for crimes that may be committed virtually and globally like money laundering, bribery, and fraud. With the Internet and other digital forms of communication, it is easier than ever to shield one’s identity or skew details to appear more favorable for a given situation.

The mandatory duty to Know Your Customer has never been as crucial as it is today. Many companies understand the risks but lack the time or resources to carry out KYC research that reflects proper due diligence. Cursory checks do not provide a level of detail that ensures businesses or other third parties are adequately aware of who they are doing business with. This can expose them to dangers that can be costly, time consuming, and affect their reputation in the long run.

Financial institutions in particular cannot afford to overlook the implementation of thorough KYC guidelines. But taking appropriate measures to confirm a person’s identity and suitability as a client require a clear understanding of Federal and State laws as well as the resources to properly carry out the right procedures.

Assivo is committed to providing an extra hand to financial institutions and affording them an additional layer of protection before and while doing business with customers.

Outsourced KYC process management streamlines customer verification through document validation and electronic identity verification while remaining compliant with company and government protocols. Our fully managed, data-driven workforce is equipped with the right tools to legally verify the identity of people and the authenticity of documents. We run them through databases to determine whether they have committed bribery, corruption, high crimes, or money laundering. We also conduct due diligence and ongoing monitoring, as needed, with scalable teams that can grow or decrease as needs change.

The result?

Clients engage in business with assurance that robust KYC measures have vetted their customers to reduce the risk of fraud and liability.