TrustCloud KYX
Qualified verification of clients (KYC) and businesses (KYB) in seconds, mitigating fraud, risk and financial crime.
KYC (Know your Customer) is the mandatory process of identifying, verifying and analysing the risk of the client’s identity when making a transaction, opening an account and periodically over time.
The KYC approach has been created to help companies comply with anti-money laundering (AML), KYC regulations, and to support the international electronic identity verification requirements of different regulated sectors and entities.
KYB (Know your Business) is a regulatory obligation of enterprises along with fraud prevention practices. KYB verification is a thorough screening of a company and the people related to it.
The digitalisation of the KYB corporate strategy helps automate workflows related to compliance tasks (AML & KYB), analyzes the Ultimate Beneficial Owner (UBO) structure, reduces manual back-office operations, makes the most of digital processes, decreases fraud risk, and allows companies to focus on key legal and compliance considerations.
Benefits
KYB
- Verification & validation of companies in real time.
- Access government databases and public registries.
- Risk reduction of forged document fraud.
- Customization of verification rules.
- Transparent verification.
- Monitorisation of company’s performance & financial health.
- Transaction tracking.
- Reduce manual identity verifications.
KYB
- Verification & Validation of companies in real time.
- Access government databases and public registries.
- Risk reduction of forged document fraud.
- Customization of verification rules.
- Transparent verification.
- Monitorisation of company’s performance & financial health.
- Transaction tracking.
- Reduce manual identity verifications.
FAQS
What can KYX offer to your company?
KYX lets you orchestrate the controls and assurances you need to comply with anti-money laundering (AML) and specific KYC/KYB regulations, as well as to support the international electronic identity verification requirements of different regulated sectors and entities. The KYX digital services also help you have a better knowledge of all your stakeholders, prevent online fraud and its risks, and block the access of cyber attacks within your company.
What is AML compliance?
An anti-money laundering (AML) program is a set of regulations and procedures that financial institutions and other entities follow to prevent and detect money laundering or terrorist financing activities.
Who is required to comply with AML?
Many firms, especially those whose activity is set around money, such as banks, casinos or online game providers, must comply with the Bank Secrecy Act in the US or with other transnational regulations, such as the European 5th anti-money laundering directive or the FATF rules. The purpose of the AML rules are to help detect and report suspicious financial activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.
