Know Your Customer (KYC)
If you’re looking to maintain a detailed assessment of risk when pre-screening employees, KYC (Know Your Customer) or Anti-Money Laundering (AML) screenings may align with your needs.
Anti-Money Laundering (AML) is a network of regulations that originated following the creation of the Bank Secrecy Act (BSA) in 1970. As more acts have been added to the index, many establishments have found themselves directed to follow measures to prevent money laundering.
KYC and AML can include (PEP), Global Watch Lists and Sanctions, Global ID validation, as well as the soon-to-be-required Adverse Media Screening.
While KYC is a component of the AML umbrella, it tends to be the due diligence phase as it comes to new employees, clients, or vendors for companies. Know Your Customer (KYC) are standards normally used in the financial and investment sectors to assist institutions in confirming someone’s identity and determining their risk factor. Simply put, the title of KYC explains itself: it’s a mandatory process to know your customer, and in many cases, your candidate! Created as a mechanism to assist in the fight against financial crime, some organizations can even be up for penalties if they are not compliant.
To find out more about how KYC and AML can assist your company, fill out the form below or contact our office.