Know Your Customer (KYC) compliance

Verify customer identities and accurately assess risk.

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Confidently verify customer identities

Understand and anticipate customer activities

Implement ongoing monitoring

What is the Know Your Customer (KYC) Rule?

Know your customer goes beyond basic identity verification and includes the assessment of fraud risk in new and existing customer accounts. Financial instituions are required to incoporate risk-based procedures and provide detail about products, portfolios, acquisition channels, ect. Institutions should have processes to monitor customer transactions and detect potential financial crimes or fraud risk. KYC policies help determine when suspicious activity reports (SAR) need to be filed with the Department of Treasury's FinCEN organization.The following organizations have KYC oversight: Federal Financial Institutions Examinations Council (FFIEC), Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB).

How can my institution meet KYC requirements?

According to the Federal Financial Institutions Examinations Council, a know your customer program should include:

  • Customer Identification Program: Identifies processes for verifying identities and establishing a "reasonable" belief that the identity is valid.
  • Customer Due Diligence: Verifying customer identities and assessing the associated risks of doing business.
  • Enhanced Customer Due Diligence: Significant and comprehensive review of high-risk or large transactions and implementation of a suspicious activity monitoring system to reduce risk to the institution.

The three pillars of identity relationship management.

Identity relationship management isn’t just knowing who a person is (or is not) or may (or may not) be at a particular point in time. It links people, places and things and enables a dynamic, context-based strategy that organizations can apply confidently throughout the User or Customer Life Cycle.

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Our tools can help you

  • Satisfy compliance regulations and leverage consulting on how to use regulations to become a source of competitive advantage.
  • Gain the ability to run customer authentication software in real time or through batch processing services.
  • Make fast and easily interpreted authentication decisions.
  • Confidently investigate a customer's identity elements without causing customer fricition.
  • Utilize our entire breadth of data sources to gain a complete picture of each and every one of your applicant's or customer's identity.
  • Enable your customer identification program and risk-based procedures.

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