Know Your Client checklist
Know Your Client (KYC), also known as Know Your Customer, is a process that enables you to verify the identity of new clients and assess the potential risks and suitability of a new customer relationship. KYC is often a regulatory compliance requirement for financial industry businesses. However any business can reduce risk by customizing and using this Know Your Client checklist.
Meet compliance regulations and reduce business risk with a comprehensive Know Your Client checklist.
With TeamworkIQ’s Know Your Client checklist you save critical time and resources during the KYC process. Know that every step completed the right way. Track progress and automatically assign roles.
Know Your Client processes empower you to comply with Anti-Money Laundering regulations. Research suggests that $2 to $2.5 trillion dollars flow through the money laundering market every year. Your business could be at risk if it knowingly or unknowingly facilitates these illicit activities. Reduce risks with a Know Your Client process.
Without identity verification and a deeper understanding of your client’s activities, your business risks severe consequences. Financial penalties and other legal consequences for minor or more serious involvement in illegal activity could apply. Fraud committed by your customers could lead to your involvement in investigations, legal proceedings, and financial damages.
Start every customer relationship with a Know Your Client checklist. Gather all the important details about a new customer. Be certain that questions and the answers that are critical to them don’t get overlooked. Use this Know Your Client checklist to make sure you meet your compliance obligations.
How to get your Know Your Client checklist into use now:
- Document and Share the Process Get started with the Know Your Client template. Customize the outlined processto your needs. Add relative due dates, timelines, tasks, forms, videos, images, details, roles, and assignments to meet your needs. Share your documented process online with business managers or share printed or PDF copies.
- Automate Workflow Processes and Checklists
Normally the KYC process involves employees from several departments. Researchers gather information about clients and verify their identity. Analysts evaluate the risk potential of clients. Account Managers handle onboarding and ongoing monitoring of the account. When you use a reliable checklist, everyone involved in the process is informed of what needs to be done to make sure the process is done right. Automated workflows and tasks helps team members move through the entire process with clarity and ease. To start a new workflow from your documented process, simply click Start.
- Integrate with Other Systems
Eliminate the slow speed, effort, and error prone nature of moving information manually between systems. TeamworkIQ’s integration points let you exchange data and events with the most popular CRM systems and 1000’s of other apps and software systems.
- Achieve Operational Excellence
Save yourself, your employees, and the business time and money while operating seamlessly. View live processes on dashboards. Monitor the details. Get reports at your convenience and be notified if there’s an issue. Archive everything for record keeping and compliance.
- Avoid Costly Mistakes
Make sure each critical step gets done right and on time. When details and steps during the Know Your Client checklist get forgotten, done incorrectly, done late or missed the company’s risk of encountering sever legal or financial problems increases significantly. Avoid these risks with a strong and reliable Know Your Client checklist.
Use TeamworkIQ’s Know Your Client checklist template to ensure that your team can effectively handle the process and minimize your exposure to risk.
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What’s the best way to handle the KYC process?
Here’s some of the best advice for handling the Know Your Client process from other KYC experts to get you started:
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