Know Your Client form
Know Your Client (KYC), also known as Know Your Customer, is the process through which the identity, suitability, and potential risks of new clients can be identified. KYC is a compliance step required for financial industry businesses. Systematize how you comply with regulatory requirements with this Know Your Client form.
Reduce business risks and meet compliance obligations with this Know Your Client form.
Save time and money with a Know Your Client form you can trust. Don’t expose your business to unnecessary risk. Complete every step the right way. Track progress and automatically assign roles.
Know Your Client processes enable you to more thoroughly 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 facilitates these illicit activities. Follow a systematic Know Your Client process to reduce business risk.
Without knowing your client’s business activities in more detail and make sure you have verified their identity, your business risks severe consequences. Penalties and other legal punishments 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.
Be sure to start new client relationships with a Know Your Client form. Gather all the necessary details about a new customer. Be confident that important questions and the answers to them do not get overlooked. Use this Know Your Client form to streamline operations, make sure things get done right, and meet audit trail requirements for compliance.
How to get your Know Your Client form into use now:
- Document and Share the Process Get started with the Know Your Client template. Customize the outlined process. Add roles, assignments, relative due dates, timelines, tasks, forms, videos, images, and details as needed. Share your documented process online with business managers or share printed or PDF copies.
- Automate Workflow Processes and Checklists
Normally the KYC process involves workers 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 form, 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 effort, slow speed, and error prone nature of transferring information manually between systems. TeamworkIQ’s integration points let you exchange events and data with the most popular CRM systems and 1000’s of other software packages, apps, and online applications.
- Achieve Operational Excellence
Save yourself, your employees, and your whole business time and money while executing flawlessly. View live processes on dashboards. Analyze the details. Get reports when you want them 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 form get done incorrectly, forgotten, done late or missed the company’s risk of encountering serious legal or financial consequences increases significantly. Avoid these risks with a strong and reliable Know Your Client form.
Use TeamworkIQ’s Know Your Client form 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 regulatory compliance and other business management experts to get you started:
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