Know Your Client procedure
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 often a regulatory compliance requirement for financial industry businesses. Systematize how you comply with regulatory requirements with this Know Your Client procedure.
Reduce business risks and meet compliance obligations with this Know Your Client procedure.
Avoid unnecessary risk with a Know Your Client workflow you can trust. Complete every step properly. 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. Reduce risks with a Know Your Client process.
Without a deep understanding of your client’s activities and verification of their identity, your business risks severe consequences. Financial penalties and other legal consequences for minor or more serious involvement in criminal activity could apply. Fraudulent activities committed by client could lead to involvement in legal proceedings, investigations, and potential damages.
Be sure to start new client relationships with a Know Your Client procedure. Gather all the important details about a new customer. Be certain that critical questions and the answers to them do not get overlooked. Use this Know Your Client procedure to streamline operations, make sure things get done right, and meet audit trail requirements for compliance.
How to get your Know Your Client procedure into use now:
- Document and Share the Process Use the template above to get started. Tailor the outlined process. Add relative due dates, timelines, tasks, forms, videos, images, details, roles, and assignments as needed. Share your documented process online with business managers or share printed or PDF copies.
- Automate Workflow Processes and Checklists
Usually the KYC process requires workers from various positions. 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 procedure, 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 everyone move through the entire process clearly and easily. 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 running ultra-efficiently. 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 procedure get forgotten, done incorrectly, done late or missed the company’s risk of encountering serious legal or financial problems increases significantly. Avoid these risks with a strong and reliable Know Your Client procedure.
Use TeamworkIQ’s Know Your Client procedure 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 business management experts to get you started:
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