Know Your Client SOP
Know Your Client (KYC), also known as Know Your Customer, helps you verify the identity and suitability of new clients and potential risks of new customer relationships. KYC is a compliance step required for financial industry businesses. Meet your compliance obligations with a Know Your Client SOP.
Meet compliance regulations and reduce business risk with a comprehensive Know Your Client SOP.
Avoid unnecessary risk with a reliable Know Your Client SOP. Trust that every step gets done right. 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 are laundered every year. Your business could be at risk if it knowingly or unknowingly facilitates these illicit activities. To reduce risks, follow a Know Your Client process.
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 criminal activity could apply. Fraudulent activities committed by client could lead to your involvement in investigations, legal proceedings, and financial damages.
Be sure to start new client relationships with a Know Your Client SOP. Gather all the important details about a new customer. Be confident that important questions and the answers to them do not get overlooked. Use this Know Your Client SOP to make sure you meet your compliance obligations.
How to get your Know Your Client SOP into use now:
- Document and Share the Process Use the template above to get started. Tailor the outlined process. Add videos, images, details, roles, assignments, relative due dates, timelines, tasks, and forms to meet your needs. Generate print and PDF copies of your documented process or share it with other managers.
- Automate Workflow Processes and Checklists
Usually the KYC process requires employees 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 SOP, 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 events and data with the most popular CRM systems and 1000’s of other apps and software systems.
- 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 SOP get done incorrectly, forgotten, 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 SOP.
Use TeamworkIQ’s Know Your Client SOP 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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