Know Your Client workflow
Template
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 often a regulatory compliance requirement for financial industry businesses. Meet your compliance obligations with a Know Your Client workflow.
Reduce business risks and meet compliance obligations with this Know Your Client workflow.
Save your business from unnecessary risk with a reliable Know Your Client workflow. Handle every step properly. 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 a year are illegally laundered each year. Your business could be at risk if it 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. Fines and other legal actions for minor or more serious involvement in illicit activity could apply. Fraud committed by your customers could lead to involvement in legal proceedings, investigations, and potential damages.
Begin each client relationship with confidence by following a Know Your Client workflow. Collect key information about about each client. Be confident that important questions and the answers to them do not get overlooked. Use this Know Your Client workflow to be certain things get done right and you’ve efficiently met key compliance requirements.
How to get your Know Your Client workflow into use now:
- Document and Share the Process Use the template above to get started. Customize the outlined process. Add videos, images, details, roles, assignments, relative due dates, timelines, tasks, and forms as needed. Share your documented process online with business managers or share printed or PDF copies.
- Automate Workflow Processes and Checklists
Typically 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 workflow, 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 managers, teams, and your whole business time and money while executing flawlessly. View live processes on dashboards. Monitor the details. Get reports when you want them and be notified if there’s an issue. Archive everything for compliance and record keeping. - Avoid Costly Mistakes
Make sure each critical step gets done right and on time. When details and steps during the Know Your Client workflow get missed, forgotten, done incorrectly, or done late the company’s risk of encountering serious legal or financial consequences increases significantly. Avoid these risks with a strong and reliable Know Your Client workflow.
Use TeamworkIQ’s Know Your Client workflow 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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