Streamlining AML and KYC compliance continues to be a key focus for business, with firms keen to ensure that they are meeting the increasing regulatory demands but also optimising customer onboarding.
Are you confident that you are meeting your compliance needs and optimising business transaction speed?
What does AML and KYC mean for me and how can Contego help?
Anti-money laundering (AML) refers to a set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions such as money laundering. These regulations put an obligation on companies to understand their customers, and to monitor their activity.
Know Your Customer (KYC) is the process of a business verifying the identity of its clients and ensuring that they are able to provide detailed anti-corruption due diligence information, to verify their legitimacy and integrity. KYC policies are becoming much more integral globally to prevent identity fraud, financial fraud, money laundering and terrorist financing. We are also now seeing the new term KYB, Know Your Business, being used in in conjunction with KYC.
AML and KYC regulation are put in place to ensure that institutions and business are not aiding in money-laundering or terrorist activities. The onus to perform these procedures is on the institution or business, not on the criminals or the government.
In recent years there has been an increase in individual liability of noncompliance, as opposed to organisational liability. Individuals with overall responsibility for AML systems and KYC, a director or senior manager, can face criminal sanctions and fines.
Businesses have an increasingly important role to ensure their compliance processes are up to date, as they try to navigate the complex regulation to navigate. Forward thinking compliance officers are looking for enhanced tools to make better decisions, leaving them free to focus on exceptions handling, confident that all the data flowing into the decision making process is complete and robust.
Contego reduces the risk of fraud and makes AML and KYC checks as frictionless as possible. Firms can enter into customer, partner and counterparty engagements, confident in our rigorous and comprehensive approach to anti-fraud detection, risk scoring and due diligence assessment. Contego is the only comprehensive risk scoring platform that can handle complex multi-source fraud detection and compliance checks at high speed, and deliver a single view via an easily integrated API.
It’s important to understand your customers through the use of KYC checks, ensuring that you have the correct anti-money laundering checks in place to comply with regulations.
Call us today on 01235 375 000 to discuss your KYC and AML needs and get the confidence you need.