Everything you need to know about Knowing Your Customer

KYC is an important part of protecting yourself – and your customers – from fraud, regulatory breaches and bad actors. Luckily APLYiD makes KYC compliance quick, seamless and effective

Companies that deal with individuals have a responsibility to ensure they are who they say they are and live where they say they live. You have to be able to say your company did everything they could (within reason) to protect against people using your company to launder money or commit identity fraud. All the information you collate has to be documented through a customer lifecycle and readily accessible to prove you did it  – meaning KYC matters to compliance, risk, operations and IT departments in every company.

The problem is that regulatory bodies in many different industries – accountancy, legal, real estate, financial services, and more – do not always tell you what ‘knowing your customer’ should look like. As a result companies have to determine what their own ‘risk’ or ‘identification’ policies should be. What is going to protect your business from risk and crime? What is going to protect your business from regulatory breaches and fines? What is going to protect your customers?

By harnessing APLYiD’s technology, we have seen 406% more accounts created due to ease of onboarding. It has been amazing to see this technology in action and how it has enhanced our client experience.

Mark Roberts

National Sales Manager, Convera (Formerly Western Union)

Once you’ve answered those questions, you then need to figure out how those checks are going to be conducted. What is going to make that process as seamless as possible for our customers? What is going to be best to drive sales and minimise operational headache? How much work does that mean for your IT & development team? The list, sadly, is endless.

Don’t just Know Your Customers – Keep them too

APLYiD’s onboarding AML/KYC compliance software is the fastest, smartest way to verify new customers. Our fully automated process verifies your customers in seconds. And it’s powered by the best available Government, Credit Bureau and Enterprise datasets, keeping all identification ultra-secure, updated and accurate.

It works on virtually every smartphone with no downloads. It’s so quick and easy that fewer customers abandon the onboarding process halfway through. And it works alongside your existing IT setup, complete with your own company branding, with no need for expensive development work or integration.

Most importantly, we automatically delete customer data within minutes of verification. We will never be the source of a data breach or hack – that’s how we can guarantee your customers’ data is safe and secure.  

With APLYiD you can meet your KYC compliance obligations quickly, easily and safely – letting you get on with the process of winning more customers instead.

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