Which KYC System should I choose?
KYC stands for “know your customer” and involves understanding who your customers are to prevent potential fraud, such as money laundering. KYC is significant in sectors like banking, where knowing customers' identities is crucial when conducting business or transactions. Understanding the customer involves assessing risks and gathering as much relevant information as possible about a customer. To achieve good knowledge and assistance with everything that the KYC concept entails, you can utilize a KYC system. In this context, AML systems, which stand for anti-money laundering, are often mentioned, as they are specifically focused on money laundering. These systems can often be integrated with your other systems and help you keep track of regulations. BusinessWith lists the KYC systems available in the UK market today, so you can find the best system for your needs. All for better compliance control. Use our comparison guide today to find the right KYC system for your business.
Why customer knowledge (KYC)?
In the UK, several businesses and sectors, such as banks, gaming companies, or insurance firms, are required to comply with anti-money laundering laws and thus strive for customer knowledge. This involves ensuring that you know the customer's identity by establishing a flow of controls and understanding what characterizes deviations. This is to ensure that no financial fraud or money laundering is taking place. To achieve this, having a KYC system at your disposal can be beneficial. BusinessWith has compiled the KYC systems available in the UK market – which can help you achieve the highest possible level of customer knowledge. Feel free to use our comparison service to search, compare, and then find the best KYC system for your company or organization.
Quick Guide
Quick Guide
What is AML (anti-money laundering)?
To combat various types of money laundering, different AML systems, such as KYC systems (know your customer) are used. This is to detect and prevent money laundering. A crucial part of this is having good customer knowledge to identify risks early and make decisions and direct efforts to counteract money laundering. AML, anti-money laundering, has become increasingly prominent on the agenda for both countries and banks in recent years, not least in the UK. Combating money laundering and also financing of terrorism is a significant problem in society – sources suggest that up to two trillion dollars are laundered globally each year. Financial systems must be healthy for people to earn their money. This involves extensive work with anti-money laundering. Are you curious about which KYC systems are available today? BusinessWith offers a comparison guide, where you can easily search and compare different systems that promote good customer knowledge – know your customer. Start reading, filtering, and comparing with us today.
Description of product features
API
Automatic notifications
Background checks
ID identification
Onboarding
PEP identifications
Real-time updates
Risk assessments
Watch list
