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In 2024 Britain’s banks – from big banks to mid-tier, challengers to fintech disruptors – have been upping their investment in Customer Relationship Management (CRM) Software.

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Customer Due Diligence

Understanding Customer Due Diligence (CDD) Requirements

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Ben Lachenal

Introduction to Customer Due Diligence (CDD)

Customer Due Diligence (CDD) is a critical process used by regulated businesses to gather and verify information about their clients and customers.

This procedure helps institutions identify potential risks of illegal activities, including money laundering and terrorist financing, ensuring compliance with Anti-Money Laundering (AML) regulations. By implementing robust CDD measures, organisations can protect themselves from financial crime and adhere to complex regulatory requirements.

When is CDD required?

CDD is required at the point of account opening and is relevant to a wide range of entities, including banks, financial institutions, gambling operators, cryptocurrency providers, and other businesses that handle significant financial transactions.

The process involves collecting detailed information to verify the identity of clients, understand the nature of their business relationships, and assess potential risks. Having a proactive approach to CDD not only safeguards the organisations but also promotes transparency and trust in the financial system.

Different types of CDD: when to use it and who it applies to

CDD can be categorised into three main types based on the level of risk associated with the customer and the nature of the business relationship: Simplified Due Diligence (SDD), Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD).

1. Simplified Due Diligence

This is applied to customers posing a lower risk of money laundering or where regulation isn’t as stringent. This might include low-value accounts or customers from countries with robust AML frameworks. Simplified due diligence involves basic identity verification without the need for extensive documentation or manual intervention.

2. Customer Due Diligence (CDD)

This is the most common form of due diligence and applies to the majority of customers and industries. It involves verifying the customer’s identity through official documents or data checks and assessing the purpose and intended nature of the business relationship.

3. Enhanced Due Diligence (EDD)

Required for customers posing a higher risk, such as Politically Exposed Persons (PEPs), customers from high-risk countries, or those involved in complex or large transactions. EDD involves a more thorough investigation, including detailed scrutiny of the customer’s background, source of funds, and high frequency of ongoing monitoring.

CDD processes

1. Customer identification and verification

Institutions must obtain and verify information to confirm the identity of their customers in the CDD process. This typically includes collecting documents such as passport, driver's license, and personal information such as name, address, and date of birth. The aim is to ensure that the customer is who they claim to be, thus preventing identity theft and fraud.

2. Corporate verification

CDD not only applies to individuals but should also be implemented for B2B relationships. It is crucial to screen the business and directors of a business to understand risk, with the most critical element being beneficial ownership verification. This involves determining who ultimately owns or controls the business. Collecting CDD documents can be used to verify beneficial ownership.

3. Ongoing monitoring

CDD is not a one-time process. Continuous monitoring including transaction monitoring and re-screening is essential to detect and report any suspicious behaviour. This helps in identifying any changes in the customer’s risk profile and ensures compliance with regulatory requirements over time.

CDD requirements for regulated entities

Regulated institutions such as banks and financial institutions are at the forefront of implementing robust CDD requirements due to the high-risk nature of their operations. Specific regulations, such as those enforced by the Financial Conduct Authority (FCA) in the UK, mandate strict adherence to CDD measures. Key requirements include:

Know Your Customer (KYC) customer due diligence required

Regulated entities must implement KYC procedures to identify and verify the identity of their customers. This includes obtaining personal information, verifying identities, and assessing the risk level of each customer.

Customer Due Diligence (CDD) AML requirements

Regulated businesses must comply with global AML regulations, which involve comprehensive CDD processes to prevent money laundering activities. This includes verifying customers against PEP and sanctions lists, understanding the nature of business relationships, and monitoring transactions.

FCA CDD requirements

In the UK, customer due diligence requirements for financial institutions are set by Financial Conduct Authority (FCA) specific guidelines. Regulated entities must follow these guidelines to ensure they meet regulatory standard and avoid penalties. This includes performing risk assessments, maintaining accurate records, and reporting suspicious activity.

Risk-based approach

Businesses conducting CDD are encouraged to adopt a risk-based approach, tailoring their CDD measures to the risk level of each customer. High-risk customers require more rigorous EDD checks, while low-risk customers may undergo simpler verification processes.

Importance of CDD

Implementing robust CDD measures is vital for several reasons:

1. Compliance with regulation

Adhering to CDD/KYC requirements ensures compliance with global AML regulations, reducing the risk of legal penalties and reputational damage.

2. Risk mitigation

CDD helps identify and mitigate risks associated with money laundering, terrorist financing, and other financial crimes. By understanding their customers, regulated institutions can detect and prevent suspicious activities more effectively.

3. Protecting financial systems

Effective CDD measures promote transparency and integrity within the financial system, building trust among clients and stakeholders.

4. Enhancing customer trust

Customers are more likely to trust businesses that prioritise security and compliance, leading to stronger business relationships.

Solutions for CDD compliance

The increasing complexity of regulatory requirements has led to the development of advanced solutions and automations to streamline the CDD process. These technologies enhance efficiency, accuracy, and compliance, making it easier for regulated entities to meet their obligations.

Digital identity verification

Automated ID&V solutions for verifying customer identities using government issued documentation and biometric data are becoming increasingly popular. These systems can quickly and accurately verify identities, reducing the risk of human error.

CDD AML requirements

Specialised AML software can screen customers against global PEP and sanction watchlists to identify illicit activity and can monitor transactions in real-time, flagging any suspicious activities for further investigation. These systems use machine learning and AI to detect patterns indicative of money laundering.

RegTech solutions

Regulatory technology (RegTech) solutions offer comprehensive tools for managing customer due diligence. These include automated identity verification, anti-fraud solutions, and ongoing monitoring, ensuring businesses stay up to date with regulatory changes whilst giving their customers a seamless onboarding experience.

Blockchain technology

Blockchain is emerging as a valuable tool for customer due diligence. This technology can enhance the integrity of CDD processes by providing an immutable record of all transactions and verification attempts. Although, the technology is still new and evolving, so uptake has been slow compared to RegTech automation.

How FullCircl can help

FullCircl works with 700+ businesses to understand their due diligence needs. Our IDV platform consisting of global KYC, AML, document verification, anti-fraud, and KYB is trusted by regulated entities to increase both the efficiency and effectiveness of customer onboarding whilst keeping ahead of evolving regulation.

Whether you need to explore CDD documents required, CDD requirements in the UK, KYC CDD requirements, or just curious in exploring transforming your compliance processes, we’re on hand to help.

Book a demo today to find out more.

Customer Due Diligence

Gambling act review: How to stay ahead of the latest changes

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Ben Lachenal

Gambling act review: How to stay ahead of the latest changes

The hotly anticipated gambling act review has emerged as a critical initiative in the UK, aimed at modernising gambling regulation and ensuring the industry is fit for the digital age. The review was initially set to come into play in 2021, but due to various delays from COVID and Government priority, has slipped to only now coming into effect.  

Whilst the updated regulation will initially be imposed on operators in the UK, global jurisdictions have been keeping a close eye on the changes to regulation and how it impacts the industry.  

Originally enacted in 2005, the gambling act was designed to regulate betting activities, ensuring fairness and protecting vulnerable players. However, with the rise in online gambling and significant changes in how people engage with betting and gaming, it has become clear that the existing framework is no longer fit for purpose.  

One of the pivotal aspects of the gambling act review is the introduction of new financial risk checks (formerly known as affordability checks). These are designed to enhance responsible gambling initiatives and ensure that players are not gambling beyond their means.

The need for change within the industry is underscored by rising concerns about problem gambling. With an increasing number of people affected by gambling addition, with an estimated 0.5 of the adult population having a gambling problem, 3.8% gambling at at-risk levels, and 7% being negatively impacted by other people’s gambling, it’s critical to implement updated regulation that prioritises players over commercial goals.  

With the first round of changes set to be implemented from 30th August 2024, this blog will explore the financial risk requirements the gambling industry needs to to act on and how to stay ahead of the regulation to avoid penalties and reputational damage.  

Financial risk and vulnerability checks

Light-touch checks: From 30th August 2024, operators must implement these checks on their players. These need to be triggered when players have £500 net deposits in a rolling 30-day period (reducing to £125 from 28th February 2025).

The checks will trigger public records for bankruptcy, CCJ, IVA, HCJ, AO, or DRO.

The purpose of these checks is to inform customer interaction decisions, where the operators must act in response to results whilst considering all other information on the players. Once triggered, the check doesn’t need to be repeated for 12 months.  

Enhanced checks: Currently in a pilot phase for remote operators in fee categories J1+ from 30th August 2024 to 31st March 2025.

The gambling commission specified threshold include triggering a request for a financial risk assessment from a Credit Reference Agency (CRA), to include (where available) credit performance data and aggregated current account turnover.

Operators do not need to act in response to findings during the pilot phase.

Interim Betting & Gaming Council code: The code laid out by the BGC is voluntary but also not endorsed by the Gambling Commission.  

It includes a risk assessment of customers (without production of documents) before they are permitted net deposits of over £5000 per rolling month (or £2500 for under 25-year-olds), enhanced consideration of documentation triggered by a net deposit of over £25,000 in a rolling year.  

How FullCircl can help

FullCircl works with some of the biggest gambling operators including Entain, Novibet, and Fitzdares to understand their pain points in balancing revenue generation with player protection.  

We have developed a financial risk solution which satisfies the need for light-touch checks by evidencing data on players including bankruptcy, CCJ, IVA, HCJ, AO, or DRO. Our solution is designed to remove friction with players whilst staying ahead of the latest gambling commission regulatory guidance.  

FullCircl offers both no-code and low-code integration options to ensure that operators can efficiently implement new services without technical overheads or lengthy integration processes.

Contact us here to find out more.

Current Affairs

Companies set to face significant costs for identity verification of shareholders

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Lucy Huntley

Financial Institutions set to face significant costs for identity verification of shareholders

The Economic Crime and Corporate Transparency Act (ECCTA) which came into force in October 2023, includes identity verification (IDV) requirements for directors, persons of significant control (PSCs) and shareholders, with the aim of improving the usefulness of company information held by the registrar i.e. Companies House.  

Whilst most financial institutions are aware of the ECCTA and the Companies House reform, many might not realise that the ECCTA requires all new and existing directors, PSCs and most presenters filing documents with Companies House, to verify their identity (it's estimated that some 7,687,000 unique officers must verify by Spring 2025), making this the costliest element of the reforms. The Government also consulted on extending identity verification to shareholders in its 2019 Corporate Transparency and Register Reform Consultation, but decided not to proceed with it.

The revised impact assessment for identity verification estimates that IDV and authorised corporate service provider reform as a whole will cost businesses around £19.5 million annually.

A bit of background

The ECCTA strengthens the UK’s efforts to combat economic crime via a wide-ranging suite of reforms. These include new and enhanced powers for Companies House to scrutinise information provided by companies and their directors, taking it from turning it from a largely passive recipient of company information to a much more active gatekeeper. Companies House now has enhanced abilities to verify the identities of company directors, remove fraudulent organisations from the register, and share information with criminal investigation agencies.  

Why so costly?

The introduction of IDV is the costliest element of the Companies House overhaul, making up around 75% of the estimated cost in the reform package.

Companies currently only must provide shareholder names and limited information about shareholdings to Companies House. Providing any further information comes at cost:

  • Understanding this policy change and collecting additional information on shareholders to submit to Companies House.  
  • Shareholders having to understand and take part in the identity verification process or confirm they have already been verified as PSC / director.
  • Familiarisation costs i.e. cost to understand that shareholders will need to be identity verified and the processes associated with that .
  • Ongoing costs – continuously collecting, collating and submitting additional information to Companies House going forward on their shareholders.

And we’re not just talking big companies here, or shareholders with majority stakes. The government’s position is that, under the Act, if a minority shareholder – however small their shareholding - exercises significant influence or control in a company, they will be required to verify their identity.

How to reduce the IDV cost burden

Adding to the cost burden is the fact that many financial institutions are currently using either heavily manual IDV processes or a plethora of disparate tools.  

This also presents possibly the biggest opportunity to reduce the IDV cost burden and boost the ability to meet the requirements of the ECCTA. In fact, 65% of corporate risk and compliance professionals believe that using technology to streamline and automate manual processes helps reduce the complexity and cost of compliance.

W2 by FullCircl is a single IDV platform to help you simplify the compliance process and meet regulatory requirements. We provide access to robust data to assist with real-time access to reliable, up-to-date information on directors, PSCs and shareholders including, but not limited to:

  • ID and age verification
  • PEPs and sanctions screening
  • Automated and manual document verification
  • Facial comparison
  • Address Lookup
  • Email risk assessment
  • Salacious name checks
  • Director lookups and disqualified director data
  • Affordability checks (for the gambling and gaming industries)

Find out more about the IDV requirements under the EECTA and their costs here.

Want to know more about IDV solutions and their benefit to your business? Download our free Buyers Guide to IDV Software.

KYC / KYB

KYB & KYB: FullCircl unpacks the what, why & differences

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Lucy Huntley

Understanding the difference between KYC and KYB is crucial for businesses navigating the financial landscape. Both KYC/KYB processes are integral to ensuring regulatory compliance and building trust. In this blog, we'll delve into the KYC KYB processes, highlighting their significance and the difference between KYC & KYB in maintaining financial integrity.

KYC meaning

Know You Customer (KYC), or sometimes Know Your Client, refers to the policies and procedures put in place by businesses to manage risk and verify the identities of customers/clients. These are particularly vital to the financial services industry, to ensure compliance with national and international regulations targeting anti money laundering (AML), terrorism financing, fraud, and other forms of corruption and bribery.

Why is KYC important?

In the UK in 2022, 64% of businesses experienced fraud, corruption, or other economic/financial crime. In a world where the risk landscape is constantly evolving, it’s never been more important for businesses to build resilience.

Effective KYC policies and procedures prevent money laundering, reduce the risk of unwittingly embarking upon a relationship with individuals or organisations involved in illegal activity, and keep regulated entities ahead of regulatory requirements.

As well as preventing criminal activity, KYC is also a vital tool in understanding customer needs and preferences, establishing trust, providing superior service, and importantly reducing cost to acquire and serve customers.

How does KYC apply across the customer lifecycle?

The simple answer is, KYC applies at every stage.

  • Finding the right customers - pre-screening customers for suitability allows businesses to be confident they are always efficiently pursuing not only the best opportunities, but the ones that best fit their risk profile.
  • Onboarding them faster Effective KYC procedures are mandatory for regulated businesses when onboarding a new customer. Done well they also deliver a positive experience for the customer, and a great first impression for the business.
  • Keeping customers for life KYC enables businesses to identify and mitigate risks sooner throughout the customer lifecycle. A proactive approach through Perpetual KYC (we’ll come on to this later) can simultaneously improve customer retention while increasing upsell opportunities. 

The problem with KYC is that traditionally companies waste vast amounts of money, time, and resource because their KYC processes are inefficient.

According to a 2022 study, financial institutions spend millions of pounds every year inefficiently onboarding and maintaining clients. The survey found that almost 30% of firms dedicate between 31% to 40% of their entire compliance budget meeting their KYC obligations, and that between 1,000 and 2,500 employees work on KYC tasks.

eKYC meaning

Put simply, eKYC is a digitised and automated form of KYC verification, with the capability to verify customers remotely in a faster, more accurate way compared to traditional highly manual KYC processes.

At a time when customers are more demanding and expect fast, streamlined services, eKYC delivers improved customer experiences, whilst reducing manual efforts, improving compliance, and reducing costs.

But KYC does not stop, or at least should not stop after onboarding. It should be a continuous process throughout the customer lifecycle. This is known as Perpetual KYC.

Perpetual KYC meaning

Despite advances in eKYC, there is still a strong reliance on periodic reviews and trigger events to meet regulatory compliance commitments. This brings an ongoing dependency on front line staff gleaning information through their interactions with customers, to identify potential high-risk activity and implement remediation processes.

There is a need for reviews to be more proactive, rather than relying on a reactive approach. To achieve this, regulated businesses need to make the cultural shift towards a perpetual KYC model.

Perpetual KYC (P-KYC) delivers a totally new approach to how banks manage KYC policies and procedures – it’s proactive rather than reactive, and continuously monitors customers throughout their lifecycle.

P-KYC reduces risk whilst optimising compliance resources, reducing remediation costs, and maintaining trust. As market shifts occur, P-KYC also allows businesses to remain one step ahead of customer needs and provides new opportunities to deepen investment in the relationship, offer new services and broaden cover.

There is one last term to throw into the mix…

KYB meaning

KYB verification measures are also necessary when regulated businesses enter into relationships with other businesses as part of a supply chain, stakeholder, beneficiary, or other relationship. In this context, that verification process is referred to as Know Your Business (KYB).

This involves company identification, verification of the information provided by the business and its directors, determining company structure, ultimate beneficial owners, CCJ and legal notices, Anti-Money Laundering checks including PEP’s, sanctions lists, adverse media, and watchlists.

KYB policies and procedures enable regulated businesses to determine the authenticity of the entities they are dealing with, and ensure they are not being used to conceal the identities of owners for illegitimate purposes.

Why is KYB important?

KYB is a critical step in the onboarding of corporate clients. With the complexity of regulation progressing globally, coupled with the risk of money laundering and fraud rising exponentially, it is imperative that businesses conduct the correct Customer Due Diligence (CDD) processes on their clients to identify risks.

By conducting KYB checks, businesses can have peace of mind that the clients they are working with are suitable to their risk appetite whilst complying with regulation and remaining compliant.

Difference between KYC & KYB

The key difference between KYC & KYB is that KYC focuses on verifying the identity of individual customers to prevent fraud, money laundering, and other financial crimes. It involves collecting personal information such as name, address, date of birth, and identification documents.

In contrast, KYB is aimed at verifying businesses and their owners. This process ensures that the business is legitimate and involves gathering details about the company's structure, ownership, and financial status.

Ready to learn more?

We hope we’ve clarified things for you.

FullCircl goes beyond standard KYC and eKYC practices. Using automated data collection, data matching, and execution of critical checks and adverse media monitoring, we deliver improved onboarding and in-life experiences. The result is your business can ensure compliance through proactive risk mitigation, targeting effort where it is needed in line with your individual policies, procedures, and risk appetite.

FullCircl's platform includes KYC software, AML solutions, global KYB, and more. A game-changer in the KYC space, we overlay policy decisioning and risk appetite over that data to provide consistency of decisioning and benefits in KYC advancement.

Get in touch to find out how we can supercharge your KYC - so you can do Better Business, Faster.

Product Updates

Spring release: Our latest round of product updates

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Shazia Anthony

Welcome to the latest updates from FullCircl. In this blog post, we'll dive into our recent product improvements and highlight the exciting new features our team is developing to enhance your experience with our services.

ISO 27001 certification

We are thrilled to announce that FullCircl has renewed and expanded ISO 27001 certification, underscoring our steadfast commitment to information security and data protection. By achieving this milestone, we ensure that your sensitive information is managed and protected in compliance with international best practices, reducing risks and providing you with greater peace of mind. ISO 27001 certification means you can trust that your data is in safe hands, enabling you to focus on your core business objectives without concerns about security vulnerabilities in your supply chain.

Email notification updates

Daily news email with updated FullCircl branding

We've updated the design of our Daily News and Engagement Signal emails. These emails help keep you updated on the latest news on the companies you are following and alert you to reasons to engage with clients and prospects.

FCA authorised indicator

Data page of the FullCircl platform showing the new FCA authorised indicator

Knowing a company's FCA authorisation status allows our customers to engage with compliant and reputable businesses, thereby enhancing risk management and overall compliance. We have introduced a new feature that indicates whether a company is authorised by the FCA. Additionally, we have updated our status indicators to display the 'official' status from Companies House. This enhancement enables us to show a broader range of statuses beyond just active or inactive, providing users with more detailed information, such as an intermediate status like 'in administration'.

Financial data history

We've increased financial history data from 5 years to 20 years for all UK-registered companies. Historical data can reveal trends, patterns, and potential red flags that may impact current and future financial health. This data can help to assess a company's ability to meet financial obligations and manage risks over time. 

Lastly, a quick look at what's coming soon.

Search updates

The updated Search data will include dissolved and newly incorporated companies. This expansion will allow customers to conduct due diligence and understand directors' histories with these entities more comprehensively. It will provide valuable insights for informed decision-making and deeper analysis of business backgrounds and directorial associations.

FCA data

We’ll also be adding FCA data to our platform. This update will include crucial information such as the FCA reference number and the specific authorisations for each business. This enhancement will help you quickly verify the regulatory status and compliance of the companies you interact with.

Please visit our Release Notes page for more information on our latest updates.

KYC / KYB

Know Your Business (KYB) FinTech & Banking Regulations

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Ben Lachenal

Know Your Business (KYB) is the process of verifying business entities during the onboarding process to understand risk factors, financial information, credit, and beneficial ownership.

KYB exists to serve regulated entities in painting a clear picture of their corporate clients to ensure that there is minimal risk when establishing business relationships.

The KYB process involves collecting key information from a business including name, registration number, incorporated date and address, and then verifying this information against data sources to understand how the business is performing financially and understand the ownership structure to verify there is no risk of money laundering or fraud.

To access the information required for comprehensive KYB, businesses seek KYB software which can automatically aggregate the required data from several trusted data sources to improve efficiency and enhance regulatory compliance.

Why is KYB important for banks and FinTechs?

Know Your Business (KYB) checks are essential for banks and FinTech companies when working with corporate clients. Here’s why KYB is so important:

  • Risk management: Identifying and verifying the businesses banks and FinTechs are working with helps manage risks. KYB checks ensure these institutions are not inadvertently supporting fraudulent activities or high-risk entities.
  • Reputation protection: Engaging with unverified or dubious businesses can damage a financial institutions reputation, something that is especially pertinent for banks and FinTechs who rely on reputation heavily. KYB processes help protect against such risks by ensuring that all corporate clients are legitimate and trustworthy.
  • Enhanced trust: Particularly important for FinTechs, who don’t have the same legacy of reputation as traditional banks, demonstrating robust KYB processes can enhance credibility and trust among customers and partners. This is crucial in building long-term business relationships.

Know Your Business (KYB) regulation for banks and FinTechs

Banks and FinTechs must adhere to various KYB regulations to ensure they are not only identifying risks but are operating within legal frameworks. Key KYB regulations include:

  • Anti-Money Laundering: AML regulations, such as the 6th Anti-Money Laundering Directive (6AMLD) and the USA Patriot Act require financial institutions to verify the identity of their business clients, including directors and key shareholders, to prevent financial crime. This involves understanding the client’s business operations, financial information, and ownership structures.
  • Customer Due Diligence (CDD): Under regulations such as the Bank Secrecy Act (BSA) in the United States and 6AMLD in the European Union, CDD processes involve assessing the risks associated with business clients by verifying their identities and understanding their financial behaviours. Enhanced Due Diligence (EDD) is applied for higher-risk clients.
  • Beneficial ownership: KYB regulations often require banks and FinTechs to verify the Ultimate Beneficial Owners (UBOs) of corporate clients. This can be a complicated process as it can be difficult to identify the UBO, let alone verify their identity, which is why more financial institutions are turning to advanced KYB software to assist this process.
  • Data privacy laws: It’s not only important that banks and FinTechs comply with KYB regulations, but that they also ensure that personal and business data is handled securely and responsibly during the process to adhere to GDPR and CCPA data protection regulations.

KYB processes and procedures

KYB in banking and FinTech involves collecting and verifying business information to identify signs of risk or factors that may lead to non-compliance.

In banking and FinTech, it is particularly important to gather a comprehensive report of information about all business clients due to the financial nature of these industries.

To perform a KYB check, firstly banking and FinTech regulations should be considered and understood. Then they must collect identifiable information such as business name, address, date of incorporation, and registration number if possible. By gathering this data initially, it cuts down the amount of time required to find relevant information about the business being screened.

Once the initial information is gathered, banks and FinTechs then have a few options to perform the KYB check:

1. KYB Software

Utilising KYB software, such as FullCircl, can be the most efficient method to performing a KYB check. This method will automatically build a report covering general business information, financial records, credit, beneficial ownership, and company structure.

By utilising KYB software, banks and FinTechs can save hours, and in some cases days, on manually finding out the relevant information required to screen a business. By having access to an automated report which pulls information from multiple data sources, businesses can then make informed decisions on the next steps to take.

This method can also be combined with automated KYC and AML checks to ensure that beneficial owners can be screened effectively against global PEPs, sanctions, adverse media, and watchlist data.

2. Manual screening

A potentially cheaper, but more time-consuming method to performing KYB checks is manual screening.

This will require more human input to gather and verify data from an array of sources to build a report of the business being screened.

Banks and FinTechs can use data sources such as Companies House to extract the information they require and then upload this information into a centralised system. Whilst this method can be more time consuming and less efficient, it does give banks and FinTechs more freedom to research clients themselves.

The method chosen to perform KYB checks is entirely subject to the situation of the business. For example, some banks will have built up compliance teams and in-house systems to make performing KYB manually a better option, whereas for smaller FinTechs or banks that are striving for digital transformation, adopting KYB software might be a more effective choice.

How FullCircl can help

FullCircl works with 700+ businesses including 7 out of the top 10 UK banks and financial services challenger brands such as Soldo and GoHenry to provide a full suite of compliance software.

The FullCircl platform includes access to KYB, KYC, AML, and identity verification solutions in 240+ countries and territories globally and exists to remove the technical and verification roadblocks to drive revenue growth.

FullCircl’s FinTech and banking KYB software includes data feeds from 40+ suppliers in conjunction with proprietary technology to extract a full business report including financial information, credit, and beneficial ownership.

Contact us here for a free demonstration of the platform.

Anti-Money Laundering (AML)
Anti-Money Laundering (AML)
Identity Verification
Identity Verification
Product Updates
Product Updates
Sales Intelligence
Sales Intelligence
SME Economy
SME Economy
Risk Management
Risk Management
KYC / KYB
KYC / KYB
Digital Transformation
Digital Transformation
Customer Lifecycle Intelligence
Customer Lifecycle Intelligence
Customer Experience
Customer Experience
Customer Due Diligence
Customer Due Diligence
Current Affairs
Current Affairs
Client Onboarding
Client Onboarding
Business Automation
Business Automation
Payments
Payments
Gambling
Gambling
Financial Services
Financial Services
Corporates
Corporates
FinTech
FinTech
Insurance
Insurance
Banking
Banking