of firms spend 31-40% of their compliance budget meeting KYC obligations
(Fenergo)
of firms still carry out 41-60% of KYC tasks manually
(Fenergo)
Estimated annual saving financial institutions can make by improving KYC processes and systems
(Consult Hyperion)
Data access through APIs enables you to promptly identify and assess potential risks associated with your customers.
Automation can save costs by reducing the need for manual data entry and verification.
APIs can be integrated into existing compliance systems and workflows, streamlining processes.
With real-time data access, you can provide a better customer experience by reducing the time it takes to onboard new customers.
With FullCircl, onboarding forms were completed 3x faster than if they had been completed internally, and the credit risk spreading process was 5x faster.
Perpetual KYC & KYB delivers a totally new approach. It continuously monitors customers, reduces risk whilst optimising compliance resources, reduces remediation costs, and maintains trust.
Receive alerts when specific events are detected that could impact a customer's risk profile.
Integrate APIs into your existing systems, such as CRM software, streamlining the KYB and IDV process.
Proactively monitor for global PEPs, sanctions lists, and adverse media, allowing to take immediate action and mitigate potential compliance breaches.
Enrich existing business data with information from external sources, providing a more comprehensive view of your customers.
Our W2 by FullCircl platform is designed to include all the checks you need for comprehensive Customer Due Diligence through a single access point.
Customer Lifecycle intelligence from FullCircl helps regulated businesses win the right customers, accelerate onboarding and keep customers for life
Discover the power of all access automation to the UK’s richest source of company data and intelligence
Access an identity verification platform including global KYC, AML, anti-fraud, document verification, age verification, and more.
Experience FullCircl's capabilities first hand. Sign up for a demo today and see how FullCircl empowers your business to attract ideal customers, streamline onboarding, and foster lasting relationships.
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Perpetual Know Your Business (KYB) is an ongoing process of verifying and monitoring the business information on customers and partners. It ensures that a company's data is continuously up to date, reducing risks associated with outdated information. A typical KYB check would provide financial information, shareholder structure, credit rating, and general information on a business to provide a holistic picture of a customer.
Perpetual KYB is crucial for maintaining regulatory compliance, reducing fraud risks, and ensuring a company's business relationships remain trustworthy. It helps prevent financial and reputational damage by providing the information required to ensure a customer is suitable to have a working relationship with.
Traditional KYB is a one-time verification process which provides information on a business in that moment in time, whereas perpetual KYB is continuous, ensuring that a company's business data remains accurate throughout the business relationship.
By continuousy monitoring business data, perpetual KYB can detect suspicious changes or inconsistencies, helping to identify changes and potential fraud, which allows businesses to take timely preventative actions.
The frequency of updates varies based on your business needs and regulations. It's advisable to conduct updates regularly and to find a system which allows you to categorise screening frequency based on potential risk.
While not mandatory in all industries or geographical locations, Perpetual KYB is becoming increasingly important for all B2B businesses to implement. The risk of fraud and financial crime is higher than ever, Perpetual KYB not only helps comply with regulation but is a vital step is establishing a business relationship to prevent reputational damage and risk of infiltration.
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