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Business Owners’ Secrets to Avoiding Financial Crime

In today’s digital age, knowing one’s business is crucial for avoiding financial crime. A recent investigation by AML Flags, a leading provider of anti-money laundering solutions, has shed light on the importance of knowing your business.

The Consequences of Ignoring KYC Requirements

According to AML Flags, many businesses are still failing to comply with Know Your Customer (KYC) regulations, leaving themselves vulnerable to financial crime. In the UK alone, companies must adhere to laws and policies set out by JMLSG and AML6D.

The Risks of Manual KYC Processes

Manual KYC processes can be:

Time-consuming
Resource-intensive
Costly

Automation offers a more efficient, effective, and accurate alternative. Event-driven, automated models proactively monitor portfolios for financial risk, only requiring human intervention when changes occur.

Experian’s KYC Solutions

Experian, a leading provider of identity verification solutions, offers a range of tools to help businesses comply with KYC regulations. Their:

PowerCurve Customer Acquisition platform enables companies to consistently make one right lending decision after another.
CrossCore Identity Services check and validate identity as well as the elements that make up an individual’s digital identity.

Enhanced Due Diligence

Experian’s Enhanced Due Diligence (EDD) process involves a greater level of scrutiny, flagging potential risks that would not necessarily be detected by standard customer due diligence. With tools such as CrossCore and PowerCurve, businesses can carry out EDD to help deter financial crime, better serve their customers, and avoid potential fines.

Conclusion

In today’s digital age, knowing one’s business is crucial for avoiding financial crime. By implementing effective KYC solutions and automation, companies can proactively monitor their portfolios for financial risk and comply with regulations. Experian’s range of identity verification tools and services offers a comprehensive solution for businesses looking to protect themselves against financial crime.

Sources

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AML Flags
Companies House
Financial Conduct Authority (FCA)
National Crime Agency (NCA)
Serious Fraud Office (SFO)