KYC, pKYC and Customer Due Diligence

To complete a full AML check on a customer, just enter their name and address into TripleCheck and leave the system to do the heavy lifting for you, as an individual AML check will be conducted in fewer than two seconds.

In assessing the customer, the software will check their records against those on over 1,100 databases, including PEP lists and sanctions lists.

TripleCheck’s second level uses Optical Character Recognition (OCR) and biometric facial recognition technology to rapidly analyse photo identity documents provided by the customer.

The system can alert you if it detects any suspicious discrepancies between this document and the ‘real person’.

Though many cogs are turning beneath the surface when TripleCheck is in full flow, the user interface remains delightfully intuitive to use.

Staff members at all levels of your business will easily be able to use TripleCheck to perform customer checks as and when necessary, making for a user-friendly solution.

If your business targets a range of international markets, rest assured that SmartSearch enables you to carry out efficient KYC and AML checks on customers based across various territories around the world rather than just the UK.

Our platform uses the Dow Jones Watchlist, which comprises over 1,100 worldwide PEP and Sanctions lists. Updates are taken every night ensuring you can continually monitor your customers for peace of mind.

Once you have completed a customer assessment with TripleCheck, you will have access to an automatically generated AML certificate confirming the findings. This will be useful for your record keeping, as the certificate will also be saved to the central SmartSearch platform.

For many customers, this information would include names, addresses, dates of birth, and social security numbers as well as — in the case of corporate customers — company incorporation documents. The information you collect here needs to inform your approach to AML compliance, including risk assessment.

Once you have the above-mentioned identifying information, there will be certain official lists you must compare to assess each customer’s risk profile. The lists will include those of sanctioned people, PEPs, and high-risk jurisdictions.

This will account for not only the extent of the customer’s risk to your business but also what factors are influencing this risk. For example, a PEP will be more vulnerable to — and so run a higher risk of — corruption and bribery.

As you cannot be certain that this risk will not change at any point during the customer relationship, you should continue to undertake Customer Due Diligence (CDD) as a matter of course.

Given the administrative challenge of adhering to AML regulatory requirements, you must automate your KYC compliance process. When KYC duties are carried out manually, you can be left with perilously inaccurate customer details.