Issue 642 (Week ending 28/08/2024)

KYC (Know Your Customer) compliance is now an integral part of doing business in Ireland. EU directives and AML legislation continue to broaden this area, beyond just finance companies, into multiple industries and areas of trading good and services. The key objective, as the name suggests is to 'Know Your Customer'. This can be through verification checks, business background checks or AML compliance checks such as PEP or UBO checks.

While necessary, KYC compliance can be both a costly, and time consuming process. It involves a series of steps to ensure that businesses and financial institutions are following the required guidelines, such as:

Verification of Identity: Collect and verify government issued documents such as passports, drivers licence etc.

Customer Due Diligence: Conduct thorough background checks such as credit checks, past judgements, directorships, shareholdings, PEP & Sanction checks etc.

Risk Assessment: Classify customers into risk categories based on their background checks

Ongoing Monitoring:Regularly review and update customer's information

Record Keeping: Maintain records of customer information for auditing purposes.

We understand, this can be a daunting task that requires a lot of manual labour and man power. But, there's an easier way? DigitalHub delivers an amazing, hassle-free, fully digital and secure customer management all in one place.

Our 4 unique services in 1, allows you as a business to benefit from happier customers, with lower costs, faster approvals and better, more automated processes on our end-to-end KYC and risk platform.

Here is just a small snapshot of the benefits your business can enjoy by adopting DigitalHub into your workflow management system...

- Effortless KYC, AML, compliance and full customer case and risk management

- Integrated pre-screening for rapid KYC using our market leading consumer reports

- Instant customer evaluation and scoring for faster decisions using Link2Bank real-time connectivity

- Automated on-going risk intelligence and reminders

- Colour coded progress updates with visual GDPR and KYC Audit Trails in DigitalHub

- Simple and easy to use customer identification verification with IDV

Let's work together to save you money! If DigitalHub is something you think your business could benefit from, give us a call on 01 903 2660 or email solutions.vision-net@crif.com.