KYC (Know Your Customer) is a standard of customer’s identity verification performed on a frequent basis to eliminate risks associated with corruption, bribery and other illegal financial activities. It’s also a demand of the international AML (Anti-Money Laundering) regulations.
KYC regulations apply to most finance-related institutions like car-sharing services, banks, insurance corporations, etc. Regulators are demanding businesses to introduce tough “due diligence” procedures, policies and systems to monitor, assess and manage risks posed by clients and preventing financial crime from happening.
But, as technology develops further and the finance industry itself continuously creates new concerns are proving the KYC solutions in place becomes inefficient as regulators push the boundaries of compliance because of new concerns.
Failure to meet the KYC/AML compliance standards generally leads to huge fines, huge remedies, irrevocable reputational losses and temporary suspension.
Sanction Scanner is an AI-driven AML/KYC compliance software. Sanction Scanner provides enhanced global sanction & PEP screening services. With Sanction Scanner, you can check your customer. Our database consists of over 1000 Sanction lists, regulatory and law enforcement and other official global and local sanction and pep lists, including those issued by the USA, UK, UN and other global major and minor government departments. Sanction Scanner provides end-to-end needs of organizations in this field because of its many features, API and integration capability, and the ability to create local lists. It reduces your operational costs and development efforts.
As Sanction Scanner, we are committed to the protection of all financial companies, large or small, from financial crimes. We aim to provide the best support and service to our customers, so we respond to customers' feedback as quickly as possible. For more information, please contact us on our website.