01.
Comply with
Laws & Regulations
Demonstrate compliance with legal requirements, rules, and regulations to regulatory bodies.
02.
Improve your
Corporate Performance
Reduce time, effort, and cost by standardizing and automating your risk and compliance management processes.
03.
Identify
Emerging Risks
By regularly performing a formal risk assessment, you can get a clear picture of what potential threats might exist.
What is Enforcio KYC software?
A risk-based approach in KYC processes allows organisations to strike a balance between compliance requirements and operational efficiency. It ensures that the level of due diligence is proportionate to the perceived risk, making the onboarding process more adaptive, resource-efficient, and scalable. By focusing on higher-risk customers, organizations can enhance the effectiveness of their compliance program. This targeted approach helps in identifying and preventing potential issues associated with customers who pose a greater risk of involvement in financial crimes.
Efficient Onboarding
Low-risk customers can undergo a streamlined onboarding process. With a risk-based approach, organizations can allocate resources more efficiently by focusing enhanced due diligence efforts on higher-risk customers.
Resource Optimization
The risk-based approach allows organizations to allocate resources in proportion to the assessed risk. This helps in optimizing operational costs and streamlining compliance efforts by prioritizing higher-risk scenarios for more thorough verification.
Tailored Due Diligence
High-risk customers receive a more comprehensive due diligence process. This tailored approach ensures that the level of scrutiny matches the perceived risk, helping organizations to identify and mitigate potential compliance issues associated with these customers.
Scalability
As organizations grow and onboard a larger customer base, a risk-based approach provides a scalable solution. Automated systems can adapt to handle varying risk levels, ensuring that compliance procedures remain effective and adaptable to changing circumstances.
Adaptability to Regulatory Changes
The risk-based approach is flexible and can be adjusted to meet evolving regulatory requirements. Organizations can adapt their KYC processes to align with changes in compliance standards while still prioritizing resources based on risk levels.
Reduced Customer Friction
Low-risk customers experience a smoother onboarding process, reducing unnecessary friction. This positive experience can contribute to customer satisfaction and loyalty.
Explore our KYC Solutions
Automate your KYC & Onboarding process.
Get fast results with Enforcio, cost-efficient KYC software for ID verification, AML Compliance and Onboarding.
Protect your business when making new partnerships.
Uncover any risks to your firm that could arise from doing business with certain clients and prevent financial crime with Enforcio.
Onboard your clients in seconds!
Client onboarding made easy with Enforcio that automates verification, evaluates risk, and simplifies compliance with evolving regulations, such as AML and KYC checks.
Fight fraud during customer onboarding.
Prevent fraud before it can cause real harm to your business, and reduce the time to verify genuine customers.
A risk-based approach in KYC processes
A risk-based approach in KYC processes allows organisations to strike a balance between compliance requirements and operational efficiency. It ensures that the level of due diligence is proportionate to the perceived risk, making the onboarding process more adaptive, resource-efficient, and scalable.
Reduce Risk and Manage KYC Compliance
Future-proof compliance with Enforcio continuous risk monitoring process and risk-based approach to KYC.
Improve Operational Efficiencies
Streamlining the KYC process with automation and straight-through processing reduces the manual rekeying of data, the possibility of human errors and operational costs.
Reduce Total Cost of Ownership
Delivered as a SaaS solution, Enforcio reduces the costs of managing and maintaining technology infrastructure and “cost to change” budget, reducing application, support and configuration costs.
Delivered as a SaaS solution, Enforcio reduces the costs of managing and maintaining technology infrastructure and “cost to change” budget, reducing application, support and configuration costs.
KYC risk-based approach helps enable a better customer onboarding compliance program as it adjusts the verification levels based on risk factors. Low-risk customers are more quickly accepted, while higher-risk customers can have additional verification procedures added.
Thus, it is essential to categorize every customer from their ML/FT risk quotient to detect and prevent such risks effectively.
You need to factor in a bundle of risk parameters to create customers’ AML risk profiles. To help you efficiently assess the ML/FT risk posed by each of your customers (as Low, Medium, High, or Unacceptable), we have designed an infographic illustrating the factors to be considered to perform Customer Risk Assessment from an AML perspective.
The strength of the risk-based approach are to provide you with a framework to understand risk and an operational plan for dealing with it. Risk will always be a factor whenever there’s the possibility of money laundering. You can effectively manage AML risks and better serve societal imperatives by taking a systematic approach.
Trial
£0
Try out today, decide after! Check our process with 2 FREE KYC
2 KYC
£0 per KYC
Bronze
from £99/month
A great solution for a one-person company or small team
3-400 KYC/month
from £0.62 per KYC
Silver
from £300/month
The best-selling package to suit your business needs
401-1200 KYC/month
from £0.38 per KYC
Gold
Custom Pricing
The most convenient, bespoke solution for your team
Get a quote!
Designed by AML specialists for a wide range of small businesses, susceptible to the risk of being exploited for money laundering or illicit financial activities such as Real Estate Agencies, Legal and Accounting Firms
Enforcio software helps automate, streamline and standardize Know Your Customer (KYC) process
Our software helps Accountants to make informed anti-money laundering decisions by automating processes and helping them to carry out due diligence
Our simple, cost-effective solution makes anti money laundering for estate agents easy