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
Know Your Customer (KYC)
Know Your Customer (KYC) is a regulatory and legal framework that businesses and professionals follow to verify and identify their customers.
The primary goal of KYC is to prevent financial crimes, such as money laundering, terrorist financing, and fraud.
By implementing KYC procedures, you can ensure that you have accurate information about your customers, understand the nature of their business activities, and assess the associated risks.
Customer Due Diligence (CDD)
Customer Due Diligence (CDD) is a key component of the KYC process. CDD involves gathering information about the customer’s identity, nature of business, source of funds, and risk profile. This information helps you to assess the level of risk associated with a particular customer and determine the appropriate level of monitoring and controls.
Risk Assessment and Management
Many KYC frameworks adopt a risk-based approach, where the level of due diligence and monitoring is commensurate with the assessed risk. This means that high-risk customers receive more scrutiny, aligning with the risk assessment results.
Our KYC software generates reports and maintains documentation related to customer risk assessments. This documentation is crucial for audits and regulatory compliance, providing evidence of the risk-based approach in place.
Fraud Prevention
Balance your risk management with our fraud & identity solution helps to apply risk-appropriate friction for your business.
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 20 FREE KYC
20 KYC
£0 per KYC
Bronze
£249/month
A great solution for a one-person company or small team
400 KYC/month
from £4.95 per KYC
Silver
£300/month
The best-selling package to suit your business needs
600 KYC/month
from £0.50 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
Legal sector
Enforcio software helps automate, streamline and standardize Know Your Customer (KYC) process
Accountancy sector
Our software helps Accountants to make informed anti-money laundering decisions by automating processes and helping them to carry out due diligence
Property sector
Our simple, cost-effective solution makes anti money laundering for estate agents easy