KYC outsourcing — how to save time and money

Free up your staff time and improve customer relationships

You’ll know that meeting your AML and CTF requirements is no walk in the park and problems can pop up if your compliance isn’t managed well. Completing the Know Your Customer (KYC) or Customer Due Diligence (CDD) process can take a significant amount of in-house time, meaning less time spent on more valuable activities. It can also require large-scale organisation, slowing both your firm and your clients down.

Clients, understandably, get frustrated with the difficulty of KYC and the lack of digitalisation. The solution? Outsourcing your KYC. This can be a great way for your firm to reduce in-house time-wastage while increasing your compliance standards.

Money-saving and easy access

Keeping the process in-house is time-intensive and can pull staff away from vital work within the business. Outsourcing can free up staff time and keep more expenditure for other firm activities.

Save on unbillable time

Some firms spend up to 45 minutes just explaining AML requirements in their initial client meetings — in many cases, this is considered un-billable time. By appointing an agent to take care of your AML/CTF customer due diligence obligations, you can meet the client, discuss the real work and spend more time meeting their needs.

Streamline the process

Many employees of professional service firms have told us they would prefer a more streamlined approach to KYC. Some suggested a process where a Compliance Officer manages the outsourced team and the KYC reporting on their clients is sent back to them once complete. This is a smooth way to keep things ticking over while still meeting compliance obligations.

Get it all done online

Electronic verification can be relied upon where an individual’s identity can be confirmed via various reliable electronic sources. The sources must also be independent and match each other with a linking mechanism.

First AML offers an in-house digital form that includes Electronic Biometric Verification that meets the Identity Verification Code of practice (IVCOP) requirements. This allows people to self-verify from most devices, reducing the friction involved in the process.

How to choose the best KYC agent for you

Before choosing an agent to take care of your KYC, make sure to consider what you want from them and how you want it done. Things to think about include:

  • Contact: how do your clients prefer to be contacted and what tone are they comfortable with?
  • Documentation: how much is there to collect? Think about everything you want the agent to collect for you to avoid gaps in documentation. Now is the time to use your Compliance Officer.
  • Management: how will the agent collect and manage the client data? Outline your specific requirements and expectations, so best practices are used to ensure maximum security.
  • Secure reception: how do you want to receive the KYC data? Discuss data security and internal workload when thinking about this.

More time for you and your clients

At First AML we work closely with all of our clients to ensure their KYC processes are fast, easy and meet customer expectations. This means more quality time with your clients to develop meaningful relationships, without the heavy paperwork.

Of course, you can always contact your dedicated AML Analysts with any questions, and you’ll also have a transparent view of the progress via our software platform.

If you think outsourcing your KYC could be the right choice or want to discuss how we can help your team meet your AML/CTF obligations, book a free demo with us today!

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