Document Control for Customer Knowledge and Regulatory Compliance
New regulations that apply to an organization’s KYC (Know Your Customer) impact the management of client portfolios. These range from anti-money laundering and counter terrorist financing regulations to the Foreign Account Tax Compliance Act, Automatic Information Exchange Initiatives, and other regulations. These regulations specify requirements to check and validate various aspects of customer identity, and they are growing.
Credit, payment, and insurance organizations along with gaming / gambling organizations and a range of other economic players must fulfill a growing number of regulatory obligations. These organizations must adopt a new level of vigilance called « Know Your Customer » (KYC) through the ability to identify their customers and their beneficiaries along with their business connections.
Without a method of meeting this requirement, organizations are at risk for heavy fines and significant consequences regarding their reputations.
Identity documentation and supporting proof are at the heart of KYC regulations. The enforcement of KYC regulations requires that organizations verify for all clients, whether new or existing, that required documentation is both included and valid.
Flatirons Jouve is a recognized provider of capture and outsourced business management processes. We offer a range of services with the most recent advances in deep learning, image processing, and data visualization to help keep you in compliance: