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FAQS

We know you have questions about our solution so we have tried to answer the most frequent asked ones about technology, products, and regulations.

Privacy & Regulation

  • How will your solution meet with General Data Protection regulations (GDPR)?

    Like all relevant regulations, we monitor proposed legislative or guidance changes in the jurisdictions that we cover and where necessary, our procedures and jurisdictional fact sheets are updated accordingly. The new GDPR regulation is no different.  GDPR is legislation due to come into force in Europe on May 25, 2018 as a result of the Adoption by the Council of the European Union on 14 April 2016. If you would like to see how we are dealing with this new regulation, or if you would like to know if this legislation impacts you; simply contact your representative and they can walk you through our position and guide you in terms of your responsibilities.

  • Do you comply with AML legislation?

    Yes, our solution was built by experienced compliance practitioners completely versed in KYC and AML processes. But you don’t need to rely on our word: We asked reputable legal companies in key markets to review the system and their verdict was the same: Fully compliant.

  • What data protection exists on data obtained by KYCL?

    If you would like a copy of our Data Protection Policy, click here.

  • We would prefer to keep our IT solutions in-house. Can you provide an on-premise solution also?

    Yes, but not only can organizations avoid the upfront costs of traditional software perpetual licenses and servers, but they can also redirect their limited in-house staff from ongoing support because this burden falls on KYC. This helps to reduce the overall TCO of SaaS solutions.

  • Can any of your clients see my data?

    All our of client account data is encrypted and all accounts are completely isolated from each other.

  • What security systems are in place to guarantee privacy?

    KYC uses Microsoft Azure’s infrastructure. Azure is resilient to attack, safeguards user access to the Azure environment and helps keep customer data secure through encrypted communications as well as threat management and mitigation practices, including regular penetration testing.  For full details on MS Azure security features please click here.

  • Can I outsource my KYC/AML functions to KYCL?

    No. Under AML laws and regulations, you are not able to delegate or outsource your AML function. KYCL provides you with the information you need on an individual and/ or corporate ownership structure to enable your in-house compliance team to make an overall decision with regard to the take-on of the business. We do not advise as to whether or not you should take on the business.

  • Will KYCL flag to me sanctioned or Politically Exposed Persons?

    Yes, we initially run all identified directors and shareholders through several international sanction lists as they are identified and notify you of any adverse results.  Our solution allows administrators to set event or date triggers to carry out ongoing due diligence in line with internal or regulatory obligations.

  • Is my data secure?

    Despite concerns about the reliability and security of SaaS solutions, the truth is that there have been far fewer service disruptions or security breaches among SaaS vendors than in traditional, on-prem software environments.

  • Where is my client data stored?

    Because the data you host with us belongs to you, you have control over where it is stored and how it is securely accessed and deleted.  Microsoft has the largest global footprint of available zones of all public cloud providers.

  • Does KYCL have access to our client personal details or documents?

    No, KYC is built on the premise that you control your own customer data in the cloud.  You decide who has visibility, who can access it and under what circumstances.

  • I thought certified true copies were the only acceptable route?

    Certified true copies are the most commonly known method of identity verification. However legislation provides for a number of options that may be used to verify identity, certified true copies being only one of these options.

  • Do you handle the AML Compliance for me or can I subcontract my AML functions to Know Your Customer?

    No. Under the laws and regulations, you are not able to delegate or outsource your AML function. KYCL provides you with the information you need on an individual and/ or corporate ownership structure to enable your in-house compliance team to make an overall decision with regard to the take on of the business. We do not advise as to whether or not you should take on the business.

  • Is the information for every country the same?

    No. Documents vary on a country by country basis depending upon the laws and regulations of that specific country in relation to public access to such information and the requirements to file such information with the company registry.

  • Why is some information not provided by some company registries?

    Information is usually not provided by some company registries due to local laws and regulations which restrict the public disclosure to certain sensitive information.