KYC FAQs

  • 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.

  • Why are all documents not provided in English or the language of my choice?

    All company registries provide documents in their native language. Some company registries, as an added service, provide documents in other languages, but this is a minority of registries.

  • What jurisdictions can I access?

    We currently cover 88 jurisdictions. We are constantly extending our coverage. Please email us on info@knowyourcustomer.com to enquire about any jurisdiction you need and we will let you know the status of its availability.

  • I can’t login?

    Our engineers will guide you through any issues that may arise from configuration to access to integration.  Contact us and ask any question

    support@knowourcustomer.com

  • Why can’t I find the country I’m looking for?

    It may be that we are not currently covering that jurisdiction. KYC has a comprehensive roll out plan over the next twelve months to try and cover as many jurisdictions globally as possible. If the country that you require is not currently covered, please email us at info@knowyourcustomer.com to make an enquiry regarding that country.

  • Who do I contact if I have a problem?

    If you are already a customer then please contact your designated account manager or our support team.
    If you are considering using our services and wish to ask a question, please email us on info@knowyourcustomer.com

  • Does KYCL remind me when I should refresh KYC details for my customer?

    Event and date driven triggers are built into solution so you can set them in-line with internal and/or regulatory obligations.

  • What documents are available on corporates?

    As a professional you are painfully aware of the challenges to uncover meaningful information to meet your KYC needs.  Unfortunately, not all jurisdictions allow for automatic retrieval and the number of documents vary depending upon the jurisdiction. Some information, such as details of shareholders, is not publicly available information and therefore the only party who can provide the information is your client.  However, our documents are sourced direct from the relevant company registry and therefore 100% reliable.

  • How long after a case is populated with documents can I see it?

    The upload of the collected documents through the app takes only seconds, subject to the speed of the end user’s internet connection, and your compliance staff will be alerted of each new upload immediately. From there it takes only a couple of clicks to the full view of those documents and all entered details.

  • How quickly can you complete a KYC compliant case?

    In many cases, we can return the required documents needed to complete a KYC case in a few short minutes. That said, there will be occasions where local processes to do allow for full automation.  Either way, you will be alerted immediately by email once a new KYC document pack was uploaded by one of your users.

  • I never met my clients, how can you help with identity verification?

    No problem, we live in a mobile world and there are many examples where we use our mobile phone to complete a transaction.  KYC is no different.  Using smartphone technology together with international and local datasets, we provide you with the tools to verify your clients identity accurately.  And for your clients, we provide them with the ability to complete the ID & V process from the palm of their hands.

  • How often to you screen for sanctions?

    Each customer has different needs so we will work with you to screen your customers as frequently as you need.

  • What languages do you support?

    We are constantly expanding the languages already built in our multilingual app.

    We currently support:
    English, French, German, Chinese (simplified), Chinese (traditional), Japanese, Thai, Malay, Cambodian, Danish, Spanish, Arabic, Indonesian, Greek, Italian, Polish, Portuguese, Irish, Norwegian, Swedish, Vietnamese, Korean, Finnish and Russian.

    Additionally, our processes use Unicode character encoding for all text elements. That means that names, addresses, etc. can be entered and processed in any script or language.

  • Can we have the app with our own logo and under our own name in the app store?

    Absolutely, we offer both a white-labelled and company labelled option.  Just contact your representative for more details.

  • Can I integrate KYC with my existing technology?

    Yes, our experienced development team can quickly connect to most in-house solutions.

  • Can you add related documents to a case?

    We understand that in addition to proof of identity documents our clients might like to make full use of our robust document management module.  Upload any document you wish to include in a case and we will time stamp the upload and allow you to retrieve it whenever and wherever you need.

  • Can I request other docs?

    By default, KYCL will return all available documents needed to complete your KYC case for each jurisdiction, where possible.  If other documents are available for the relevant company, you may request other documents. For example, a certificate of good standing, or equivalent document, is not included in our standard case solution, but can be requested as an addition if required.

  • Is technical support free?

    No, but we offer multiple levels of support to accompany our pricing plans to cater for your needs anytime and in any jurisdictions.  Speak to your KnowYour Customer representative for more details.

  • Do you offer any additional layers of verification to passports/national identity cards and utility bills?

    As an extra layer of security, KYC partners with third-party providers to run real-time checks on your clients’ documents and information.

    Similar to the technology used in airports worldwide, our solution checks hundreds of photo ID documents from around the world for authenticity based on a number of key indicators. We’ll give you detailed information about the findings to help you make informed decisions and keep your business safe from potential fraud.

    Additionally, we compare the information your clients provide you to multiple international databases to help you catch any inconsistencies.

  • Can I get a trial version?

    Our solution is extremely customer friendly but if you need a few days to test us out then we are happy to help. Alternatively, let us work on a pilot program together to test how our solutions meet your needs. Just talk to your representative and we can figure out what is the best option for you.

  • Can I change my plan to a more suitable solution when I need?

    Like your mobile phone plan, we treat KYC as a utility.  We will help you choose the right plan for your needs to ensure you only pay for what you need and can predict/forecast your costs with absolute confidence.

    As you grow or your needs change we will review your account each quarter.  Should your clients extend beyond  current jurisdictional plans we will apply retrospective billing and, if appropriate following a discussion with you, will adjust you to a solution that better fits your needs moving forward.  We will never restrict you from identifying your clients wherever they are.

  • Can I give team members different access levels?

    Yes, our hierarchical access controls allow you to allocate privileges to staff, team leaders, department heads, additional locations, or even to an auditor for temporary access.

  • Can I replace my compliance staff with your technology?

    Our solution cannot be used to replace any compliance regulatory requirements you may have, but rather to compliment the team that you have undertaking that regulatory obligation.

    As has proven to be the case in other areas where technology has been introduced, the result for KYC compliance is a better level of consistency for the built-in checks. That said, a human forensic expert should still verify a document. The marriage of the strengths of both humans and technology makes our solution better than other offerings in the marketplace.

  • In what currency, will I be invoiced?

    You will be billed in the currency that makes sense for you. Currencies include US Dollars, Euros, Sterling and Hong Kong Dollars.

  • How can I pay for your service?

    We offer credit card, direct debit, or business invoicing options.

  • Can I cancel my service?

    Following an initial term of twelve months, your contract can be terminated by providing thirty days written notice to KYC.

  • How much does it really cost?

    Documents costs can vary greatly per jurisdiction and we have no way of identifying the ownership structures of corporates until we begin our investigation. That said, KYCL was designed as a KYC compliance solution and so we provide our clients with documents, audit trail, and access management all rolled into one predictable fee per quarter.  If your case load extends beyond your current plan, that is not a problem we will simply bill you retrospectively and then look to move you into a more economical plan to match your needs.

  • What is the process to KYC an individual?

    Once we have identified the individuals who you need to KYC we will issue a unique access code for each person together with a link to our App.  After downloading via the App Store or Google Play you login, add personal details, upload your documents, verify through the completion of a transaction and complete. The whole process takes less than 5 minutes. Its that’s quick.

  • What is the correct process to KYC a corporate?

    Our 9-step process completes your corporate investigation within 1 day.  For details of our step by step approach click here.

  • Can I create individual and corporate cases?

    Yes, our integrated solution provides full KYC case management for complex multi-jurisdictional corporates and individuals. It is the combined solution that makes us unique in the market.

  • Where does KYCL operate?

    KYCL have strategically placed representatives in three key regions – Europe, Americas, and Asia to immerse ourselves in local challenges and make it as easy as possible for clients to meet with us. Wherever you are based, we can be with you in less than a day.

  • Will your system flag me items of suspicion?

    Our system will notify you of any adverse results that are identified as part of our case investigation. However, responsibility for reviewing the information collected and assessing the risk rests with you.

  • What data sources are available via Know Your Customer?

    We use a variety of data sources to verify the data collected. The data sources vary on a country-by-country basis. For further details, please email us on info@knowyourcustomer.com

  • Can I use the collected data for AML in another bank/ firm ?

    The information we provide is provided solely to the party with whom Know Your Customer Limited has entered into a contract.  While there is significant interest in the development of “digital passports” to allow for the transfer of core ID information between service providers, data protection legislation, and who may be able to provide information to other parties, if very much still in the idea stage.  Know Your Customer Limited accepts no responsibility or liability for information provided by you to a third party.

  • I have a question I want to ask, how do I do it?

    If you are already a customer, please contact your designated account manager.

    If you are considering using our services and wish to ask a question, please email us on info@knowyourcustomer.com

  • How does your product comply with the legal requirement for a face-to-face meeting with the customer?

    AML legislation in all jurisdictions we cover makes provisions for undertaking KYC on customers who are not met face-to-face.

    Such customers are usually regarded as being higher risk.

  • 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.

  • What are PEPs?

    A PEP is defined as a Politically Exposed Person. The definition is usually set out in the anti money laundering laws of a jurisdiction and the general definition varies from jurisdiction to jurisdiction.

     

    The FATF recommendations define a PEP as “individuals who are or have been entrusted with prominent public functions in a foreign country, for example Heads of State or of government, senior politicians, senior government, judicial or military officials, senior executives of state owned corporations, important political party officials. Business relationships with family members or close associates of PEPs involve reputational risks similar to those with PEPs themselves. The definition is not intended to cover middle

    ranking or more junior individuals in the foregoing categories.”

  • Do you have proof that your system complies with AML laws and regulations?

    We have some legal opinions in relation to the compliance of our products with AML legislation. Please contact us on info@knowyourcustomer.com for further information.

  • 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.

  • Do you update your website with fresh items of AML interest?

    Yes, we regularly post news items of interest relating to updates, regulatory statements and other developments in relation to AML

  • Do you monitor changes in AML requirements for the jurisdictions you cover?

    Yes, we do monitor for proposed legislative or guidance changes in the jurisdictions that we cover and, where necessary, our search procedures and jurisdiction fact sheets are updated accordingly.

    However, we do not provide advice in relation to any changes. You should consult your relevant advisor should you require advice in relation to any proposed changes.

  • How do I cancel the service?

    Following an initial term of twelve months, the contract can be terminated by providing ninety days written notice to KYC, or such other term as may be set out in your SaaS agreement with us.

  • How am I notified of changes to the terms and conditions?

    Any changes to the terms and conditions will be posted to our website and you will be notified by email, sent to the email address as set out in the SaaS Agreement.

  • How will I be invoiced?

    Fees will be billed quarterly in advance with payment due within 30 days following the date on which it is sent to you. Invoices not paid within this time frame may be subject to interest.

    Any investigations into jurisdictions not covered under your plan or investigations above your plan limit will be billed retrospectively.  During our quarterly review, Know Your Customer will suggest a more suitable plan based on usage levels and domiciliation of corporates.

    Invoices are sent to the designated email address as provided by you in the SaaS Agreement.

  • Do you remind me after the 1st file is complete so as I can refresh the KYC on the customer?

    Our system has the facility to set date, event, or regulatory reminders for you and your team at a frequency to cater for your specific company needs. We can also set reminders to refresh information such as individual identity documentation when the relevant document expires.

  • What AML checks do you perform on corporate entities?

    The checks conducted will vary depending upon the AML legislation of the relevant jurisdiction for which the search is being undertaken. However, as a guide, checks are usually undertaken as follows:

    • That the company exists and is not in liquidation
    • The directors and shareholders
    • The constitutional/ incorporation documentation
    • The latest annual return
    • The latest financial statements
    • Data bases we use to verify information

    Some registries will not provide sensitive information, like financial information or shareholder data, and this will have to be provided by your client. However, once you have obtained the documents you require, KYC is able to extract shareholder information and compare them to several standard AML sanctions lists.

  • Why does the provision of information from some company registries take longer?

    This is because the online systems for some companies may be slower, and also because some company registries are not fully automated meaning that some of the information available, has to be manually requested and obtained.

  • Why are all documents not provided in English or the language of my choice?

    All company registries provide documents in the language of that particular country. Some company registries, as an added service, provide documents in other languages, but this is a minority of registries.

  • Why can’t I find the country I’m looking for?

    It may be that we are not currently covering that jurisdiction. KYC has a comprehensive roll out plan over the next twelve months to try and cover as many jurisdictions globally as possible. If the country that you require is not currently covered, please email us at info@knowyourcustomer.com to make an enquiry regarding that particular country.

  • 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.

  • After completing a search, can I request other docs?

    If other documents are available for the relevant company at that particular company registry, you may request other documents. For example, a certificate of good standing, or equivalent document, is not included in our standard search, but can be requested as an addition if required.

  • 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.

  • Why does my client need to upload some information rather than obtaining it from the relevant company registry?

    Some information, such as details of shareholders, is not publicly available information and therefore the only party who can provide the information is your client.

  • How reliable are these documents?

    These documents are sourced from the relevant company registry and therefore 100% reliable.

  • What documents are available on corporate investigations?

    The documents vary depending upon the jurisdiction in which the investigation is being undertaken. Many jurisdictions provide a summary of information relating to the company, which includes many of the details required to complete KYC checks, along with copies of constitutional/ incorporation documents and financial information.

  • Which countries do KYCL operate in?

    We have offices in three locations, but are marketing our services globally with specific focus on the European and Asian markets at present.

  • What professional qualifications do your staff have?

    Amongst our experienced team we have two qualified accountants (ACCA and ACA), a qualified company secretary (ACIS), and an Irish qualified lawyer

  • Who are your legal advisors?

    Ashurst globally and Arthur Cox in Ireland

  • What offices do you have worldwide?

    Dublin, Hong Kong & Shanghai, and soon London and the US

  • Where is Know Your Customer incorporated?

    Hong Kong

  • How will I know the file is complete?

    You will be alerted immediately by email once a new KYC document pack has been uploaded by one of your users.

  • How long after the file is complete with documents can I see it?

    The upload of the collected documents through the app takes only seconds and your compliance staff will be alerted of each new upload immediately. From there it takes only a couple clicks to the full view of those documents and all entered details.

  • Do your processes comply with Anti Money Laundering laws and regulations?

    Yes, we are experienced KYC and AML practitioners and designed the processes to be fully compliant. 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 scripts/ characters/ alphabets do you support?

    All – that is the short answer. Internally our processes use Unicode character encoding for all text elements. That means that names, addresses, etc. can be entered and processed in any script or language. This includes Chinese (simplified and traditional), Thai, Japanese, Russian, Greek, Arabic and western languages for example.

  • Since you store the documents in your server, will we lose access if we decide to opt out of the service?

    KYCL will supply clients with a backup of all their data at cost in that case.  You own the data!

  • Can we integrate your corporate KYC function into our existing tech stack?

    Yes, all the documents collected by our solution are stored in your secure KYC document repository in the KYC cloud but our experienced development team can quickly connect to many internal core technologies.  Please contact us to learn where we are already connected.