The KYC (know your customer) procedure is part of the AML system, according to which the company must know who its client is, what its activities are and who will be the final beneficiary. The execution of KYC is mandatory for all financial institutions and is regulated by the requirements of regulators, as well as organizations such as, for example, the FATF (a group that develops anti-money laundering measures).
Mandatory requirements of KYC include customer identification and verification of his documents, tracking of suspicious transactions and risk management.
The company can configure KYC parameters independently according to its business tasks: set various levels of verification and the sequence of their passage, establish a list of data that must be provided at each level, as well as how it should be displayed on users' devices.
Thanks to KoenigFinance's KYC constructor, this has now become much easier.
Our new development allows companies to independently configure the KYC system directly in the back office:
- “KYC Levels and Flow” allows you to select verification levels for private and corporate clients, namely:
What fields need to be filled and what documents you need to request. Fields can be interdependent, for example, if the client indicated that he is PEP, the system can automatically display input fields for additional details.
However, changes to KYC can be made at any stage of the project.
- “KYC Visual Designer” allows you to configure specific screens of the verification interface, i.e. where and how the fields specified for this verification level will be placed. Moreover, it is possible to have different representations and field order for different devices, i.e. for mobile applications, the whole process may look different than on the web. As a result, the interface is rendered using an API that is completely controlled by business logic and is further configured without the participation of developers.
In other words, the KYC constructor from KoenigFinance is:
- quick launch and cost reduction for IT development and further support;
- easy customization of KYC according to the specifics and tasks of your company;
- flexible adaptation to all standards and requirements of regulators regarding KYC, taking into account their changes and updates.