What is KYC Screening?

kyc screening | What is KYC Screening? | Kudos Data Solutions
What is KYC Screening?

Our Commercial Director James Squires answers your questions.

“What is KYC? What is KYC screening? And why is it important? Well, KYC is part of anti money laundering regulations that came in in 2017 in the UK and KYC stands for know your customer. Why should our clients be carrying out these KYC checks? Well, first of all its part of the legislation, it’s the law now, we have to do it but what it actually does, is it’s designed to ensure that you are pre-screening your customers and identity verifying them, making sure they, first of all, are who they say they are and you have a track of that, and you are also screening against PEP sanction lists, so you are looking for areas where you can identify potential money laundering activities, corruption activities, even terrorist activities and that is why this legislation now exists.”

 

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For more info, contact James Squires E: james.squires@kudos-data.com T: +44 (0) 330 043 1593