Know Your Customer (KYC) and Anti-Money Laundering (AML) checks are mandated by various regulators, including MAS and ACRA, as a legal requirement intended as an AML and fraud prevention measures in banks, financial institutions like insurance companies, and corporations in general.
Know Your Customer (KYC) and AML check are mandatory process of identifying and verifying the client's identity when opening an account and periodically over time throughout the customer journey. In other words, banks must make sure that their clients are genuinely who they claim to be.
The operational tasks are based on recommendations by the Financial Action Task Force (FATF) and widely adopted by central banks worldwide. It mandate that financial institutions under its purview undertake the following:
Such task includes ensuring that the customers, the corporations and persons associated with the customers are screened against relevant money laundering, terrorism financing, PEP and sanctions sources.
To fight fraud, insurers must perform Know Your Customer (KYC) as part of their risk assessment by type of client, insurance policy, geography, and sanctions screening. Insurance firms must perform Know Your Customer (KYC) from the start to prevent them from opening an account, purchasing a policy, or receiving a payout.
Know Your Customer (KYC) and AML checks on both customer and supplier, or annual supplier audits are usually conducted by large corporations as part of their compliance practices and form part of the risk assessment process for a company’s existing or potential customers or supplier under AML guidelines. This is to ensure that they are not unwittingly breaching sanctions or participating in AML, CTF activities without checking who their vendors are or who their customers are connected to.
With AML screening, businesses ensure that their existing or potential customers or suppliers are not present in any of the sanctions lists, PEPs, banned or wanted lists, and adverse media data.
We offer very user-friendly database solutions covering all Singapore Registered companies and information from global data sources. Our reports are used in business verification and customer onboarding process as well as monitoring of important changes throughout the customer lifecycle as part of live Know Your Customer (KYC).