KYC Support

Why You Need To Know Your Customer

The government has been holding financial institutions to new and elevated  standards when it comes to “Know Your Customer” (KYC) laws, but finance firms don’t bear that burden alone.
KYC regulations have far-reaching implications for every business. Knowing your customers, verifying identities, making sure that they are real, confirming they are not on any prohibited lists, and assessing their risk factors can keep money laundering, terrorism financing, and more run-of-the-mill fraud schemes at bay. Finding a balance between efforts that are effective without penalizing innocent consumers is key. And that is where Modevity can help you achieve best practices. Because many KYC regulations were instituted before much of today’s technology existed, the means of collecting information about customers are woefully outdated. Modevity can help harness the power of big data to help financial institutions and companies of all kinds collect more accurate data and comply more easily and effectively with federal regulations.
An integrated approach to critical KYC Support  and Customer Due Diligence (CDD) can improve visibility into potential risks.  This includes financial crimes like money laundering and terrorist financing while providing valuable insight into customer life events and changes. The Modevity KYC and CDD services combine powerful database search technology and expansive global risk intelligence to support our customers.
We partner with the best of breed global data providers. So we can augment and extend your existing KYC capabilities.  Contact us below for further details on how we can help you save time and money by quickly and effectively avoid regulatory and reputational risk.

 

Services Include:

  • Ultimate Beneficiary Identification

  • Company and Individual Risk Reports Including
    • Adverse Media
    • Social Media Analysis
    • PEP & Sanctions 
    • And More…
  • Ongoing Customer Monitoriting 

  • Custom Reports

  • Risk Rating 

For more information on the changing standards companies must meet please check out our blog.