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Know Your Customer (KYC)

Our latest release - Tax Identity Solutions - KYC.  

The KYC application is integrated into the tax self service work flow so that you can collect both Tax Identity and KYC indica from your payee in a single pass. 

Why KYC? - There are many US and foreign regulations that require a Payor to comply that include US Treasury OFAC Specially Designated Nationals List, the consolidated list designated by the United Nations, European Union, Australia and United Kingdom, and the Canadian Economic Sanctions Lists. Failure to do so, and make a payment to a payee; the payees financial institution; or a sanctioned country on the list will result in a penalty - the penalties for noncompliance can be severe. Depending on the program, criminal penalties can include fines from $50,000 to $10 million, and imprisonment from 10 to 30 years for willful violations. Civil penalties can range from $11,000 to $1 million for each violation.

KYC can also assist with blocking activity on your web site, that may lead to a malicious act that may not be related to generating revenue - i.e. A user releases malware on your site / software that can bring down your site. KYC will ensure they can’t hide behind a false identity. 

All KYC tests are weighted and given an overall score to determine whether the KYC is valid or invalid.

Finally, the sanction checking goes well beyond US only requirements – so KYC can report that enables you to block a payment to an intermediary to avoid regulatory fines from a non US oversight agency.

Key benefits:

1.    Single data collection pass

2.    No conflicts with KYC and tax identity data elements

3.    Change of circumstances (CoC) triggers are contained within the process – there is no additional testing of CoC based on a separate registration pipeline

4.    Data flow single direction to downstream systems such as Oracle Financials, SAP, Dynamics and other leading ERP systems. No requirement to update external registration portals, synchronization of data.