We can help you meet KYC regulations and stay compliant

As a company handling financial transactions, it’s important that you are totally confident in who your customers are and the level of risk they pose to your business. KYC consumer checks are the mandatory process of identifying and verifying a customer’s identity when they initially open an account, as well as over time.

With access to the right data, you can uncover hidden risks relating to your customers, ensuring you meet all relevant KYC regulations and remain fully compliant.  

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What is KYC?

KYC, or Know Your Customer, is the mandatory process to identify and verify the identity of clients of financial institutions, as required by the Financial Conduct Authority (FCA), to check they are who they claim they are.

See KYC guide

What is a KYC check?  

KYC checks are a way for companies to assess and confirm a customer’s identity, their financial activities, and the risk they pose.

See How do I undertake KYC checks? - KYC guide

What is a KYC document?  

A KYC document is a document used to verify a customer’s identity and personal details.

See What is a KYC document? - KYC guide

What is a KYB check?  

KYB, or Know Your Business, is the process to identify and verify a business or organisation, including the person/people who own or control that business. KYB checks confirm the nature of the business, it’s activities and customer profile, and is used to determine the risk associated with that organisation and the people behind it..

See What does KYB mean?

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KYC checks and verification

Businesses, especially those handling financial transactions, must comply with strict regulations to verify customers' identities and confirm they are who they say they are. KYC checks are crucial for ensuring that customers are not engaged in financial crimes or fraud, and display your commitment to responsible business practices. The KYC process covers initial health checks on the customer base, maintaining consistent standards during account openings, and ongoing monitoring to manage your business's risk tolerance.

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KYC service

We can help you meet your KYC requirements, carrying out initial KYC checks on your existing customers and delivering flexible solutions using our data assets and analytics expertise.

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What is KYC vs KYB vs an AML check?

KYC guide

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KYC software and tools

With KYC software and tools, powered by platforms like Experian CrossCore, you can carry out end-to-end identity verification checks, age restriction checks, instant documentation verification, and bank account verification. Tie in with your systems to maintain accurate and up-to-date customer data, automate KYC checks and reduce the cost of manual processes.

Explore our KYC solutions

CrossCore Identity Services for KYC allows quick and efficient onboarding whilst protecting you against fraudulent activity.

CrossCore Identity Services for KYC

Can you trust who are you doing business with? We offer an all-in-one identity and fraud solution for customer onboarding.

KYC Onboarding Solution

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KYC compliance requirements 

For organisations regulated by JMLSG and GPG45, KYC compliance forms part of the AML directives. With KYC tools and platforms you can stay ahead of regulation and compliance, allowing you to provide a quick and seamless customer experience while completing all required checks.

Related links

What is KYC vs KYB vs an AML check?

KYC guide

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KYC remediation 

As fraud checks during new account openings are becoming stronger, financial criminals are increasingly looking for weaknesses in fraud controls on existing accounts, using another person’s details to create new profiles or infiltrate existing accounts. Suitable KYC remediation will help you to identify and verify customer information, assess risk, and implement appropriate controls.

Related links

Remediating financial crime checks at a UK bank

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KYB verification

Combining KYB and KYC due diligence, our tools help verify businesses by applying multiple layers of risk detection to fully understand if the business or the owner is engaged in suspicious activity. Experian provides access to the most comprehensive breadth of data sources in the market. Multi-sourced data corroboration is critical for understanding customers and exposing hidden risks.

Related links

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Giving financial crime the red flag

Explore our KYB solutions

Know Your Business (KYB) helps you to verify the identity of a business and the people who own or control it using multi-source data corroboration and key-party screening.

Know Your Business

AML Flags analyse two data sources, companies house and cashflow data, for patterns and trends which could indicate anomalous activities and potential financial crime.

AML Flags

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KYC processes and procedures 

Having a streamlined, simple, and easy-to-integrate KYC process is essential. Tools such as our CrossCore Identity service use a single API to allow you to carry out KYC checks in line with your bespoke requirements and workflow.

Related links

Experian report insight: 82% of UK customers trust behavioural biometrics to prevent fraud

What is KYC vs KYB vs an AML check?

Checklist: How do I undertake KYC? - KYC guide

Further reading on KYC solutions

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We can tailor our KYC verification solutions to meet your business needs. Let's talk.

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KYC documents and ID verification

In situations where your business needs to verify a customer’s identity – for example, when opening an account – the right ID verification tools will help ensure that you meet regulatory requirements, protect you from the potentially significant costs resulting from fraud, and help manage your reputation so you can attract and retain new customers that are truly valuable. Utilising an extensive range of Identity Attributes, tools such as CrossCore Identity Services check and validate identity as well as the elements that make up an individual’s digital identity.

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Further reading on identity verification

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We can tailor our KYC document and ID verification solutions to meet your business needs. Let's talk.

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Digital customer onboarding

As more businesses prioritise online channels, there is an increasing need to find easier, more cost-effective ways to comply with KYC policies and regulations. Digital onboarding involves the customer completing a series of automated steps, and providing personal data, which is then authenticated by digital technology, to ensure they are who they say they are.

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Customer due diligence

AML and KYC regulations require three key steps in customer due diligence (CDD) – identify the customer, verify the customer’s identity, and assess the purpose and intended nature of the relationship or transaction. Tools such as CrossCore, PowerCurve, and PCCA will enable you to carry out CDD effectively and in line with regulations. 

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Discover our ID solutions

CrossCore Identity Services for KYC allows quick and efficient onboarding whilst protecting you against fraudulent activity.

CrossCore Identity Services for KYC

PowerCurve Customer Acquisition is an intuitive cloud-based platform that enables you to consistently make one right lending decision after another.

PowerCurve Customer Acquisition

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Identity verification for new customers

As a business, you need to ensure you carry out thorough KYC checks on new account customers to protect your organisation from fraud and losses while ensuring you meet all industry regulations. Although these regulations have traditionally been associated with banks and the financial sector, the expansion of online services now means they are much more widely required, including industries such as insurance, Forex, telehealth, e-learning, real estate, and e-gaming. 

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Enhanced due diligence 

Enhanced due diligence (EDD) is a KYC process that involves a greater level of scrutiny, flagging potential risks that would not necessarily be detected by standard customer due diligence.

With tools such as CrossCore, PowerCurve, and PCCA, you can carry out EDD to help deter financial crime, better serve your customers, and avoid potential fines.

Enhance your KYC processes

CrossCore Identity Services for KYC allows quick and efficient onboarding whilst protecting you against fraudulent activity.

CrossCore Identity Services for KYC

PowerCurve Customer Acquisition is an intuitive cloud-based platform that enables you to consistently make one right lending decision after another.

PowerCurve Customer Acquisition

Further reading on customer onboarding

Get in touch

We can tailor our digital customer onboarding solutions to meet your business needs. Let's talk.

Speak to an expert

KYC regulations in finance

Under anti-money laundering regulations, financial institutions and those dealing with financial transactions are obligated to assess the level of risk that each customer presents. All institutions must comply with the regulations and recommendations laid out by JMLSG and AML6D. As part of AML regulations, KYC requirements in the UK are regulated by the Financial Conduct Authority (FCA), the National Crime Agency (NCA), and the Serious Fraud Office (SFO).

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KYC UK laws and policies

As a major financial centre, the UK has robust KYC laws and policies, which organisations must adhere to, including JMLSG and AML6D. KYC policies come under AML laws, set out by the Money Laundering, Terrorist Financing, and Transfer of Funds Regulations 2017, the Criminal Finances Act 2017, the Proceeds of Crime Act 2022, and the Money Laundering Regulations 2007. 

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KYC in banking and finance

For banks and finance organisations, KYC is a key aspect of industry regulations, such as AML compliance. You must identify and verify any individual you work with, to avoid facilitating a fraud or financial crime.

Related links

Remediating financial crime checks at a UK bank

What you need to understand about AML in commercial lending

Further reading on financial compliance

Get in touch

We can tailor our KYC solutions to meet your business needs. Let's talk.

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Automated KYC

Many organisations still adopt a manual approach to KYC, meaning high volumes of data processing and potential delays for customers. This is not only complex, but it is also time and resource-consuming and, ultimately, costly. Automation offers an efficient, effective, and accurate alternative. Event-driven, automated models, such as Experian’s, proactively monitor portfolios for financial risk, only requiring human intervention when changes occur. This offers a potential cost saving of over 50%. Using third-party data, we can help financial institutions to automate their KYC checks, so they can proactively monitor their portfolio and only require manual intervention when there is a change in data that could impact a customer’s level of risk.

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Learn more about our KYC Identity Services APIs

Interested in discovering our API’s? On Experian’s Developer Portal you can easily access our KYC Identity Services API’s. Get insight into Experian integration criteria by viewing instructions on how to easily access and integrate data and understand how our API’s meet your business needs. You can access: - Tutorials on how to use APIs step-by-step - The full catalogue of Experian API’s - Information on how to acquire information through a data capture form - Insight into how available information can be requested and consumed and much more

Learn more
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Further reading on fraud prevention

Get in touch

We can tailor our automated KYC solutions to meet your business needs. Let's talk.

Speak to an expert

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