KYC (Know Your Customer) is a process during which companies obtain sufficient information and evidence on their clients In accordance with regulations. The need for such processes goes hand in hand with AML (Anti Money Laundering), whereby companies have to prove they aren’t involved in money laundering. An essential part of this is knowing their customers, to give tax officials the option to track where the money originated from. In the financial sector KYC and AML are very strictly controlled, failing to comply will result in high penalty fees.
KYC controls typically include the following:
- Collection and analysis of basic identity information such as Identity documents
- Name matching against lists of known parties (such as “politically exposed person”)
- Determination of the customer’s risk in terms of propensity to commit money laundering, terrorist financing, or identity theft
- Creation of an expectation of a customer’s transactional behavior
- Monitoring of a customer’s transactions against expected behavior and recorded profile as well as that of the customer’s peers
Apart from being legally obliged to conduct KYC, we wouldn’t subject ourselves to the risk of doing business with unfair players, thus all of our customers have to comply in order to use Inlock’s services.
Actually knowing our customers is a far cry from knowing their DOB and mothers maiden name. We are interested in who You are, what You are looking for in a good lending partner, how You would prefer to interact with our site, what improvements we could make to better fulfill Your needs. It might sound cheesy, but without getting to know each other well, we will hardly be able to provide exceptional service. We set out to create Inlock because we felt there’s a need for a better option out there, that people are looking for it but – like us – can’t find it. To stay true to this goal of ours, it’s important we understand all aspects of the lending process, and that includes looking at how we function from a customers point of view. Please get in touch with all your suggestions, they all get evaluated, and if they truly serve the community spirit and ease of platform interaction, they will be implemented!