In recent years, the payments industry has gone through a host of different changes. With incredible modernisation, cloud computing, and a boom in iGaming and e-Commerce, people’s expectations of payment services have drastically increased. As expected, this has also led to a higher and greater regulatory scrutiny of the whole payments sector.

In terms of risk mitigation, online payments carry a significantly high risk since online transactions can be easily disguised and used as vehicles for fraud and money laundering. Without the right automated KYC and AML tools, combatting fraud and money laundering in this environment can prove very taxing.

Automating KYC

In addition, the speed at which payments are now processed also means that industry players need to increase the efficiency of their AML program, as well as their ongoing screening and monitoring systems, by investing in automation.

Automation of KYC and AML processes increases client onboarding capacity and business growth.  It is also the only way that subject persons can make sure that their controls keep up with the ever increasing levels of risk whilst remaining agile, dynamic and user friendly.

Subject persons within the payments industry include card issuers, acquirers, wallets, payment service providers, money transfer providers and others.  All of these service providers are legally obliged to adhere to regulatory compliance needs at various points of interaction – at client onboarding, when transferring funds, when changes occur in a customer’s profile, and/or changes in their transaction patterns.

The StartKYC online KYC and AML screening tools help subject persons in the payments industry adhere to regulatory compliance needs with little effort, thus avoiding penalties, and preventing reputation loss at all times.

Our online automated system allows you to :

1. Screen customers against international sanction lists, terrorist lists, high risk origins, PEPs (Politically Exposed People) and adverse media.
2. Perform ongoing AML screening of customers
3. Perform AML risk assessments on client records

StartKYC offers full system functionalities in all of its packages.  This means that every Payment Services Provider gets access to all customer due diligence tools offered making it easier to fulfil your CDD obligations.  StartKYC also supports your automation process through a quick and easy API integration, which is backed up with ongoing technical support.

Feeling Lost?

Our free industry experts have drawn up a FREE PDF to help you get started in KYC for the legal industry. Click here to download PDF.