A customer may not be the same tomorrow as they are today.
Ownership can change. New individuals may gain control of a company. A person may become a PEP, or the customer may become subject to new sanctions.
That is why KYC is not a one-time process that ends when a customer is onboarded. Ongoing monitoring is an important part of knowing your customers and managing risk throughout the entire customer relationship.
When establishing a customer relationship, you collect information about who the customer is, who owns or controls the company, and the level of risk associated with the relationship.
But this picture can change. Changes may include:
Information that was correct during onboarding may therefore become outdated.
The question is not only “Who is the customer when the relationship begins?” but also “Do we still know who our customer is?”
For businesses with many customers, ongoing monitoring can become a significant task if checks are performed manually.
ECIT KYC brings key parts of KYC and AML work together in one platform – from customer identification and beneficial ownership to risk classification, PEP and sanctions screening, and documentation.
With 100% monitoring of your customer base, it becomes easier to identify relevant changes and determine which customers require closer attention.
This means less time spent on manual checks and better oversight of your customers – even after they have been onboarded.
A good KYC process starts when a customer is onboarded, but it does not end there.
With ECIT KYC, you have the tools to follow your customers throughout the entire relationship – from identification and risk assessment to screening, documentation, and ongoing monitoring.
Do you have control of your customer base after onboarding?
Contact us for a demo, and we will show you how ECIT KYC can make ongoing KYC monitoring simpler and more efficient.
This article is intended for general information purposes only and should not be considered legal advice.
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