Know your customer (KYC) is the term used to describe the due diligence that financial service providers must perform to confirm the identity of their clients and confirm relevant information pertinent to conducting business with them.

In the USA, organizations are required to implement policies and procedures to conform to the customer identification program mandated under the Bank Secrecy Act and USA PATRIOT Act.

KYC policies are also required in order to prevent facilitating the fiscal activities of entities or individuals involved in identity theft, money laundering, terrorist financing and other crimes.

Financial service providers must also confirm that clients are not on any list of known sanctions lists such as the

USA Office of Foreign Assets Control’s (OFAC) Specially Designated Nationals List nor that they are Politically Exposed Persons (PEP).

Should a preliminary KYC check reveal that a person is a PEP or is potentially linked to any activity prohibited by global compliance regulations, enhanced due diligence must be done to ensure that the person’s source of wealth is transparent and that the person does not pose a risk to the organization’s finances or reputation.

Initial screening of a client must be followed by ongoing monitoring of financial transactions in order to flag any potentially illicit activities to the appropriate corporate, national or international authorities.

Proof of KYC due diligence must be readily available for auditing purposes.

Mongoose Global Intelligence provides an integrated solution to address all the requirements of an organization’s KYC requirements including passport verification, instant search capability of thousands of global watch lists, tens of thousands of daily adverse media and hundreds of thousands of PEPs.

Advanced name matching capabilities and sophisticated clustering techniques significantly reduce false positives while streamlining information analysis.

Highly configurable work flow and reporting capabilities allow the organization to automatically generate and retain auditable evidence of the due diligence executed for each and every client.