Q1. What is KYC?
A. KYC stands for Know your Customer and is the process of a business identifying and verifying the identity of its clients.
Q2. What is AML?
A. Anti money laundering (AML) refers to a set of procedures, laws and regulations designed to stop the practice of generating income through illegal actions.
Q3. What kind of checks does CIS perform?
A. Capita Identity Solutions performs a check with one of the UK’s three Credit Reference Agencies. This involves verifying input details (name, date of birth and address) against trusted data sets.
Q4. Is the information provided to your system reliable?
A. We undertake a rigorous exercise when engaging potential suppliers to ensure the data they provide is sourced and maintained with accuracy to ensure match rates are optimised. Furthermore, we undertake regular reviews with our data suppliers to ensure we are aligned with industry best practice and are compliant with regulatory requirements.
Q5. How long does it take to integrate CIS into my current infrastructure?
A. The CIS platform can be integrated into your systems using our API. This can be achieved in as little as 24 hours.
Q6. What would have to happen in order for a user to fail the checks CIS provide?
A. CIS has the ability to provide a tailored approach to ensure the Pass or Fail criteria is set on a client by client basis, and is fit for the product or service you are providing to your customers. We will therefore work with you closely during the implementation phase to ensure you have the appropriate configuration to accurately reflect your risk appetite.
Q7. How long do the checks take?
A. CIS checks are instantaneous.
Q8. Does the platform provide analytics?
A. Yes, all checks are recorded for audit trail purposes, and available for review within your personal dashboard.
Q9. What kind of support does CIS provide?
A. We have a support team ready to answer your questions and pdf guides to help with integration and platform usage.
Q10. How exactly does the platform work?
A. The CIS system electronically processes the customer data that is provided in real time and verifies whether this information is accurate by matching it against our data sources. The system will apply a specific set of rules against the matching criteria to verify whether that customer data is accurate and you can therefore confidently transact with that customer. Should a customer fail the verification process, there are alternative means of verification that CIS can also offer.