KYC for the Finance and Banking Industries

Any business in the financial sector, from fintech start-ups to the oldest banking institutions in the country, are at risk from criminal activity and so are governed by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. These regulations require you to apply risk-based measures to prevent money laundering, and to take steps to prevent your services from being used for money laundering or terrorist financing. 

This means focusing your AML resources on where they are most likely to have the highest impact, and one of the most basic principles of AML is to Know Your Customer.

Whether dealing in fiat, virtual or crypto currency, any responsible company must employ KYC checks to ensure that your business is not being used to channel funds to terrorist groups or into organised crime, and our platform is designed from the ground up to meet this demand. 

It offers a solution that can be accessed via a web portal or integrated API, with a fully customisable range and number of checks that can be performed. From a single operator manually checking fifty customers a day to a fully automated and seamlessly integrated system providing KYC checks to thousands of customers, Capita Identity Solutions can provide you with the security of knowing that your business is compliant with the latest legislation.

This legislation applies to:

Banks, Building Societies and Credit Unions, Investment Managers and Stockbrokers, E-Money Institutions, Payment Institutions, Consumer Credit Firms offering lending services, Financial Advisors, Investment Firms, Asset Managers and Safety Deposit Service Providers.

Industry Legislation

The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017

The regulations require firms to give overall responsibility for anti-money laundering systems and controls to a director or senior manager. They should know about the money-laundering risks to your firm and make sure that steps are taken to mitigate those risks effectively. 

It requires firms to appoint a Money Laundering Reporting Officer (MLRO), who is a focus for the firm’s AML activity -  The MLRO supervises the firm’s compliance with its AML obligations. If you are a sole trader with no employees you are not subject to this requirement. 

The regulations require you to apply risk-based customer due diligence measures and take other steps to prevent your services from being used for money laundering or terrorist financing.

Click for legislation source

Why choose Capita Identity Solutions?

Capita Identity Solutions has continued to lead the way in technological innovation within the identity verification market sector. We are partnering with world leading technology providers and multiple Credit Reference Agencies with the aim of delivering market leading resilience and a choice of data provider - ensuring increased match rates and alternative methods when traditional KYC checks fail.

We are growing our international data footprint with the intention of becoming a global provider, all whilst working to increase platform usability and stability for our ever-growing global client base.

In the long term, Capita Identity Solutions will continue to explore new technologies and opportunities. Development to the platform will ensure that as the selection of checks grow, clients will continue to be offered a world class service that is always at the cutting edge of identity verification.


The Benefits of CIS


Accurate 2+2 ID verification
UK & International verification
Reduce on-boarding risks
GDPR compliant
Streamline your business process
Innovative solutions designed to increase match rates when traditional KYC checks fail
Easy to use platform which can be easily integrated with existing websites
Offer you choice of data references
PEP’s & Sanctions Monitoring
Retain AML Verification for audits and regulatory visits
Excellent pricing without compromising on quality of product or service

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