KYC is a regulatory and compliance process used by financial institutions to verify the identity of their clients. More recently referred to as Customer Due Diligence (CDD), KYC helps assess the potential risks involved in establishing a business relationship with a customer.
This process is essential for ensuring Access PaySuite complies with anti-money laundering (AML) regulations and other financial legislation. It enables our Risk team to evaluate the legitimacy of customers and safeguard the business against fraud, financial crime, and reputational risk.
Who can complete the KYC?
The KYC must be completed by an individual who can be verified by our Risk team as a suitable representative of the customer's organisation. Once verified, this person is authorised to nominate the main contact for the account.
How is KYC completed?
If you are identified as the appropriate person to complete the KYC, you will receive a request via email or text from Northrow Remote Verify. Please ensure you check your junk or spam folders, especially if you opt to receive the request by email, as these messages can sometimes be filtered incorrectly.