Know Your Customer | LexisNexis Risk Solutions UK
Know Your Customer Metaphor: Trails of light speeding down a motorway at night - Accelerate customer acquisition with instant online identity verification

Know Your Customer

Accelerate customer acquisition with instant online identity verification

Identity fraud, when an individual assumes either a false identity or misappropriates someone else’s identity, accounted for approximately 41% of all UK fraud in 2014 (source: CIFAS), reinforcing the need for organisations to know their customers.

Anti-money laundering (AML) legislation highlights that companies must make a concerted effort to be fully aware of who they are dealing with, to prevent their business being used for criminal activities. Executing know your customer checks has now become an everyday business activity.

Our IDU® product is a know your customer identity solution for fraud prevention purposes, and a due diligence system for anti-money laundering activities. You can enjoy a free no-obligation trial** of IDU – contact us today to discuss your specific needs.

Free Trial**

KYC Checks

For many organisations traditional identity checks are no longer acceptable – paper ID documents can easily be forged, storage of a manual paper trail is expensive and simply not practical, especially in the case of remote transactions. Today, more and more businesses are turning to technology for solutions, adopting electronic identity checks as a means of verifying identity and satisfying know your customer requirements.

In the case of anti-money laundering, the Joint Money Laundering Steering Group (JMLSG) has stated that comprehensive electronic identity checks provide the necessary verification levels needed to meet legal obligations.

If you are currently processing identity checks via an electronic solution for AML purposes, it is essential that the system you choose satisfies certain criteria, as advised by JMLSG:

  • Utilise a range of positive datasets, with the ability to link a person from current to previous circumstances
  • Access negative datasets (i.e. gone away and mortality records) to protect against ID fraud
  • Employ transparent processes which allow you to know which checks were performed, the results and what level of confidence they provide
  • Ensure facilities are in place that allow you to capture and store identity checks and the data used to verify customer identity

Claim your free trial**

To arrange a free trial** or to find out more please call 029 2067 8555 or complete the form…

** Terms and Conditions apply
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