There is an implied duty for all of us to know the customers, suppliers, and partners we are doing business with. It may appear that the user is doing business with a small local company that could be partially owned by an individual on an official sanctions list or someone involved in criminal activity in the past. Performing KYC checks is an essential part of a company's due diligence process and should be proportional to its size and the type of business.
Compliance Alerts can help smaller companies and/or companies in a low-risk industry that do not have a compliance officer or person trained on KYC/B processes. There is a strong possibility that our global compliance settings will meet the user’s compliance policy needs, the service will help the user to focus on the companies that require further checks – typically 10-15%. Creditsafe KYC services such as Protect screening and ID Verification used in conjunction with our Creditsafe business reports and compliance checklist will guide the user through a basic KYC process.