Know Your Customer compliance might not be at the top of your New Year’s resolutions, but now is the perfect time to audit and optimize these crucial KYC processes. Though we don’t foresee any updates occurring next year in KYC compliance standards, 2024 strategies will stagnate if not continually reviewed. As a general rule, we recommend reviewing your KYC compliance strategy at the end of each year to be sure that any needed updates can be completed as quickly as possible.
Although the frequency with which your company updates its KYC compliance protocols will vary depending on your clients’ risk levels and the state and federal regulations of your industry, one fact remains: The only proven way to protect your business and your customers is through up-to-date comprehensive KYC solutions. With 25+ years of experience under our belt and a full suite of digital assets, EVS can help you achieve KYC compliance without compromise.
What Is KYC Compliance and How Is It Evolving?
First drafted in 1970 under the U.S. Bank Secrecy Act, Know Your Customer compliance helps protect businesses, legitimate customers, and the entire financial market from illegal activity. KYC regulations mandate that businesses adhere to strict anti-money laundering, or AML, regulations to preclude fraud, money laundering, corruption, or bribery.
A myriad of industries, banks, insurance companies, and creditors to non-profits and real estate corporations need a robust KYC strategy, and protection is the primary goal. Businesses are protected because KYC compliance helps them identify and mitigate fraud risks, and customers benefit by knowing their personal information is safe.
The Importance of Regular KYC Audits
As the regulatory environment continues to evolve and more complex technologies are developed to stay ahead of would-be criminals, businesses are increasing their focus on digital identity verification. Even non-financial institutions are incorporating enhanced data privacy and protection requirements to keep themselves and their customers safe. Although no new announcements have surfaced regarding KYC compliance standards, 2024 processes should be audited and updated before next year begins.
The new year provides the perfect opportunity to step back and evaluate your KYC compliance procedures. A thorough audit can identify compliance gaps, outdated processes, necessary technology updates, and potential security vulnerabilities. An audit can also reveal weaknesses in your process, demonstrate your commitment to KYC in the event of an incident or review by regulators, and provide opportunities for automation and optimization.
Optimize for the New Year with Comprehensive KYC Solutions
New innovations in technology can launch businesses into even greater levels of success, but often open the door to even more complex money laundering tactics and schemes—making businesses like yours highly vulnerable to attack without proper KYC strategies in place. For more than 25 years, EVS has provided a trustworthy suite of solutions that help businesses achieve compliance without compromising speed, agility, or customer experience. To optimize your KYC process now and for many years to come, plug into AssureKYC, our most trusted Know Your Customer product.
AssureKYC works within our intuitive BlueAssure cloud platform, which offers the industry’s most customizable controls, so businesses of any size can quickly adapt to changing KYC regulations or business needs. The best part is that all EVS products can be layered within BlueAssure, enabling businesses like yours to create bespoke KYC compliance solutions that meet your specific needs. Curious about our other leading solutions? Here’s a preview:
Benefits Beyond Compliance
Our signature BlueAssure platform is the gold standard of KYC compliance, but it also carries a host of other crucial benefits. BlueAssure was designed with you and your customers in mind, which means it provides seamless API integration with your existing systems. We developed BlueAssure to dovetail with our clients’ internal programs specifically to give you these advantages and more:
Our layered, advanced approach to KYC compliance, identity verification, and watchlist screening allows businesses to achieve comprehensive fraud prevention. BlueAssure is simple, cost-effective, and checks every box on your “KYC Compliance Standards 2025” to-do list.
Partner With EVS and Gain the Ultimate KYC Compliance Strategy
As consumers continue to shift more and more of their purchasing online, make this the year you raise your level of attention to KYC compliance. Penalties for non-compliance could cost your business millions, not to mention the reputational damage that could last for years.
Take time to audit and optimize your KYC processes today, or reach out to EVS and let our experts take the lead. EVS offers a full suite of KYC solutions that can help you achieve compliance without compromising your customer experience. Our products can be layered into the BlueAssure platform to create a bespoke solution that offers countless benefits in KYC compliance and beyond.
By integrating our BlueAssure products into your existing systems, your company can reduce costs, build trust, eliminate compliance violations, and optimize your customer experience to maintain a competitive advantage in the new year. Meet with our team soon to prepare your business for the next wave of KYC compliance updates.
