What is meant by a compliance check up?
When talking about a compliance check up, we mean an examination of whether rules, legislation and guidelines are being adhered to in the respective processes. This applies to processes in connection to customers as well as internally.
In the same process, the term KYC compliance is used. KYC is primarily an abbreviation of Know Your Customer, and this term, therefore, covers knowing your customers legislation and guidelines and what you need to be aware of. The term is used in financial contexts.
These concepts and efforts have been created to safeguard customers against corruption, money laundering, fraud and other types of financial abuses.
The purpose of conducting these check ups, and gaining knowledge on what constitutes compliance, is to avoid pitfalls that can, in the worst case, lead to sanctions if you violate laws, guidelines or other regulations.
Who is NewBanking?
We are a RegTech company located in Denmark, working on platforms for the benefit of secure customer data handling.
At NewBanking, we offer complete solutions through software to automate customer verification, checks, monitoring as well as risk assessments and onboarding flows allowing you to save resources.
We help save you time on cumbersome processes that are essential to avoid breaches of legislation, regulations or guidelines. By automating or streamlining processes and gaining a deep understanding of "what is compliance", we can ensure that everyday life is easier and more manageable for both you and your clients.
So spend time wisely on other processes and streamline your efforts while ensuring your data exchange is secure and confidential.
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