Compliance screening is crucial when your business works with vendors, suppliers, or customers. That’s where KYC Protect comes in. We know that compliance is serious business, and we appreciate that your company uses KYC Protect to make smart business decisions. So, to make sure your company is getting the most out of KYC Protect, Mark Laube, Product Director, Creditsafe, will walk you through a few tips and tricks for success.
Compliance isn’t something you can do once and then forget about – it should be a continuous process. With KYC Protect, your monitoring alerts can be found in the KYC Protect app. If you’d like to set up email alerts, add an email address to each entity you’re currently monitoring. That way, you won’t miss a key change to a company’s compliance risk profile. In January 2025, you’ll be able to set up these email alerts through a bulk upload – just another way KYC protect can improve efficiency in your compliance workflows.
Clicking “Audits” in the KYC Protect sidebar will take you to a list of every action your company has made while using KYC Protect. The information includes searches, profile creations, edits, deletions, assignments and matches – and it can’t be changed or deleted. That way, every search is recorded and easy to access.
Click “Reports” in the KYC Protect sidebar for the option to download audit reports. Remember all that useful, saved information we just talked about? You can download it directly from KYC Protect and you can customize the date range for greater accuracy. When audit time comes around, you’ll have all the information you need in just a few clicks.
Want to share key compliance updates with your senior leadership team? Perhaps you want to keep a closer eye on the companies you’re monitoring? Order a report of all the AML monitoring alerts you’ve received in a set time period. Just click “AML Alerts” in the KYC Protect app, set the dates and alert types and click “Order report” to get a record of all the AML alerts you’ve received in a flash.
When your company needs to run regular compliance checks on hundreds – or more – companies, it can be difficult to keep track of who’s doing what. With KYC Protect, you can assign a profile to other users to monitor and manage. Once you’re viewing a company’s profile page, click “Assigned to” and enter the name of the employee responsible for monitoring that company. Now, instead of navigating away to third-party planners, your employees will know what they’re responsible for directly in the KYC Protect app. Asignees will also automatically receive emailed monitoring alerts to make sure they never miss a change in a company profile.
Setting monitoring alerts can be incredibly useful for your business. But if you’re missing out on key changes you should be aware of, something’s not quite right. KYC Protect allows you to filter your alerts by different types of Political Exposed Persons (PEPs) so that you only receive the information you need. Screen for Tier 1 (prominent figures representing an international body), Tier 2 (Individuals holding a position at the national level) and/or Tier 3 (Officials holding a position at the state level).