Getting the Basics Right: A Comprehensive Know Your Customer Checklist

Getting the Basics Right: A Comprehensive Know Your Customer Checklist

Can you believe that American consumers lose close to $6 billion in fraud each year?

As more people share private information online and in person on a regular basis, crimes will continue to become more frequent. If you run a business, then you have a legal and moral obligation to protect your customers’ information as best as you can.

If you want to build trust with your customers and boost your company’s reputation, then it’s helpful to develop a know-your-customer checklist. Read on if you’d like to know all of the basics that you should cover to ensure that you have all of the information you need.

Basic KYC Info for Individuals

If your business works with individuals primarily, then there are several types of details that you’ll need to gather from them. To know your customers, you should collect their names, addresses, phone numbers, email addresses, banking details, and even a tax report in some cases.

To help reduce the risk of fraud, you should also verify each customer’s identity before you do more business with them. There are plenty of options that you can use to make this process simple. One of the most popular methods is to verify customers through mobile numbers.

Know Your Customer Info for Businesses

Some businesses earn money by only working with other businesses. If you deal with businesses instead of individuals, then your KYC checklist will look a little bit different. To start, you can gather individual information on the current directors and other noteworthy people in the company.

From there, you can then collect the company’s trading name, VAT number, address, company number, and status. Whenever you’re in doubt, it’s best to seek out professional help to ensure that your business is making all of the right KYC moves.

The Importance of Know Your Customer Compliance

There are plenty of know-your-customer laws that were passed to keep everyone safer. If your business experiences any data breaches or other trouble, then this could be disastrous on many levels.

If you want to simplify the process of collecting this information from your customers, then you should create a public page on your business website that your customers can read. They’ll be able to gather all of the information that they’ll have to share before any meetings.

Now You Have a Great Know Your Customer Checklist

The unfortunate news is that there are too many people in the modern world pretending to be someone else. This is why it’s crucial for every business to create a know-your-customer checklist. If you follow this outline, then you shouldn’t face any trouble in the future.

Running your own business is challenging, but there are lots of ways to make your job easier. Do you want to take your company to new heights? Have a look around our blog for more advice.

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