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Four reasons why TruliUs is the perfect solution for your Know Your Customer process

The Prevention of Money Laundering and Terrorist Financing Act requires a lot of companies to comprehensively verify the identity of their customers and put them into a risk profile. This process, known as Know Your Customer (KYC), applies to banks, insurers, investment institutions, auditors, accountants, tax advisors, real estate agents, lawyers and notaries, among others.
But even apart from this law, many companies benefit from a thorough identity check, especially those who do business online. And this does not have to be a time-consuming and labor-intensive process. A digital KYC solution such as TruliUs can make the work considerably easier.

 

Save time, work without errors

Do you do business with other companies, governments or organizations? Then there are many steps involved in verifying the identity of your customer, supplier or partner company. TruliUs allows you to complete this process quickly and error-free because it eliminates manual searches by automating every step of the process:

  • The tool automatically looks up the correct and most up-to-date company data in public databases and compares it with the data provided by the company (Know Your Business – KYB).
  • The system then identifies and verifies the personal identity data of your contact with the other party (Know Your Customer – KYC).
  • The link between the company and the person is verified.
  • The digital solution also ensures regular verification of company and personal data, so that you have a high level of confidence about the identity of your business contact at all times.

 

Work cost-effectively and reliably

If you were to go through the above process manually, it would take a lot of time. And since time is money, also a lot of money. But the cost is not only determined by the time spent by your staff. It is also determined by the price tag of the commercial databases you have to consult to verify the identity of the company and the person.

You reduce those costs significantly by engaging TruliUs.
TruliUs does not work with commercial databases. The platform works with secure and validated business passports, say a corporate identity card. So the data in the system is officially approved and authenticated by the companies themselves, which makes it always up-to-date and reliable.


Stay in line with legislative changes

Regulations are constantly evolving, not least when it comes to identity verification. A digital KYC solution changes with every change in the law, so you’re in compliance with the latest regulations at all times. In this way, you avoid fines and possible reputational damage.


Secure identification and signing

Throughout the KYC process and beyond, your business partner will need to sign all kinds of documents, from contracts to legal documents or other files. You no longer need to have such documents physically signed. It can also be done completely digitally. With TruliUs you can share the document in a cyber-secure environment: all data is encrypted and only shared after explicit consent.

Moreover, your clients and suppliers can now also securely sign documents digitally with their company profile, thanks to TruliUs Sign, a new and unique signing capability offered by SignHere. Thanks to the integration of TruliUs and SignHere, you can sign documents in a digitally qualified way so that the electronic signature has the same legal effect as a handwritten signature.

Convinced? Test it yourself and start your TruliUs subscription today at: www.trulius.be

 

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