Kroll introduces new KYC solution to strengthen checks, onboarding efficiency

US firm Kroll has introduced Kroll Business Connect, a new know-your-customer (KYC) tool to bolster the onboarding efficiency and KYC checks.

Founded in 1932, Kroll claims it is the leading provider of services and digital products related to governance, risk and transparency. The company works with clients in sectors such as cybersecurity, corporate finance, legal and business solutions, regulatory compliance and data analytics and has nearly 5,000 professionals in 30 countries worldwide.

According to Kroll, the new tool offers a ‘collaborative environment for users’ where tasks, document sharing and communications can be consolidated into a single cloud-based platform.

The company said the solution enhances Kroll’s global compliance offering and is designed to streamline onboarding and KYC processes for compliance professionals.

Furthermore, the new KYC tool will allow users to establish automatic task reminders and notifications to reduce the risk of deadlines not being met, as well as providing managers with stronger oversight an additional dashboard to assign task owners and manage their progress.

Kroll also highlighted that the service will be able to integrate seamlessly with any compliance software or CRM system through APIs, meaning that current systems will not need to be replaced. It is also fully encrypted and backed by Kroll’s data security and cyber risk management.

Kroll managing director and global head of financial services compliance and regulation practice Monique Melis said, “In the challenging regulatory climate of cryptocurrency, cross-border trading, cyber-attacks and working from home, KYC has become an increasingly complex task while simultaneously increasing in value. It is an integral part of firms’ due diligence processes to protect against financial crime and we’re proud to be helping firms ensure compliance in this area.

“Our global regulatory outlook study with the financial services industry revealed that almost a third of respondents predict the total cost of compliance will be greater than 5% of their revenues this year, and this cost is set to rise if unaddressed. With Kroll Business Connect we can streamline the compliance process, improve checks and save firms time and money in the process.”

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