Back to top

Tony Machin

CEO

Tony has led TrustID through a transformation program of significant upgrades in technology and services, delivering year on year growth. With previous experience in corporate finance and as CEO of a leading UK financial services organisation, he brings strong leadership and excellent knowledge of compliance and regulatory matters. In 2018 Tony joined a group of like-minded identity validation experts and founded the Association of Document Validation Professionals (ADVP). He was chair of the organisation from its creation until the end of 2020.

How improving KYC processes can help you to gain more business

Illustration showing a man and a woman on their phones

While they’re often associated with the finance sector, Know Your Customer (KYC) checks are important for regulated businesses in a number of industries.

Money laundering alone costs the UK more than £100 billion every year, and affects all kinds of companies of all sizes, from high-value retailers and auctioneers to estate agents. But, when done properly, KYC checks stop businesses becoming victims of laundering and prevent other financial crimes, such as fraud and financing terrorism.

Regardless of your industry, you shouldn’t see KYC checks as a luxury. As well as forming your first line of defence against financial crime, KYC checks help businesses stay compliant with anti-money laundering (AML) regulation and, in turn, prevent fines, reputational damage and imprisonment.

But there’s more to KYC checks than damage limitation. As well as keeping you compliant and protected, improved KYC processes may help make your business more profitable and gain more customers by:

Boosting customer loyalty

Onboarding is one of the earliest interactions you’ll have with your new customer. The smoother the experience is for them, the better the impression they’ll get of your organisation, and the more likely they’ll be to stay loyal in the long term.

Increasing approval rates (and reducing false positives)

As our KYC service is fast and reliable, you’ll be able to confidently approve new business quicker than ever. With a faster onboarding process, you’ll be able to start completing transactions and give new customers access to your services sooner.

Improving your reputation

Robust checks show that you take compliance seriously and, as word of your professionalism and efficiency spreads, you’ll build a reputation as a trustworthy organisation. Prospective customers will become more confident about working with your business and are more likely to choose you over the competition.

How our KYC services work

The KYC process is a key part of customer onboarding. It involves verifying the identity documents of new customers, ensuring they match the identity of the holder and cross-checking that identity against reliable sources such as addresses and electoral roll information.

TrustID’s KYC services streamline the onboarding process by simplifying and speeding up your identity checks. For example, instead of asking for and manually checking identity documents yourself, you can ask customers to upload scans or images to the secure online TrustID service where our experts verify them. This saves you time and improves the overall customer experience.

TrustID also adds value by increasing reliability because:

  • Our document experts are so skilled and highly trained that other identity verification companies rely on them.
  • We can conduct additional face biometric and liveness testing to ensure documents belong to the owner.
  • We can check customers’ information against additional sources such as PEP (Politically Exposed Persons) & sanctions lists, as well as address matches.
  • We can provide ongoing protection: if your customer passes the initial vetting but later appears on a PEP list, we can notify you.

Gain more business with TrustID’s help today

TrustID’s business-boosting KYC services are convenient, fast, and reliable. Our affordable and scalable KYC service suitable for businesses of all sizes. Plus, with support available seven days a week, whenever you work you can always expect a fast response.

To find out more about how TrustID’s KYC services could make your business more profitable, get in touch today.

What being ISO27001 certified means

Our IS27001 accredited certification lets you know that we follow information security best practice, helping to eliminate or minimise the risk of a security breach, keep information secure and ensure compliance with data protection regulations.

ISO logo