Eliminating risk is impossible, but implementing stringent measures can help you stop financial crime in its tracks, says SearchWorksSearchWorks offers users 160 different search types, giving companies in the process of onboarding new clients instant access to verified identities, updated contact details, account verifications, and more. Picture: SUPPLIED/SEARCHWORKS
Its 2020 survey reported that about 7% of companies defrauded over the previous 24 months had lost more than R740m, and 4% about R1.5bn. SearchWorks, an innovative data aggregation platform that allows users to conduct live, accurate individual, company and property searches and in-depth KYC checks online, aims to make this process less laborious, more successful, efficient and easy to do.
SearchWorks allows you to conduct live, accurate individual, company and property searches and in-depth 'know your customer' checks online. Picture: SUPPLIED/SEARCHWORKSCompany profile checks can be performed to get an overall summary of the business, assess its currentBank account details provided by the suppliers can be confirmed as accurate and are that of the company. You need copies of bank statements, ID and proof of address.
Keeping the tainted funds of corrupt individuals and businesses out of the legitimate financial system is a vital outcome of effective KYC procedures. These checks help to lower the risk of your business being used as a vehicle for criminal activities.