Know Your Customer – Are You Doing It Right?

The KYC isn’t a new thing these days. People come and go, but the queries remain the same regarding the credentials.

If you are an exporter, you already know how important it is for you to comply with the export regulations and controls. As a matter of fact, it would be a regular procedure at your office to identify the customers. The Know Your Customer is propagated as a misnomer in certain areas, but people shouldn’t fall for it.

With the measures rolled out by the Bureau of Industry and Security, it’s natural to go through the manual procedures to find out about the customers. However, this also offers a window to find out reliable solutions. So, are you doing it right?

The conventional methods not only hinder your performance as an organization, but also cut short a major portion of your productive time. This further leads you to slow down the business processes and inability to focus on the functional areas.

What to do and what not to do

Given the circumstances, you can always refer to a professional trade compliance consultant for valuable suggestions and advice. Remember, the top-notch providers are ready to hear it out from your side to deliver affordable solutions that enable you to know your counterpart in the business. Apart from the fuzzy logic that helps in finding a customer’s name against different types of banned party list, you can also keep track of recent regulatory changes and updates.