Zurich, Switzerland – April 19th, 2021 – Small and medium-sized enterprises looking for an affordable solution for compliance management, now have an ally in the Swiss start-up, Check Your Customer (CYC).
CYC is an online platform that offers SMEs cost-effective access to Know Your Customer (KYC) and Anti Money Laundering Checks (AML) across different compliance datasets. Compliance Checks are necessary to mitigate risks during onboarding of new business partners or for screening of existing customers. The platform can also be used to determine who is a politically exposed person, the CEO of a state-owned enterprise and checking data against international sanction lists.
The Check includes different compliance data sets. The service is available as a web-based due diligence check or can be used as SaaS (API) for automated processing.
Far from the average AML data provider, CYC offers a distinct advantage to SMEs with their Pay-As-You-Go service. SMEs will benefit from the company’s use of a unique match algorithm that drastically reduces false positives. Security is robust thanks to the company’s Restful API which performs exclusively on single servers. The service is hosted exclusively on individual servers in certfied data centers in Germany. CYC also provides audit-proof documentation showing a log of all hits.
Data Development Expert and Co-Founder of CYC, Michael Andrae, said, “We recognise that SME’s don’t use AML data services as regular as financial institutions. We want to help them remain compliant without putting a dent in their budget”.
CYC is easy to use and can be integrated into other systems for automated processing. For further information or to engage CYC’s services, visit: www.cyc-online.net.