AML and KYC, explained simply
The terms you meet when you onboard customers, in plain words, and where Oomero does the work.
What is KYC?
Know your customer: confirming that a customer is who they say they are before you do business with them.
ReadWhat is KYB, and who is a UBO?
Know your business: verifying a company and finding the people who ultimately own or control it.
ReadWhat is AML screening?
Checking the people and companies you deal with against sanctions lists, politically exposed persons and adverse media.
ReadWho counts as a PEP?
A politically exposed person holds, or has held, a prominent public function. The rules usually reach their family and close associates too.
ReadWhat is enhanced due diligence?
The deeper checks for higher-risk customers: PEPs, high-risk countries and unusual relationships.
ReadWhat is transaction monitoring?
Watching customers’ payments after onboarding for activity that does not fit.
ReadWhat is a risk-based approach?
Spending more effort on higher-risk customers and less on lower-risk ones, and being able to show why.
ReadWhat is an Oomero ID?
A verified identity a person can reuse: verified once, then shared with another business with their approval.
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See Oomero with your own customers
We will take your team through a real onboarding, for a person and a company, using your own risk policy, and show you exactly what is recorded.