Why Your Gold Business Needs KYC & CDD: Stay Safe from Money Laundering

Have you ever considered that a simple gold transaction could unknowingly link your business to money laundering? In an era where financial crime is more complex than ever, gold businesses face a significant challenge in ensuring their customers aren't involved in illegal activities.

This is why KYC (Know Your Customer) and CDD (Customer Due Diligence) are essential tools every gold business should have.

KYC: Verify Your Customers' Identity and Prevent Impersonation
The first step in preventing risk is knowing who your customer truly is. Simply checking an ID card or a photocopy might not be enough anymore. With CHECK+, a feature called DipChip allows you to verify a customer's identity with a simple card swipe. This prevents the use of fake documents or impersonation that could lead to legal issues.

CDD: Screen Your Customers and Reduce Transactional Risk
Once an identity is verified, the next step is risk assessment. CHECK+'s CDD feature helps you screen your customers (Name Screening) instantly to see if they are on any high-risk lists. This information is connected to reliable databases from Dow Jones, which include the Global Sanctions list, covering individuals involved in money laundering or terrorism worldwide.

Implementing CDD not only protects your business but also ensures compliance with the law. CHECK+ makes these checks simple and fast, saving you time and reducing the hassle of complex procedures.

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