Know Your Customer (KYC)

Modern Treasury can help you perform Know Your Customer (KYC) checks on individuals, reducing fraud (e.g. stolen and synthetic identities, fraud rings) and helping you comply with BSA / AML regulations.

Modern Treasury can verify a customer's name, date of birth, address, phone number, and tax ID (e.g. SSN) against available records. This information, as well as the customer's email address and device and behavior, is used for rating risk. The customer can be screened against sanctions, politically exposed persons, and adverse media watchlists. Modern Treasury can also perform ongoing watchlist monitoring so that you are alerted as watchlists change after onboarding.

Modern Treasury's rule engine and decisioning settings help you automate decisioning to reduce operational costs and improve onboarding conversion. You can control how risk is assessed and also how risk scores translate into automated approvals, automated denials, and manual case review. If an onboarding is approved, a Counterparty is created in Modern Treasury.

There are two options for integrating with KYC checks. You can embed a pre-built onboarding UI in your application to quickly build an onboarding flow without needing to touch sensitive data like social security and bank account numbers. You can also send data via API to have full control over the onboarding experience.