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Know Your Vendors & Customers (KYVC)

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VCs' Masterdatabase

What is

VCs' Master datbase?

Vendor's Coustmer's master database is the first step of every building relationship by collecting all relevant supporting documents and details while registering to better understand and "Know Your Counterparty - KYC".The master includes - Name of the Vendor or Coustmer, Business Constitution, Nature, Location, Inverstors & Directors, Political Exposed Persons etc.

Importance of VCs' Master database in today in today's time?

KYC in today’s time is one of the significant element in fighting financial crimes and money laundering, and Vendor’s Customer’s identification is the most critical aspect as it is the first step of the supply chain while engaging the counterparty

The global anti-money laundering (AML) and countering the financing of terrorism (CFT) landscape raise tremendous stakes for financial institutions and businesses.

International regulations implemented in national laws encompassing strong directives like advanced AML 4 and 5 and KYC for both vendors and customers identification.

Common Practice widely followed by businesses

Problems & Challenges

Many businesses have taken the trouble to digitally transform their vendors and customers onboarding procedures, face inefficient processes when it comes to ongoing monitoring. And yet KYC monitoring is vital to ensure compliance with Money Laundering directives so where does it all go wrong and what businesses can do to implement change.

Is Your VCs’ Master database possess all minimum mandatory details and is Updated?

Data usually shared on emails, sometime multiple emails. Time-consuming exercise in extracting, and reviewing.
Mostly one-time data sharing practice followed at first time of registration with no validation at regular intervals.
Every customer have different standard practice with different details sought for registration, which lead to more time-consuming for vendors to fulfil each customer requirements.
Lack of minimum mandatory details in records
Poor record keeping - disparate systems and in some cases manual record has proven to be a major challenge.
Real-time based monitoring management.
NDA (Non-Disclosure Agreement)

Why need of a Live VCs

Master database?

“To WHOM we are dealing with” is becoming an important aspect for a business in today’s time. Collecting VC’s details at initial and knowing any changes thereafter at regular intervals helps business in making a KYC check and mitigate risks.

Try WITSYNC’s Business Connect Software Module and explore the easiness in organizing and maintenance of all VCs’ master data.

With increased compliances and regulations globally from time to time, WITSYNC understand the challenges involved and with the team of professionals holding extensive and intensive experience have developed a dedicated software named

Know Your Vendors & Customers Software (KYVC)

To make business life easier in managing all relevant details for all of their vendors and customers

A Single Platform

for all your Vendors & Customers

Manage Your Vendors & Customers Efficiently and Professionally

The software is designed for businesses in managing their vendors and customers database and build to streamline the administrative workflow challenges to allow easily manage and monitor from time to time.

Pre-Structured & Standardized KYC Form

Built with 2-Way Sharing Functionality

One-2-Many Connect & Share Easily

Centralize all VCs’ KYC Profile on Real-time Basis