Security Measures
Our Comprehensive Risk Management Program consists of 3 key components: Know Your Customer (KYC), Anti-Money Laundering (AML), and Cyber Security.
The purpose of this program is to reduce the likelihood of financial loss caused by cyber-attacks, fraud, money laundering, and other financial crimes.
KYC is the essential process of verifying a customer’s identity.
AML is aimed at uncovering attempts to disguise illicit funds.
Cyber Security. Computer crime occurs every 39 seconds! We run strong defense mechanisms across our organization, and our team is trained in cybersecurity awareness.
Our internal cybersecurity measures:
We use technology, processes, and procedures to ensure confidentiality, integrity, and availability of information. Our team members are trained to follow security principles (such as strong passwords) and to be wary of suspicious emails. We utilize technological tools such as antivirus software, email security solutions, and multifactor identification.
Know Your Customer (KYC)
What is it and why do we do it.
Know Your Customer (KYC) is a process conducted by the escrow agent to verify the identity of the primary parties in an escrow transaction. The process involves collecting and verifying information and documents to help prevent identity theft, fraud, and money laundering. Our KYC program helps build a safer and more trustworthy financial environment for your escrow transaction.
How we do it.
Primary parties to the transaction will be asked to provide a copy of a government-issued photo ID along with basic personal details such as your full legal name, date of birth, physical address, and phone number. Closinglock verifies hundreds of data points across trusted, non-public data sources. Once the actual customer has been identified, conduct the OFAC screening process (if required) and the appropriate level of Customer Due Diligence.
III. Anti-Money Laundering:
Money Laundering: A financial crime that involves concealing the origin of illegally obtained funds to make the funds appear legitimate. Money laundering aims to conceal crimes ranging from minor tax evasion and drug trafficking to public corruption and the funding of terrorist organizations. Anti-Money Laundering is a group of laws, regulations, and procedures aimed at uncovering attempts to disguise illicit funds as legitimate income. We do it to protect our customers and to help maintain the integrity of the financial system.
