We have been really pleased with the performance of our automated Know Your Customer (KYC) solution in it’s first 12 months of operation.
This service is an automated, digital process to verify the identity & residential address of buyers of horses, shares in horses or stallion services.
The solution also screens buyers against various watch lists and wanted lists to confirm they are not a high risk individual in relation to serious criminal activity, financial fraud or money laundering.
This due diligence on new customers:
✅ protects the integrity of each seller’s business and aids the debt recovery process if required;
✅ boosts the professionalism and perception of our industry by combatting fraud and money laundering at the time of a sales transaction; and
✅ eliminates some tedious paperwork and simplifies the buying process for buyers.
Buyers of racehorse shares being offered by our clients are generally accepting of the process to verify their identity and address. They feel confident that we are dedicated to safeguarding their identity and that each other co-owner in the horse they are buying into has gone through the same verification.
The statistics from the last 12 months show that:
- 8️⃣1️⃣ % of buyers have been fully verified online via a secure form, usually within a minute or two;
- 1️⃣6️⃣ % of buyers have been verified, with only their residential addresses remaining unverified;
- Only 2️⃣ % of buyers have not commenced their verification; and
- Only 1️⃣ % of buyers have not completed their verification or their details cannot be verified.
We are currently improving processes with our clients to better support unverified buyers. Whilst we are proud of the simplicity of our solution and the minimal effort required for buyers to verify themselves, we want to ensure no sale opportunity get’s left on the table.
If you would like to learn more about our automated KYC service, continue reading via the links below.
6 reasons to verify the identity of your new customers
