KYC, or “Know Your Customer,” is a set of legally mandated requirements meant to prevent and protect financial institutions from the risks of money laundering and fraud. These regulations have been set in place by our banking partners and federal regulations to protect not only Tipalti but also our business partners and customers.
Why? Making Payments in Tipalti
Tipalti is a regulated registered money transmitter and a financial institution. As such, we are required to be compliant with our banking partners and federal regulations. Payments in Tipalti are not possible until KYC has been completed and approved. KYC is a critical gate in the implementation process, and our team is here to support customers in this time-sensitive activity.
At Tipalti, the Compliance team plays a critical role in preventing and protecting financial institutions from money laundering and fraud risks. As part of our due diligence process, all Tipalti customers must complete KYC.
Essentially, the purpose of the Compliance team is to maintain a secure and compliant financial environment. Bear in mind that the controls we have in place are not only for Tipalti and your protection but also a regulatory requirement of Tipalti as an MSB (Money Service Business).
KYC Roadmap
KYC requirements vary by region. Click the tiles below for a list of FAQs relevant to your company’s geographic region.
Secure and Private
Tipalti has 5,000+ customers and understands that the information collected from customers is sensitive and private. The Tipalti KYC Team is trained in compliance requirements and is ready to support the customer throughout the KYC process. The team works directly with each customer to ensure this sensitive information is kept private and confidential. All information is stored in a secure folder and never shared with third parties.
Why Might KYC Not Be Approved?
KYC may be denied if Compliance is unable to complete the due diligence process or if the
information provided falls against the regulations set by our banking partners or federal guidelines.
If you have any questions, contact the KYC team at complianceonboarding@tipalti.com.
KYC Overview Video
Watch this three-minute video to prevent delays with your implementation go-live date and become familiar with the Know Your Customer (KYC) process, a set of legally mandated checks to prevent and protect financial institutions from money laundering and other financial crimes.