Tech

Key Factors to Consider when Developing an eKYC Solution

Millions are spent annually on Know Your Customer (KYC) and anti-money laundering (AML) procedures as businesses strive to confirm identities and fight money laundering. The rise of online banking and payments has made due diligence increasingly complex to navigate – so what elements should you consider when building a robust and reliable eKYC solution? To …

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Who is Politically Exposed Persons (PEP)?

Politically exposed persons (PEPs) are individuals who are or have been entrusted with prominent public functions in a government or international organization. This can include heads of state or government, senior politicians, senior government, judicial, or military officials, and senior executives of state-owned corporations. Because of their public positions and potential influence, PEPs may be …

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Digital passports have multiple uses

The digital passport does not have to be limited to financial information. Once authorization is obtained, medical data such as immunization records and other healthcare information may be uploaded by the client and made available to appropriate organizations such as your doctor or consultant. Consider utilizing the digital passport to register for a new doctor; …

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Know All About KYC: Benefits, Documents Required and How to Verify

What is KYC Financial transactions might be complicated by illicit activities such as money laundering and fraud, KYC refers to the process of identifying and confirming documents relevant to a customer’s identity and address before enabling them to use any services. When the KYC verification is finished, the Central KYC Records Registry generates a unique …

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What is Money Laundering? Understanding the Process and Stages

Money laundering is the act of processing illicit money , which is generated by any illegal or criminal activity i.e (drugs trafficking, terrorist funds, embezzlement, corruption, or gambling), into the legitimate business. The money from the criminal activity is considered dirty, and the process “launders” to make it look clean.moreover is a virus in financial …

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