Tech

While following the KYC compliance regulations, companies are mandated to execute Customer Identification Procedures in order to verify the identity of their customers. This process is conducted to determine whether the user is being truthful about their identity, documents, and the business they are involved in. In many cases, individuals consider both terms: KYC and …

How is the Customer Identification Procedure in KYC Conducted? Read More »

In Today’s financial world, hiding illicit funds has become a complex web of entangled illegal activities. Money Launderers, Drug Lords, and other criminals have explored much darker ways to cover up their tracks. Now, it is far more difficult to identify Money Laundering and the KYC and AML system requires upgradation. Also, a useful approach …

Ultimate Beneficial Owners in KYC: All You Need To Know Read More »

You might have heard about frequent bank and financial frauds that may be conducted due to user identity theft, duplicate PAN, or any other reason. However, numerous financial organisations, especially mutual fund institutions, often encounter frauds such as counterfeit ID cards, multiple account numbers, and other identity frauds. This is why they need to implement …

In-Person Verification KYC: 5 Steps to the Ultimate Security Read More »

Commonly, three problems persist in the Video KYC verification procedure. These are: The wrong Country or Geo-location selected Different Document for ID is uploaded Unmatched details are filled in where real ID Documents have different data. Digitization of the KYC (Know Your Customer) has its own benefits and drawbacks. Recently, banks in established countries are …

Video KYC: A Game Changer in Remote Identity Verification Read More »

With the extensive use of technology and the internet, many companies are mandated to fulfil particular standards in order to fight against cyber fraud and other financial crimes, such as money laundering, corruption, and terrorist financing. Therefore, complying with KYC document verification requirements helps financial institutions to recognise and verify their customers before onboarding them. …

KYC Document Verification Process: 3 Effortless Steps to Streamline Customer Onboarding Read More »

Historically, KYC Elements originated almost 53 years ago. In 1970, the U.S. passed its first Bank Secrecy Act (BSA) against Money Laundering. Notably, on September 11, 2001 (9/11 terrorist attacks), further, additions were made to this act. Also, in 2008, the Act was edited due to the global financial crisis where Money Laundering topped the …

Unriddling KYC Elements: Explanatory Guide to 4 Pillars of KYC Read More »

Since technology is being integrated into many business sectors, it has provided many companies with endless opportunities for economic and financial growth. However, where these technologies are found to be extremely beneficial, on the other hand, there has become a drastic increase in complexities and risks of operating businesses all over the world. Numerous institutions …

3 Basic Components of KYC Regulations to Reduce Financial Crimes Read More »

Ensuring safer compliance with Anti-Money Laundering regulations has been a challenge ever since. For this purpose, a secure and efficient Customer Onboarding Process is necessary to enhance customer experience. When a new customer wishes to sign up for an account, it is an essential requirement for him to submit basic information. This information is necessary …

Smart KYC Onboarding Process: A Process for Efficient Customer Onboarding Read More »