Digital KYC Process Providing a Backbone for Identity Verification

As already mentioned, money laundering is used for terrorist funding and KYC and AML Solutions  are used in Combating Financing of Terrorists (CFT). It identifies fraudsters and criminals. 

To verify the identities of businesses they trade within the B2B model:

After KYC, KYB regulations are also important to follow. It is mandatory to know the businesses you are about to deal with. Document verification ensures it is not a shell company. So KYB ensures that the business is authentic to deal with. 

From the KYC manual to eKYC

Due to the rapid pace of regulatory change the challenges related to KYC are increasing. The regulatory authorities have introduced stringent requirements for customer due diligence. Performing identity verification of customers is really very important and can be done by using technologies like facial recognition technology and other biometrics. 

The pandemic has affected businesses in many ways. Even the prevailing situation does not change the regulatory requirements for any business. 

• By deploying eKYC, businesses can verify their customers online without any hassle. 

• By digital document verification using OCR technology and KYC video practices, customer identity verification can be ensured in real-time. 

Businesses can continue with their operations seamlessly by verifying the customer information through the uploaded document or through the video call in which a KYC expert of a business connects the customer on a video call and conducts the process of customer verification. So the digital KYC process is the way to go for identity verification of customers.