Online identity verification is the starting point for AML compliance in a digital world. If the EU’s Fourth Anti-Money Laundering Directive is any indication, governing bodies are becoming more comfortable with, and some would suggest even encouraging of, the use of digital customer identity verification. AML and KYC go hand in hand when it comes to the role of online identity verification.
Entities are constantly working towards identifying and preventing customers who are perpetrators of financial crimes. To prevent such customers from entering the financial system, a robust customer due diligence (In line with the Regulations) is an important step. KYC Policies mandated by the Regulators are important in preventing identity theft, fraud, money laundering, terrorist financing and proliferation financing. Entities are looking for ways to improve their operations and reduce such risks.
To address such needs, our electronic KYC Solution provides cost effective measures to identify and prevent financial crimes, allowing entities to meet the regulatory requirements and improve overall customer relationship and experience.
Our solution will be based on Comprehensive Risk Scoring Model, Continuous On-going review (Periodic Review, Alert/Event-based Triggers, Change in Information, Change in Risk Scores/Rule Values), Identifying the Beneficial Owners, Simplified Due Diligence, Customer Due Diligence and Enhanced Due Diligence Process and much more.
