How to kyc verification
What is KYC? - Learn about KYC components and KYC compliance solution
Timecodes:
imagine having a customer wearing a
black mask and with a mysterious outlook
would you be cool about it of course not
you'll be worried and suspicious some of
you might deny serving them or report
them to authorities people can hide
their identity by numerous other methods
that seamlessly get them into a business
ecosystem that's why KYC regulations are
implemented on businesses of all types
and sizes but what is KY see in this
video will tell you about kyc and how
you can perform kyc on your customers
through an online kyc screening solution
KY see or know your customer is a set of
wide range of regulations that requires
businesses to practice due diligence on
their customers the businesses verify
the identity of their customers to
assess their credibility and risk
related to them the reporting entities
of KY see regulations our businesses of
all sizes and types these regulations
are implemented globally on businesses
several domestic and international
watchdogs are in continuous scrutiny of
reporting entities to ensure that they
perform in-depth identity screening on
their customers and on board only
legitimate customers now that we know
what is KY see let's see why it is
crucial for businesses to practice kyc
compliance the world has evolved into a
global village a business in the far
east end of the world is selling goods
and services to a customer in the far
west corner of the world thanks to the
internet and e-commerce due to this
anonymity in the global markets the risk
of fraud and financial crime is high
that's why businesses are required to
verify the identity of their customers
to ensure that the customer is actually
who he claims to be but it doesn't mean
that kyc regulations are imposed only on
ecommerce businesses because people with
fake identities are everywhere people
use fake or stolen ID cards to enjoy the
perks entitled to the original owner of
the ID card also credit card fraud is
another major risk posing towards global
business entities other than that money
laundering and
terrorist financing are bringing havoc
in the world's economy businesses are
used for seamless movement of money from
one place to the other commonly used
businesses for money laundering our
banks insurance companies virtual assets
dealers gaming and gambling websites
payment solutions etc so these
businesses run kyc verification on their
customers to meet kyc compliance
obligations fraud prevention customer
onboarding and risk management now that
we know y kyc is important let's see
what are the components of kyc it has
several layers from basic kyc to enhance
due diligence basic kyc includes minimum
identity verification of the customer
including ID card verification name and
address verification it's implemented on
all customers and it helps businesses in
assigning risk ratings to the customers
often it is called customer due
diligence or CDD in case a customer is
the high-risk entity the business will
perform enhanced due diligence also
called EDD on that customer it includes
verification of the financial background
of customers through AML screening and
keeping an eye on the customer for
unusual transactions now let's see how
shufti Pro helps global businesses
perform kyc screening on their customers
shufti Pro performs kyc screening on
people through identity document
verification face verification address
verification and two-factor
authentication power system is designed
to verify individuals in real time using
artificial intelligence shufti pros kyc
screening solution can verify any of the
7 billion people living in the world the
identity documents in more than 150
languages can be verified until now we
have successfully verified people in
more than 230 countries and territories
let's see how shufti pro's kyc
verification solution works the end user
shows the identity document to the
camera in real time along with his face
OCR based solution detect and fetch
information from the ID card
and match it with the information
provided by the merchants next real-time
facial image is matched with the face on
the ID card through liveness detection
and 3d depth perception technology now
the results of the verification are
shown to the end-user and updated in the
back-office provided to the merchant not
only that there are several other
benefits of choosing shufti Pro for kyc
screening of your customers it offers
competitive prices
easy API integration flexible pricing
models kyc and AML screening with one
integration posted verification page for
technical support to the customers
global coverage and real-time
verification customized kyc screening
solutions all this is performed in real
time and completed within 30 to 60
seconds learn more about shufti pros kyc
screening solution by calling one of our
representatives for send an email we'll
be happy to provide you free trial to
drive you through the whole verification
process the links are in the description
box below
you
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