What is KYC?

What is KYC?

What is KYC? For anyone who is not familiar with this acronym – Know your customer regulation. How well do you know your customers and are you sure that they are not linked with any criminal or fraudulent activity?

KYC refers to a process verifying the identity of your customers, be it beforehand doing business with them or during.

What is KYC for?

Know your customer regulation has been introduced to manage and tackle several very important threats in modern society, such as money laundering, corruption, terrorist funding or other illegal activities. Yeah, we know…all of these sounds pretty serious.

Know your customer compliance is a rather simple process while done in “real life”. All you have to do is verify if that person is real and has a legally valid document. People have done it everywhere, when they went to the bank and opened an account or done any financial operations, interacting with government authorities, even when checking into a hotel or renting a flat.

KYC compliance is widely applied around the globe. And while it was technical it was also rather simple when you have a person present. Simply checking if a person match with his ID was enough.  But what happens when you never “see” your customers? When businesses moved into a digital environment, KYC compliance became a bit more difficult and the rise of the eKYC concept became more and more present.

So what is eKYC (Electronic Know Your Customer)?

eKYC is a diligence process where you ensure that your business stays compliant with the legal framework and regulations on anti-money laundering in the digital environment. To do that you will need a trusted identity verification provider like us.

How we can help with KYC requirements?

Employing AI-powered technical solutions alongside computer vision technology we help businesses to stay fully compliant with KYC regulations. Not only that, we made sure this process is user-friendly, quick to integrate and reliable. In other words, we got your back. Ready to get started? Start complying with KYC requirements today.

💡Key facts

  • 2017 alone there were 16.7 million victims of identity fraud, a record high that followed a previous record the year before, according to 2018 Identity Fraud: Fraud Enters a New Era of Complexity from Javelin Strategy & Research.
  • Fraud is on the rise. Complex identity fraud schemes have been on rise, making it more difficult to manage and prevent. 2017 alone accounted for $16,8 bln. loss due to fraudulently identity cases.
  • Online fraud risk has reached unprecedented volumes causing real challenges for digital growth.