KYC

What is KYC? Know Customer Compliance Guide for Banks

General

KYC guidelines for banks are something that secures not only the business interests of the banking organizations but even helps regulators to collect verified information about the financial assets of customers of the banks. But this is not all that KYC for banks has to offer. ID verification, when used in a banking organization, can ensure that not a single penny is lost to ID fraud or any other form of identity theft. Credit card verification service, when used by a banking organization at selected POS, can ensure that stolen credit cards never be used for any unauthorized purchasing.

 

Advantages of KYC

Unfortunately, the benefits of using a third party KYC service provider are mostly overlooked due to the concerns raised by banking executives about the verification prices. But, this has to be understood that identity verification services help save at least 10 times more than the amount that is paid for a typical KYC for banks solution. A properly developed know your customer checklist based upon regulatory guidelines can be your best investment as it can help you verify:

  • Full Legal Name
  • Address of the customer
  • Date of Birth
  • Phone Number
  • Document Number

Shufti Pro ID verification service is the smartest solution to deploy KYC for banks in order to authenticate all the above stated personal credentials of an end-user. But performing verification for know your customer checklist is not all, because there is something also important as well, that is:

 

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Safety of Collected Data

As you can imagine the confidential nature of the information that has to be collected by banks for identity verification, it is important that all that data is secured in a database that is virtually impossible to break into. This is a regulatory responsibility for the banks and this can only be ensured by either having a very secure network or letting the pros take control. Every highly sophisticated KYC service provider understands the crucial nature of collected personal information and thus has made sure of the fact that the information collected is secured in a hard-to-breach database.

 

KYC Verification Under GDPR

The biggest shockwave in regulatory compliance was introduced by the introduction of GDPR that asks data processing companies to make sure that they not only collect information of the end-users with their consent but they also have to delete the collected information, if the end-user requests so. Banks also agree to use verification data for the only purpose of authentication under GDPR otherwise they will be liable to pay huge penalty fines.

Shufti Pro ID verification service has to be the most ideal option to fully comply with KYC guidelines for banks. It not only has developed a KYC for banks solution that is fully compatible with GDPR and even offers more such as:

Real-Time verification results

Available in 225+ countries

Language Support for 150+ languages

AML Checks for 1000+ watchlists

Document Support for ID Cards, Driving Licenses & Passports

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