Name, Rank, Brigade, and Serial Number. That’s the only information military organizations across the globe use to identify their members. Unfortunately, financial institutes can’t use the same simplicity for the identification of customers and businesses. Owing to the increasing number of fraudulent activities, financial firms must follow stringent regulatory laws when onboarding customers or doing business with counterparties.
What is Know Your Customer?
Know Your Customer or KYC is a commonly used term in the banking sector and refers to the process of clients’ identity verification when indulging in business with them. Banks, digital payment service providers, or financial firms are required by banking norms to have customer’s KYC process completed before allowing them complete access to all services.
KYC verification process is deemed necessary to mitigate illegal activities such as money laundering, bribery, or corruption. It assists authorities and businesses to keep track of customer activity and detect fraudsters beforehand. Apart from a legal perspective, performing KYC also helps companies to keep fraudsters out of their systems.
Why is KYC important?
KYC helps bankers to ensure that the application and other identity details provided by the client are real. Owing to instances like money laundering and siphoning money off from bank accounts, verifying the identity of an individual is essential to prevent fraud.
KYC has been in practice for many years now and all customers have to comply with KYC regulations. Without KYC compliance, it is not possible to open a bank account.
However, banks have been practicing manual KYC, which requires a lot of human effort as well as time. Additionally, the risk of human error is always there involved. Error in such processes could lead to a great financial loss to the institute. Banks need to adopt a better approach to KYC verification.
Selfie - KYC for your account
1. Selfie - KYC Documents for your PAYONEER account
2. Selfie - KYC Documents for your PAYPAL account
3. Selfie - KYC Documents for your STRIPE account
4. Selfie - KYC Documents for your SQUARE account
5. Selfie - KYC Documents for your CASHAPP account
6. Selfie - KYC Documents for your CRYTO account
7. Selfie - KYC Documents for your COINBASE account
8. Selfie - KYC Documents for your VOYAGER account
KYC Documents for Individual Identification and Address Verification
For identification and verification of individuals, the acceptable documents include:
*Government-Issued Photo-based
*Identity Card
*Passport
*Passport Card
*Driver’s License
*Debit/Credit Cards
