KYC is essential not only to Financial Services, but to many other industries too. Check out how the process can be enhanced using several extremely reliable Face Recognition and biometric Identity Verification approaches.
Protecting financial institutions and their clients against exorbitant amounts of ever more sophisticated fraud needs to start as early as during customer onboarding. Know Your Customer (KYC) is a comprehensive process, designed specifically to ensure this, as well as help combat money laundering, terrorist financing, and corruption. In fact, banks, various lenders and financial services companies are not the only three types of companies that use KYC. Other businesses that deal with somebody else’s funds, like credit unions, payment Fintechs, brokerage firms, cryptocurrency exchanges and asset managers employ industry-specific variations of this process too. For financial institutions, implementing KYC is mandatory in accordance with the various Anti-Money Laundering laws.
So… How does KYC work?
Read the full article here: https://spd.group/fintech-development/implementing-kyc-standards-in-financial-services-and-banking/