Customer Identification and Verification
KYC solution is designed to help financial institutions efficiently manage and comply with regulatory requirements related to customer identification and verification. This solution plays a crucial role in preventing financial crimes such as money laundering, fraud, and terrorist financing.
Identify Suspicious Transactions
All necessary customer information is stored, updated and managed in the electronic KYC profile. It includes information on the business relationship and beneficial owner.
Only those institutions that have thorough, relevant, and up-to-date information about their customers will be in a position to legitimately identify whether or not a customer relationship or transaction is suspicious.
Determining Customer’s risk level
Risk assessments will be carried out on the collected information about the customer.
Once the risk level is identified, it guides BFSIs to implement due diligence measures and ongoing monitoring to prevent financial crimes.