Leading KYC & AML compliance solution
What is KYC Compliance and who needs it
KYC goal is to prevent fraud, comply with international regulation, onboard only credible users. Thorough KYC policies create a reputation as a secure and trustworthy Company.
KYC Regulations are international anti-money laundering regulations as well as local standards in each country.
- The most important are Anti Money Laundering Directives from the European Banking Authority.
- Payment Service Directive 2 - regulatory directive of European Commission. General Data
- Protection Regulation- regulation in EU law on data protection and privacy for all individual citizens of the European Union and the European Economic Area. AMLD 4 demands increased transparency regarding beneficial ownership in business relations. AMLD 5 refers to the electronic identification means and relevant trust services as set out in the eIDAS Regulation.
- In the US, it’s the Patriot Act of 2001 that was spread to the Bank Secrecy Act.
What is KYC Compliance and who needs it
KYC Compliance is mandatory for different types of structures in order to minimize the risks of financial and other types of fraud. “Know Your Customer” system is a verification of the identity of a person who wants to conduct a certain transaction. It is most often used in the financial sector. For example, banks implement this system to check the identity of a customer and to facilitate account opening or financial transactions.
KYC Compliance performs several important functions at once:
Increase of the firm's potential clients loyalty: the use of identity verification means that you concerned about data protection
Confirmation that your company prevents possible attempts to launder money or finance illegal groups, as the identification system requires everyone to prove their identity
Verification is processed online before the person can perform specific actions, which means that it will be harder for fraudster to get into your account
KYC verification cannot be neglected, because compliance with it ensures the reputation of your company. The trust of partners and clients is the main priority of this service.
Real-time document verification. We confirm document's originality and validity. We verify user's personal details.Learn more
Identity verification via facial recognition. We confirm that client's selfie matches photo on its ID.Learn more
Proof of Funds check
According to the requirements of the Law on Money Laundering and Terrorist Financing Prevention, we check the origins of the fund and supporting documents.Learn more
Corporate Documents review, check vs available companies registers, authorised person and UBO identity check, sanction list check.Learn more
We validate residence using official document such as utility bill or bank statements, comparing one with the address provided by the client.Learn more
Identity verification through video recording. During video recording clients proofs its identity and answers custom questions.Learn more
Payment method check
We validatate financial document, credit card or transaction to make sure it was done by verified client.Learn more
Identity database screening
Check the PEP, Sanction, and watchlist status of the individual to avoid working with high-risk people or institutions. Ensure your business stays AML&KYC compliant.Learn more
Ongoing kyc monitoring
We offer regular checks of the existing client's applicants. When the new match appears compliance manager carries out an additional manual check.Learn more
KYC identity verification:
a solution for business
The scope of KYC application is not limited to financial institutions or cryptocurrency exchanges. The identity verification can be performed by various institutions, such as:
- banks, insurance companies, brokers
- cryptocurrency exchanges
- shared economy companies (rentals, car sharing)
- law firms
This procedure is also carried out by other organizations whose business is directly related to people. This system was particularly in demand during the quarantine period. Without being able to attend a bank account opening in person, an alternative solution had to be found. Online verification was the fastest and most reliable way to do this.
KYC includes a set of legal regulations intended to prevent fraud and money laundering. “Know Your Customer” system is primarily aimed to verify the legitimacy of your customers’ activities and establish a reputation of a trustworthy company.
KYCAID will take your automated verification to the next level since we offer advanced software solutions leveraging AI algorithms. We provide a range of verification services that include checking the clients’ applications, corporate documents, clients’ addresses, payment methods, conducting face and document verification, providing the proof of funds check, and more.
The KYC verification procedure carried out by our solutions is fast, reliable, and relevant to any business that directly deals with people.
Know your client Process is an integral part of an anti-money laundering (AML) program. AML and KYC requirements depend on the institution where they apply. Most commonly, basic information such as first name, last name, middle name, residential address, and a solvency check is required for the identification process. Banks and stock exchanges may ask for more information to determine how much money you will be dealing with. The maximum number of financial transactions per day, for example, depends on this.AML & KYC complience
Online service makes it possible to attract customers from all over the world. After all, now they don't need to visit the office, all functions are available in real-time. Furthermore, you don't have to work manually with a large amount of information, because our services are fully automated. The verification is carried out through several databases at once, which reduces the total amount of time necessary. If there is the slightest risk from the cooperation with a specific person, the system will notify you about it.
At the same time, KYC is an obligation by law. By complying with it, the company is out of risk: any potential fraudulent transaction will not be able to be conducted on your platform.
Such a solution is the fastest and the most accurate. It allows to check the reliability of the person, whether he or she has been prosecuted, and which are the possible risks of cooperation. The illegal activities of clients can adversely affect the company they are working for.