Seamless
SoF Verification
Experience the seamless, secure, dependable Source of Funds Verification with KYCAID, leveraging advanced AML tools for instant compliance assurance.
Boost financial transparency and confidence effortlessly
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Identity Verification
Confirming the identity of the individual or entity involved in the transaction through official documents like IDs, passports, or driver's licenses.
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Documentation Review
Examining relevant documentation, such as bank statements to validate the source of the funds, annual income amount, transaction amount and purpose check.
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Compliance Checks
Ensuring compliance with regulatory requirements and industry standards, such as Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) regulations and KYC guidelines.
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Technology Integration
Employing advanced technologies and software solutions, such as AI-driven algorithms and precise manual checks, to enhance the efficiency and accuracy of the verification process.
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Easy Two-Step Verification
1 step
Applicants provide a digital ID copy, using uploaded images or webcam captures, guided by clear on-screen instructions.
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2 step
The applicant specifies the fund origin or the transaction amount, also providing a financial document in the form.
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Result
The verification process is finished! Customers will receive a callback with the verification results.
Streamline verification with KYCAID's platform, saving time for you and your customers, while expertly ensuring source of funds checks for compliance and risk mitigation.
Streamlined KYC & AML Checks:
Safeguarding Against Financial Crime
FAQ
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How does KYCAID conduct a source of funds check?
KYCAID employs a combination of manual verification and advanced technology to meticulously scrutinize provided documents, ensuring accuracy and compliance with regulatory standards.
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How long does a SoF check take?
The timeframe varies depending on the complexity of the transaction and the availability of required documents. However, KYCAID aims to streamline the process to minimize delays within the 15-minute SLA.
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Is a SoF check mandatory for all transactions?
While specific regulations may vary by jurisdiction and industry, conducting a source of funds check is generally recommended for high-value or suspicious transactions to mitigate risks.
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Can KYCAID assist with the SoF checks for international transactions?
Yes, KYCAID offers global coverage and can conduct source of funds checks for transactions involving international parties, ensuring compliance with relevant regulations.