What is KYC?

Know Your Customer (KYC) regimes are for more than just banks and big financial institutions. Every business has customers. So, every business can benefit from a robust KYC system.

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KYC is simple but detailed

Most countries around the world have implemented anti-money laundering legislation that requires companies to conduct Know Your Customer, or KYC, checks on all clients and potential clients. Basically, this means a company must verify that a customer is who they say they are and that the customer is not involved in any suspicious or questionable activity that would preclude them from doing business with the company. And they must do this while complying with relevant data access and privacy laws and regulations. Typically, customers must present documents issued by the government or other legally acceptable authority. These can include passports, national IDs, driver’s licenses, and birth certificates. KYC may also include cross-checks of these documents against photo or physical evidence provided for additional verification. Many of these checks can be completed electronically, offering convenient and quick processing. However, to avoid hacking and fraud, companies must have access to advanced e-KYC tools and technology. TRUSTDOCK delivers these tools and technology with easy-to-use solutions that complete these complex tasks simply and seamlessly.

How does KYC affect your business?

Governmental authorities use KYC checks to help identify money launderers, tax evaders, and other criminal activities. If you do not comply, not only do you run the risk of opening your business up to fraud, you may also be deemed complicit, which may result in hefty fines and possibly further prosecution. Furthermore, this level of due diligence, executed with full data privacy compliance, bolsters a customer’s trust in your company’s operations. By protecting your business, you are protecting their interests.

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TRUSTDOCK is your trusted e-KYC partner

Clients may understand the need for KYC, but they may not appreciate any inconvenience. Thorough KYC should vet out bad actors, not repel reputable customers. With e-KYC options, such as TRUSTDOCK’s offerings, documents can be verified digitally almost immediately. And facial recognition and biometric technology advances can facilitate physical identification from a distance. e-KYC allows companies to process customers more accurately and efficiently, with the added benefit that they can onboard customers remotely. But advanced technology and e-KYC tools alone are no guarantee of success with customers. Poor onboarding experience, particularly during the identity verification stage, is frequently reported as a top reason for customers dropping out. Many e-KYC solutions delivered today are unnatural, confusing, or difficult to complete for customers. This is the first opportunity for companies to impress customers, and the stakes for doing it right are extremely high. TRUSTDOCK’s solutions are not only customizable and easy to use for companies, but they also deliver an exceptionally intuitive customer interface. Comply with KYC requirements while streamlining your operations and expanding your business with the latest customer-centric e-KYC solutions from TRUSTDOCK. Find out how today.

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Features

TRUSTDOCK has a suite of solutions that we tailor to deliver you a customised KYC solution. Components include:
Selfie Video Capture

Customer takes a selfie video that TRUSTDOCK uses for verification.

ID Document Capture

Customer takes a video that captures the front, back, and side of their ID for TRUSTDOCK to verify.

OCR

Optical character recognition "reads" documents for added layer of verification, comparing ID info to that provided by the customer.

Document Randomness Check

Customer must put their ID photo within a random sequence of spaces for real-time image recognition to ensure that the ID capture is occuring live and that it is not a pre-recorded video attempting to cheat the system.

Face Recognition and Matching

Customer's face from their selfie video is analyzed and compared to images from their ID document, IC chip, and/or ID database.

Personal Liveness Check

Customer's selfie video is analyzed using motion and voice detection to confirm that an actual live person was the subject and not a pre-recorded video or deepfake meant to cheat the system.

Government ID Database Verification

Information digitally read from customer ID is compared against national identity databases.

Government IC Chip Authentication

Customer ID's IC chip is read via NFC or physical card reader for comparison against national identity databases.

AML/PEPs/ATF risk check

Thorough cross-checking of customer's identity and potential aliases against various national and international AML, PEP, and ATF lists.

2,509,754 Total Verifications Completed
81 Companies Using TRUSTDOCK

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