When onboarding new customers, the process can often be tedious and repetitive. For businesses that are regularly onboarding new customers, it is crucial to reduce abandonment and instil trust by providing a smooth, frictionless onboarding experience to KYC (Know Your … Read More
KYC
What is KYC in crypto and why is it important?
KYC, or Know Your Customer, is a process that involves verifying the identity of customers or users before providing them with access to certain financial services or products, such as opening a bank account or using cryptocurrency platforms. KYC processes … Read More
The far-reaching repercussions of non-compliance with AML and KYB regulations
Failure to comply with AML and KYC regulations can have severe consequences. In this article, we explore the repercussions of non-compliance. … Read More
How to verify Ultimate Beneficial Owners (UBOs)
UBO stands for Ultimate Beneficial Owner. It refers to the person (or persons) who ultimately owns or controls a company or legal entity. The UBO is the individual who enjoys the benefits of ownership, such as receiving profits or exercising … Read More
Facial recognition software explained
Facial recognition software is used to verify a person’s identity based on their facial features – but what exactly is it? … Read More
What is KYC due diligence?
Know Your Customer (KYC) is the essential requirement for regulated businesses and financial institutions to verify a customer’s identity when onboarding or opening an account for example. Customer Due Diligence (CDD) entails conducting background checks along with identifying a business’ … Read More
The impact of remote KYC onboarding on customer experience
Remote KYC onboarding is the process of gathering information required as part of a KYC check remotely via digital platforms and online channels. … Read More
The importance of KYC checks in an evolving regulatory landscape
In this blog post, we’ll explore some of the recent regulatory developments that have impacted KYC checks and AML compliance, and share tips for staying up-to-date and adapting your KYC program accordingly. … Read More
The benefits of automated ID document verification for KYC compliance
ID verification is an essential part of the KYC (Know Your Customer) requirements. When overlooked, organisations can face increased exposure to risk, lower productivity, and slower time to revenue. Automated onboarding has continued to gain popularity over the past few … Read More
KYC delays slowing customer onboarding; new research find 1 in 5 checks take more than 24 hours
A recent survey undertaken by NorthRow, the leading Know Your Customer/Business (KYC/B) and Identity & Verification (ID&V) platform, has revealed that one in five Know Your Customer onboarding checks takes over 24 hours to complete. The survey invited compliance professionals … Read More