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What is KYC? - Learn about KYC components and KYC compliance solution - YouTube
Channel: Shufti Pro
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imagine having a customer wearing a
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black mask and with a mysterious outlook
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would you be cool about it of course not
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you'll be worried and suspicious some of
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you might deny serving them or report
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them to authorities people can hide
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their identity by numerous other methods
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that seamlessly get them into a business
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ecosystem that's why KYC regulations are
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implemented on businesses of all types
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and sizes but what is KY see in this
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video will tell you about kyc and how
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you can perform kyc on your customers
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through an online kyc screening solution
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KY see or know your customer is a set of
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wide range of regulations that requires
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businesses to practice due diligence on
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their customers the businesses verify
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the identity of their customers to
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assess their credibility and risk
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related to them the reporting entities
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of KY see regulations our businesses of
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all sizes and types these regulations
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are implemented globally on businesses
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several domestic and international
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watchdogs are in continuous scrutiny of
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reporting entities to ensure that they
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perform in-depth identity screening on
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their customers and on board only
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legitimate customers now that we know
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what is KY see let's see why it is
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crucial for businesses to practice kyc
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compliance the world has evolved into a
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global village a business in the far
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east end of the world is selling goods
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and services to a customer in the far
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west corner of the world thanks to the
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internet and e-commerce due to this
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anonymity in the global markets the risk
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of fraud and financial crime is high
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that's why businesses are required to
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verify the identity of their customers
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to ensure that the customer is actually
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who he claims to be but it doesn't mean
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that kyc regulations are imposed only on
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ecommerce businesses because people with
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fake identities are everywhere people
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use fake or stolen ID cards to enjoy the
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perks entitled to the original owner of
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the ID card also credit card fraud is
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another major risk posing towards global
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business entities other than that money
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laundering and
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terrorist financing are bringing havoc
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in the world's economy businesses are
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used for seamless movement of money from
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one place to the other commonly used
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businesses for money laundering our
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banks insurance companies virtual assets
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dealers gaming and gambling websites
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payment solutions etc so these
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businesses run kyc verification on their
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customers to meet kyc compliance
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obligations fraud prevention customer
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onboarding and risk management now that
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we know y kyc is important let's see
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what are the components of kyc it has
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several layers from basic kyc to enhance
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due diligence basic kyc includes minimum
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identity verification of the customer
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including ID card verification name and
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address verification it's implemented on
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all customers and it helps businesses in
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assigning risk ratings to the customers
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often it is called customer due
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diligence or CDD in case a customer is
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the high-risk entity the business will
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perform enhanced due diligence also
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called EDD on that customer it includes
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verification of the financial background
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of customers through AML screening and
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keeping an eye on the customer for
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unusual transactions now let's see how
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shufti Pro helps global businesses
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perform kyc screening on their customers
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shufti Pro performs kyc screening on
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people through identity document
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verification face verification address
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verification and two-factor
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authentication power system is designed
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to verify individuals in real time using
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artificial intelligence shufti pros kyc
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screening solution can verify any of the
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7 billion people living in the world the
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identity documents in more than 150
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languages can be verified until now we
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have successfully verified people in
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more than 230 countries and territories
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let's see how shufti pro's kyc
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verification solution works the end user
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shows the identity document to the
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camera in real time along with his face
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OCR based solution detect and fetch
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information from the ID card
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and match it with the information
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provided by the merchants next real-time
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facial image is matched with the face on
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the ID card through liveness detection
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and 3d depth perception technology now
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the results of the verification are
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shown to the end-user and updated in the
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back-office provided to the merchant not
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only that there are several other
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benefits of choosing shufti Pro for kyc
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screening of your customers it offers
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competitive prices
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easy API integration flexible pricing
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models kyc and AML screening with one
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integration posted verification page for
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technical support to the customers
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global coverage and real-time
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verification customized kyc screening
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solutions all this is performed in real
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time and completed within 30 to 60
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seconds learn more about shufti pros kyc
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screening solution by calling one of our
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representatives for send an email we'll
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be happy to provide you free trial to
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drive you through the whole verification
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process the links are in the description
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box below
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you
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