Confirming the identity of your clients helps to protect your business from fraudulent activity and allows you to comply with Know Your Customer (KYC) regulation.
Our ID and identity verification software has been developed using next-generation facial recognition technology, enabling you to perform ID checks in real-time and confirm that the ID matches the actual person.
KYC means ‘Know Your Customer’, and it describes the regulatory process which financial institution and regulated companies undergo to verify the identity of their customer, either before or throughout doing business with them.
Going beyond the collection and analysis of basic personal identification, ‘Know Your Customer’ is part of a business’ due diligence process and involves obtaining customer information which helps verify that they are not on any of the lists of individuals known for corruption, money laundering or crime.
The main aim of KYC checks is to ensure that all parts of the business, from customers and agents to distributors and consultants, are compliant with Anti Money Laundering regulations and Anti-Bribery laws.
In addition to protecting you from falling victim to fraud, it also minimises the potential risk to your company’s reputation posed by working with customers guilty of unlawful money handling.
The verification process has gained popularity among some businesses which handle money in some shape or form, including banking institutions, insurance agencies, and credit companies.
Other businesses who acquire detailed information from their customers to prevent fraud can also use KYC checks to ensure they are not unknowingly enabling bribery, corruption or money laundering.
Expanding beyond the protection of individual institutions against fraud, ‘Know Your Customer’ policies have become increasingly important on a global scale, evolving into an international finance tool in to prevent large-scale money laundering and terrorist financing.
To carry out KYC checks, you will need to request documents which confirm your customers’ legal name, any name changes, and correct permanent address, as well as proof of identity and proof of address.
KYC checks are often a complex, time-consuming and expensive part of your business’ due diligence process.
Here at Credas, we aim to make the process quick, easy and secure by offering electronic identity verification software which performs real-time ID checks using two-way user facial recognition technology.
Comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, while also saving yourself and your customers time and effort.
The checks also allow businesses to monitor their clients’ behaviour for suspicious or out of place activity.