Today, in many organisations, know your customer (KYC) is still a manual and time-consuming process.
Things are expected to change over the next few years, as more and more organisations started to implement automatic tools to streamline the KYC process.
A good example of how organisations can utilize technology to enhance their KYC process is outlined below:
1. Client is prompted to take a picture of a government-issued identification on their mobile device and submit it through the internet to the organisation.
• The organisation can then automatically authenticate that identification.
2. Client is prompted to take a selfie on their mobile device and submit it through the internet to the organisation.
• The organisation can then automatically validate that the selfie matches the picture on the government-issued identification initially provided.
• Furthermore, when a client takes a picture from their mobile device, the organisation will also receive the client’s location, device identification number and type of device operating system.
3. Automatic screening against sanctions lists
• The organisation can then screen the data against sanctions lists, PEP lists, law enforcement lists etc.
4. Client connects social media account(s)
• The organisation will then be able to understand clients’ interests, needs and anticipated behaviour during the business relationship.
There is no doubt that the whole world of KYC is changing. From now on KYC will be conducted in a seamless manner and what remains to be seen is how machine learning technology can take KYC to the next level. With this new data incorporated in a machine-learning model fraud can be prevented and reduced.
KYCBench is here.
KYCBench is already using this technology on its online KYC/AML platform, where individuals can be whitelisted and have their KYC performed online and made available for ICOs they wish to participate in.
KYCbench, your reliable KYC partner
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: firstname.lastname@example.org