4 Know Your Customer Requirements that you must Never Forget

4 Know Your Customer Requirements that you must Never Forget

4 Know Your Customer Requirements that you must Never Forget

KYC process steps are the most trusted companion of a banking organization in the modern age where digital scams and online frauds are causing serious headaches for the online marketplace. Several KYC for banks solutions are offered by identity verification services but a lot of these KYC service provider are not totally aware of KYC requirements for banks. But Shufti Pro ID verification that is part of its state of the art KYC for Banks is a guaranteed way to counter online frauds, identity theft, and credit card scams. This all has been made possible by an innate understanding of KYC requirements for banks, some of which are listed below

Country Wise Compliance

Every country has a set rule of KYC requirements for corporates, including banks. Within these compliance guidelines, it has been decided what kind of IDs will be allowed for identity verification, what format of ID verification has to be followed during KYC process flow and many other details. Now, because of the complicated nature of compliance requirements for KYC, it has been very hard for KYC service providers to offer their services in multiple territories. But Shufti Pro ID Verification services are available in more than 225 countries.

Wide Document Support

KYC for banks solutions need to have a large document support in order to provide ease of verification to their customers. Shufti Pro is one such KYC service provider that can perform KYC check with not only ID cards but also with the help of driving licenses as well as passports. Shufti Pro can also perform ID verification with the help of OCR technology, using which personal information of end-users can be extracted directly from official IDs.

Automated Systems

Now, this KYC requirement for Banks it essential for better user experience as an automated system will help in reducing the overall verification time. Shufti Pro ID verification system is backed by Artificial Intelligence, which means that real-time verification results are provided to Shufti Pro customers and their end-users.  It takes hardly 30-60 seconds to collect information from end-users and rest is taken care by AI of Shufti Pro, supported by features such machine learning algorithm and liveness detection.

Proof of Verification

Compliance regulations that determine why KYC is important for banks also require that necessary proof is also collected by a particular KYC service provider regarding each KYC check performed for a potential customer. Shufti Pro ID verification service is fully equipped to tackle this KYC for banks requirement. Every verification performed by Shufti Pro, either verified or declined, is stored in Shufti Pro Back Office providing full access to Shufti Pro customers to analyze why customers request for verification was declined.

Shufti Pro has designed its KYC for banks services with an added feature of AML compliance allowing banks to check financial risk attached to a person, in addition to verifying their true identity with the help of an officially issued identity document.

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