Meaning of KYC
You may not be familiar with the term “know your customer” but in the business realm especially in banking, finance, and insurance, the term is used often for a safer business operation. KYC is a process to Know Your Customer or Know Your Client before starting a business with the users. KYC process allows the business to check customers’ identities as who they claim to be.
Why It Is Important
With the advent of digitalization and the usage of the internet, anonymity has become a factor in which businesses need to take care of. The Internet has so many advantages enabling borderless interactions, however, the unique trait of the internet – anonymity – has also brought threatening factors. Money laundering, identity theft, fraud, tax evasion, financing terrorism, and other illegal actions are referred to as rising risks in the global environment. This is why governments are applying compliances for a clean and safer financial environment by checking identities.
Inter-governmental body called FATF (Financial Action Task Force) sets international standards to prevent the growing problem of money laundering and related illegal actions. This is where checking customers’ identity plays a key role. Therefore governments are putting compliances on banking, financial services, and the insurance industry.
To comply with stringent compliances, businesses need to adopt KYC processes to check customers’ identities with reliable resources and data. KYC regulations are widely used on businesses of all sizes not limited to banking, financial services, and insurance but also spreading to the non-financial industries such as education, retail, eCommerce, and shared economy.
Businesses can let customers on board who have been legally and legitimately approved. Feel safe with customers who are genuinely identified through the identity verification process.
How KYC Is Done
KYC verification is operated with AI technologies. Since computers can make human-like decisions, AI can be automated which enables speed and accuracy in the process. Businesses of all sizes whether in the finance or e-commerce industry can easily onboard and verify anyone, anytime, and anywhere. As long as clients have ID and internet connection, there is no limit on the verification process.
Conclusion
Let your business focus on the prime work while checking customers’ identities can be covered by Argos KYC. Argos provides a KYC solution to help you identity Anyone Anywhere Anytime. We provide a simple and seamless onboarding experience for identity verification using AI technologies. Build your identity management system around your business and offer your users a smooth and hassle-free KYC experience.
Argos KYC solution provides ID document checks covering over 4,000 ID documents from more than 190 countries. To be specific, Argos KYC can verify over 1,400 ID types. The documents are automatically extracted with OCR technology. So if you are working with global users, Argos got your potential customers covered wherever in the world.
Secure your business while having customers who have done identity verification process and AML(Anti-Money Laundering) screening checks. Argos KYC can detect faces with AI-powered face recognition and comparison. Plus, there is a liveness check in which AI can identify if the face is taken in real-time. Supported with AI and 24-hour help service, we guarantee accuracy in results and precision in time.
Please contact us if you would like to access more information regarding the KYC solution and how it can protect your business.