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What is KYC for Crypto? KYC Compliance for Crypto Exchanges

What is the KYC Process?

The Know Your Customer (KYC) process is a set of identification processes and requirements that financial institutions employ while onboarding clients. These client onboarding procedures protect the financial institutes against fraud, corruption, money laundering, and terrorist financing. It essentially helps these institutes access their customers’ identities, allowing them to find the source of their funds and anticipate any risks associated with their financial activities.

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Digital Onboarding for Financial Services: Definition & Benefits

It was not so long ago that a banking manager would sit across from a new customer at a brick-and-mortar branch and ask the customer to hand over a physical photo ID and a pay stub and have to fill out reams after reams of paperwork. While a small percentage of banking customers today still prefer to go to a physical branch to do banking business, today's customer onboarding process can be completed without ever leaving the comfort of your home. Through modern technologies, such as artificial intelligence and connected databases, your customer onboarding process can be executed faster and at scale while providing greater convenience for your customers. 

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Identity Proofing: What It Is and How It Works

Identity proofing provides an effective way to verify that your online customers are who they claim to be. Knowing how to conduct ID proofing can protect you and your clients from fraud, providing a better experience for your customers and building a better reputation for your brand.

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Identity Authentication vs. Verification: Three Key Differences

What Is Identity Authentication vs. Verification?

Authentication vs. verification: they sound similar, but they’re two distinct and equally essential components of the online security process. User identity verification confirms that new customers are who they say they are, while authentication checks whether the legitimate account holder is accessing a customer account. While these two procedures are essential parts of customer identity checking procedures, they have some key differences. They involve different user data, they are performed at varying times during the customer lifecycle, and they take different amounts of time. But they also share some important similarities. Both procedures are critical for fraud protection, cybersecurity, and regulatory compliance. Both can be combined with biometric technology for enhanced effectiveness.

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KYC Solutions - Part 7

KYC solutions use technology to automate the process of performing KYC procedures. They save both financial institutions and customers time doing KYC checks, while making it easier to meet regulatory requirements and reducing the risk of fraud. Let’s take a look at what KYC solutions are, why you need one, what parts of the KYC process they cover and what sets apart today’s best KYC solution.

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