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KYC Data Remediation - Part 5

The KYC process involves a significant amount of data collection from sources such as documents, photographs and fingerprints, among others. Often, this data needs to be cleaned up before it can be stored in a format which is suitable for practice use and which meets regulatory recordkeeping requirements. In the process, the large amount of data involved needs to be prioritized so as to focus on high-risk accounts. This process is known as data remediation. Let’s look at what data remediation is in a KYC context and what the process involves.

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KYC Checks - Part 4

KYC checks are procedures used to confirm customer identity. They are implemented during the customer identification program phase of your KYC process. They are used to confirm key customer identifying information such as name, date of birth, identification number and address. Here we’ll look at what some specific KYC checks are and how you can provide them for your business.

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Difference Between KYC and AML - Part 3

Know Your Customer (KYC) and anti-money laundering (AML) are terms often used in the same context or interchangeably. However, while they are closely related and have some overlap, they are distinct concepts. AML is a more general strategy for fighting financial crime which includes KYC as a specific application. Understanding the differences between these terms is important for appreciating how they work together. Here we’ll clarify what AML and KYC are, contrast their differences and consider how they work together within a comprehensive strategy for fighting financial crime.

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KYC Compliance - Part 2

KYC compliance is conformity to regulatory guidelines governing Know Your Customer policies and procedures. Different countries have their own KYC regulations. Here we’ll focus on KYC regulations which apply in the United States. If you’re doing business in another country, you’ll need to follow that country’s KYC guidelines as well.

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KYC Verification - Part 1

KYC verification is the process used to confirm customers’ identity, check customer information, monitor transactions and assess risk. The KYC verification process includes a wide range of procedures for tasks such as verifying identification documents, capturing data, obtaining digital signatures, assessing risk, authenticating account access and preventing fraud.

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KYC – Introduction: What You Need To Know

Know Your Customer guidelines protect financial services providers and their clients from criminal activities such as money laundering and fraud. By using confirmation procedures such as document verification and facial recognition, KYC helps ensure regulatory compliance and reduce the risk of money laundering, fraud and other financial crimes. KYC is relevant to companies in a range of industries, including banking, wealth management and fintech. In this guide, we’ll cover what you need to know about what KYC is, how KYC procedures work and how KYC serves different industries. We’ll also look at KYC solutions and how they can help you know your customer.

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