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.
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.