Robust KYC Solutions for Financial Institutions
Know your customer (KYC) is in high demand in the financial industry. These institutes are required by regulatory organizations to conduct KYC procedures across the world before onboarding customers to prevent fraud, money laundering activities and financing of terrorism. KYC helps financial institutions to be compliant and enhance their credibility in the eyes of customers.
KYC and AML for financial services include risk assessments, due diligence and transaction analysis to avoid fraud. There are different levels of Anti-Money Laundering (AML) and anti-fraud measures:
- CIP – Client Identification Programs: the basic level of AML that authenticates and verifies client’s identities by the financial institution before onboarding the customer. Simple information to be collected includes: name, phone number, identity documents, proof of address etc.
- CDD – Customer Due Diligence: financial institutions are held accountable for whether their customers are compliant with AML standards and need to conduct risk assessments of customers with the provided information. Financial institutions are also required to monitor accounts, detect and report potential financial crimes, on a continuous basis.
- EDD – Enhanced Due Diligence: additional level of due diligence for high-risk customers includes ongoing AML monitoring of and countries’ and individuals’ sanctions and Politically Exposed Person (PEP) lists, as well as screening of Adverse Media. The due diligence process should be guided by information provided by AML regulators in the company’s jurisdiction.
KYC law is an increasingly complex issue for the financial industry. Financial institutions have to adhere to both international and local anti-money laundering regulations.
Blockpass provides financial institutions with an ideal solution for fast and secure KYC and AML compliance, and the ability to flexibly, quickly and easily manage identities. For individuals, Blockpass is a gateway to financial services and other regulated offerings, allowing one click, reusable KYC submission. Once users create their identity profile the first time and get their identity document rapidly authenticated and KYC and AML checks done, they can instantly onboard to any business or service associated with Blockpass.
BLOCKPASS
A Complete Solution Portfolio
Blockpass offers a multi-product portfolio that allows merchants to choose the scale of solution that applies to each business and jurisdiction. Whether a business wants only Face Match certification, or if they also require KYC, AML or enhanced SLAs, Blockpass is able to offer a full range of identity verification solutions.
