KYC (Know Your Customer) is arguably the most crucial part of validating a customer’s identity while establishing a new financial relationship. Largely dictated by overarching FATF guidelines worldwide, KYC practices may vary by country based on unique identification sources and the maturity of digital infrastructure to automate operationally heavy processes. Nevertheless, the common objectives of KYC are to:
Establish the identity of a customer and confirm that an applicant is indeed who they claim to be
Assess money laundering risks associated with the customer
Evaluate the nature of a customer’s financial dealings to determine their legitimacy
Leading US banks and FinTechs are driving millions in new revenue by leveraging multi-factor authentication and auto-filling onboardingforms securely with Prove Pre-fill™. Book a free demo today to learn more.
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