Identity verification
services have ushered in a new age of digital security that was previously
unheard of. With exceptionally innovative KYC verification services available
at competitive prices, companies have a better chance to rid their businesses from
online frauds and complaints of identity thefts. There is an additional angle
to the whole KYC and AML compliance. That angle is related to the government’s
increased pressure on businesses to integrate KYC and AML compliance solutions
into their business practices.
So we can easily say
that AML & KYC verification is not a necessity for modern age business as
just some fancy tool for the collection of customer data. But it has its
importance when seen with the perspective of data security and compliance based
requirements as well.
Airtight
Customer Onboarding
Whether you operate
a banking organization or an e-commerce
website or even an online gaming platform, the success of your business model
is dependent on the number of customers that sign up to use your services or
products. But bringing onboard customers, without thorough vetting can lead to
financial disaster for companies. For a banking organization, customers might
be performing money laundering by creating multiple accounts with fake
identities. On an e-commerce website, trolls might be signing up to create a
nuisance by placing orders at fake addresses. Even the gaming portals can
invite users that have every intention to abuse the services of that portal.
Offset
financial risk
Only a comprehensive
and quick KYC verification can safeguard a business from customers that pose
any kind of financial risk to that business or company. AML Compliance
solutions can secure the banks and financial institutions from unwanted
monetary fines from financial regulators. In the absence of the KYC
verification system, identifying blacklisted individuals and corporations
becomes time-consuming as well as expensive. Every updated regulatory
compliance guideline from financial regulators stresses the need of utilizing
state of the art AML Compliance solution. Shufti Pro tends to be the perfect option to
cater to these regulatory guidelines. It has already aligned itself with
world’s most popular and wide-ranging guidelines such as GDPR, OFAC, FinCEN,
FinTRAC and many others.
KYC
verification for secure assets
The modern era has seen
an increased focus on developing technologies that are cloud-based or can be
accessed from remote locations as well. On one hand, these technologies offer
flexibility and ease of use. But on the other hand, they pose a greater risk
related to data security. Their open access feature creates problems to
safeguard them from hacking attacks. But integrating these technologies with a
reliable KYC verification system that can provide real-time results can do
wonders for the success of such technologies. Such a system will ensure that
only individuals with verified credentials and proven identity can access
secure assets. This will surely bring down the chances of a data breach as it
will enable a thorough investigation of the individuals that had the access on
to a particular platform. Services like Shufti Pro are perfect to perform such
tasks with relative ease and finesse.
