AML & KYC Verification - Best Practices for Compliance and Security

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.