The banking industry is under strict
scrutiny by financial regulators not only for frequent cases of data breaches
regarding financial information but because of banking services being used for
financial crimes such as money laundering. KYC compliance guidelines are being
modified by watchdogs and regulators to ensure that banks adopt vigilant
practices to curb money laundering, credit card fraud and account takeover by
scammers even if they have legitimate identity details.
AML fines alone are touching multi
million dollars and the banks are made to pay those regulatory penalties in the
absence of AML KYC compliance. This can only be avoided by installation of BestKYC software for banks. There are many ID verification solution
available with properly devised know your customer checklist, that banks can
integrate with both their branch networks as well as online banking channels as
well.
What does Know Your Customer Solutions Do?
Well, currently KYC compliance for
banks only requires these banking organizations to collect personal information
of their customers. Most of these banks collect personal information at the
time of account registration but with the help of a tech-savvy KYC service provider,
banks can not only collect verified personal information at the time of
registration but can also make sure of the fact that everytime a transaction is
performed or a digital channel is used to access bank account, the user has to
perform KYC verification. Now if ID verification or any other form of identity
verification has to be performed on a banking channel, it has to be done in a
swift manner. This is where Shufti Pro comes in. This AI based identity
verification service is perfect to perform real-time verification on behalf of
banks. It offers the following identity verification services:
● Face
Verification
● Document
Verification
● ID
Verification
● Consent
Verification
● 2-Factor
Authentication
● Handwritten
Note Verification
AML Checks for Banks
When it comes to AML checks, even
the best KYC software for banks find it hard to provide comprehensive
compliance to its customers. Typically, every ID verification solution tries to
sort out a viable know your customer system that offers sufficient AML Compliance.
But most have failed to protect their customers from engaging with end-users
that pose a substantial financial risk. Until and unless AML checks are made a
core part of KYC process flow by a KYC service provider, banks will be made
liable to pay millions of dollars in regulatory fines.
Shufti Pro has effortlessly used its
years of experience in FinTech and has integrated the most viable solution to
AML fines. Shufti Pro performs real-time background checks for AML compliance
with the help of a large databank that contains data from 1000+ watchlists and
sanction lists. Apart from that, Shufti Pro also holds information from 3000+
databases published by financial watchdogs. Shufti Pro is a KYC service
provider that even checks the credentials of its end-users against a
comprehensive list of Politically Exposed Persons (PEPs). This entire databank
is updated every 14 minutes for banks to have 100% genuine and reliable KYC
results.