Financial foundations must complete KYC and CDD gauges in the accompanying conditions: New business relationship: Organizations must perform due ingenuity measures before setting up a business relationship to guarantee the client coordinates their hazard profile and isn't utilizing a phony character.
Performing Customer Due Diligence (CDD) is one of the most significant segments of any AML/CFT system. So as to distinguish and address illegal tax avoidance and psychological oppression financing dangers, organizations must have the option to build up that their customers are who they state they are and have been straightforward about the idea of their business. Client due ingenuity now and again alluded to as Know Your Client (KYC), is a procedure of record verifications run as per enactment and comparable to the degree of risk displayed by the client.
Customer Due Diligence Fundamentals:
Customer Due Diligence, at its most fundamental level, includes checking a client's personality and the business where they are included, to an adequate degree of certainty. The procedure includes various administrative commitments.
When is CDD Required?
Money related establishments must complete KYC and CDD quantifies in the accompanying conditions:
Risk-Based Approach: KYC and CDD measures ought to be opportunity based. Organizations ought to evaluate the AML/CFT hazard every customer presents and alter their due ingenuity examination as needs are. Most of the customers will be dependent upon standard CDD measures which require client ID and confirmation, and an appraisal of the business relationship. In lower-hazard situations, disentangled due constancy might be fitting, requiring just the distinguishing proof of clients and no requirement for confirmation. This takes us to Enhanced Due Diligence which I will also explain to you in our next blog. Stay tuned till then!
Meanwhile, let me emphasise the fact that Accura Scan is an important partner for several banks, financial institutions all across the globe. At Accura Scan, we started this dream to replace manual data entry for important KYC documents in banks, travel agencies, government institutions all over the world like National ID cards, Citizenship cards, passports, bank cards, driving licenses with something which is very convenient and easy. That convenient and easy product was Accura Scan. Accura Scan, a pioneer in OCR & AI Based scanning technology is one of the most perfect solutions for the businesses looking to embark on OCR journey.
At Accura Technolabs, it is our mission to replace the manual KYC onboarding. You can check out more information about us here https://accurascan.com/download
A simple selfie will do your customer verification and authentication. Accurascan authentication is a new 3D technology for preventing identity theft. Our Authentication captures hundreds of images of people when they take a selfie video to verify themselves during high-risk online transactions. Creating a 3D identity map that can’t be spoofed.
100% OCR Accuracy. Scans the ID Card, Auto fill and Verifying the Document
Matching the User Selfie with the photo shown in the ID Card.
Was the person himself present while doing the transaction? or submitting KYC doucments? or while opening the account?
Accura Scan Identity Verfication gives result immediately in Real Time. Know your Real Customers
Real Time ID & Identity Verification, Digital KYC, AML Verification, Certified Liveness Check, Face Biometrics and Document Authentication Service. Make your Online On-boarding & User authentication process risk-free with Accura Scan.
Use our Developer Dashboard to get a 15 days FREE TRIAL License & Web Api Secret Key. Access to Trial License Keys and GitHUB Repository. No credit card required.