Which KYC Documents Are Required For Customer Verification?

06 Dec 2022

In an increasingly digitized economy, financial institutions and businesses are more susceptible to fraud, corruption, and other illegal activities. Research estimates that 32 million adults in India lack access to a legally recognised form of identification. This makes it difficult for many people to access the formal financial system. They must comply with KYC flows, protecting them from fraud. However, the main question is what documentation is required for the customer verification process. Today, we'll go over the fundamentals of necessary KYC documents for customer verification.

What Do We Mean By KYC?

Know Your Customer, or KYC, is the practice of confirming your clients' identities, determining their risk tolerance, and routinely reviewing and updating their information. You must conduct a KYC verification process to ensure that your company complies with anti-money laundering regulations.

KYC enables bankers to confirm the proposal's validity and other identifying information provided by the client. However, banks have been using manual KYC, which takes a lot of time and effort. Therefore, banks must upgrade their KYC verification procedures from manual to digital KYC.

Documents Required for Customer Verification

Depending on each country's regulatory requirements, different documents are needed for verification. Some basic documents accepted in almost every country are:

The following are examples of acceptable identification and verification documents for people:

  • Government-issued photo ID cards

  • Passport

  • Driving license

  • Credit/debit cards.

If the address is not stated on the documents mentioned above, the following are acceptable as address proof:

  • Utility bills

  • Employer Letter

  • Bank Statement

  • Rent Agreement

  • Insurance Agreement

  • Tax Bills

The documents must be no older than three months.

The required information can be gathered using any of the KYC documents mentioned above. Most nations and jurisdictions require the following information for verification:

  • Full name

  • Document Number

  • Residential address

  • Photo of the Applicant

  • Birth date

  • Date of Issue and Expiration of Document

  • Nationality

An AI-based document verification system also checks the document's originality to ensure that it is authentic and contains the necessary information.

Bottom Line

Studies show that 67% of corporate treasurers said that KYC issues had led them to restrict or limit the number of banks they work with. To avoid fraud and scams, KYC must use digital verification. Accura Scan accelerates KYC user onboarding and authentication process. The most reliable face biometrics, ID verification, and KYC verification technologies are combined by us. Call us on +91 820-898-8751 for more details.

FAQs

1. What is KYC?

Know Your Customer, or KYC, is the practice of confirming your clients' identities, determining their risk tolerance, and routinely reviewing and updating their information.

2. Whether KYC is mandatory?

Yes. It is mandated by law and regulation.

3. What three elements makeup KYC?

The three elements of KYC are as follows:

  • Customer Identification

  • Customer Due Diligence

  • Customer Monitoring

Unlock the True Identity of Your Users with 3D Selfie Technology

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.

Identity Card Scan

Identity Card Scan

100% OCR Accuracy. Scans the ID Card, Auto fill and Verifying the Document

Face Match

Face Match

Matching the User Selfie with the photo shown in the ID Card.

Liveness Check

Liveness Check

Was the person himself present while doing the transaction? or submitting KYC doucments? or while opening the account?

Liveness Check

Results

Accura Scan Identity Verfication gives result immediately in Real Time. Know your Real Customers



Trusted By The World's Best


Commercial Bank of Dubai
Ahli United Bank
Ahli Bank
Bank Nizwa
Gulf Bank
Oney
NEC Payments
T Mobile
Decurtis Corporation
Jose De Mello
Nouvelair
TUI

Accura Scan Digital ID Verification & KYC

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.

Try Accura Scan SDK or WEB API For Free

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.