Online businesses, industries with financial services, e-commerce platforms, etc. need to be sure of their customers’ identities. This does not only safeguard their interests but also helps to fulfill compliance obligations. However, establishing authentication of the identities has never been easier with the traditional verification processes. Document verification, nonetheless, is an appropriate solution to the verification problem. Combating frauds by KYC document verification For the sake of combating frauds, global organizations such as the FATF, FINTRAC, FinMA, etc, have defined certain KYC and AML compliances. Businesses that involve financial services are obliged to make compliance and work in accordance with these defined compliances. One of the many regulations makes the businesses obligated to carrying ‘customer due diligence’, before having the customers on-board. This is mainly done by having the identities of the customers authenticated. One of the means of customer verification is by having document verification performed.
Also, the customer identification process is formally known as the ‘KYC Process’. Traditionally, it has been performed, almost always, in-person. However now, thanks to technological advancements, customer verification is being performed online. The online verification, in comparison to the traditional verifications, is much faster, secured, and effortless. The inclusion of artificial intelligence in …
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