Customer identification may be performed using three criteria – Possession –The customer is verified using something he or she possesses. This could be a photo ID, Officially Valid Documents (OVDs), an OTP received on the customer’s Aadhaar-registered number, etc. Inherence –The customer is...
Identification—requesting that the customer provides their personal data (name, date of birth, address). Liveness check—verifying that the customer is a real and living person. This can be done throughfacial biometrics authentication. Verification—checking that the customer is who they say they a...
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To perform an Anti-Money Laundering (AML) check the only required field is full name although having access to date of birth will significantly cut down the number of returned matches. The AML process serves a slightly different purpose to KYC in that its objective is to identify any suspici...
Your organization is also required to follow Know Your Business (KYB) practices. You need to determine that the business you’re dealing with is legitimate and learn about its incorporation details, business identification number, and Ultimate Beneficial Owners (UBO). ...
During identification (a selfie), the software usually provides a liveness detection feature to avoid spoofing attacks using a static image.Liveness detectionproves that the selfie taken comes from a live person. This type of KYC check is also used forcryptocurrency tradingapps. ...
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Identification number Documents such as a government-issued ID (driver’s license or passport) and public utility bills can be used for KYC verification. Other methods of identity verification can include the use of biometrics and face verification. Additional methods can include comparing the informat...
address and the identification number. Other risks that may be assessed include the type of account in question, typical transaction size, the quality of the information offered by the customer, the characteristics of the organization as a customer and the location(s) where the customer’s transac...
1. The customer submits identity information such as name, birth date, address and identification number. 2. The organization verifies the identity information by comparing it with identity documents or data from local and global sources. 3. Organizations can perform additional verification checks, su...