3 Steps for KYC Verification Process - Meeting KYC & AML Compliance Obligations

About this video

• Video Title: 3 Steps for KYC Verification Process - Meeting KYC & AML Compliance Obligations
• Channel: Shufti
• Speakers: None explicitly named in the transcript.
• Duration: 00:04:30

Overview

This video explains the Know Your Customer (KYC) verification process in three key steps, highlighting its importance for banks, financial institutions, and online businesses in preventing fraud, financial crimes, and meeting regulatory compliance obligations like AML. It also demonstrates how Shufti Pro facilitates this process.

Key takeaways

• KYC Definition: KYC (Know Your Customer) is a regulatory requirement for financial institutions to identify their customers, helping to prevent online fraud and comply with KYC and AML regulations.
• Three-Step KYC Process:
  1. Collect Personal Information: Gather PII such as name, date of birth, email, social security number, driver's license number, and financial information during account registration, ensuring data is stored securely according to GDPR or local laws.
  2. Provide Supporting Documents: Users submit documents like passports, ID cards, or driver's licenses. Information is extracted from these documents using OCR technology.
  3. Verify Information: The extracted data from documents is compared against the information provided by the user to ensure accuracy and confirm the user's identity.
• Shufti Pro Demonstration: The video showcases Shufti Pro's KYC verification, including service selection, OCR feature usage for information extraction, country and document type selection, and verification against specific details.
• AML Compliance: Shufti Pro offers real-time AML screening using over 1700 data sources (AML watchlists, sanctions lists, PEP records) to identify customer risks and prevent money laundering and terrorism financing.
• Global Reach: Shufti Pro supports over 3000 ID documents across 230+ countries and territories in 150 languages, serving various industries like finance and e-commerce.