Knowing your customers and being able to verify their identification both remotely and in-person is critical to prevent criminal activities, including money laundering through the financial institution.
Employees in any banking or financial institution should be trained in KYC (know your customer) protocols and procedures. These vary based on in-person or remote access, with clear guidelines and requirements for each method of verification.
In-Person Verification
With in-person verification, KYC in banking processes includes an actual check of the documents provided with the origination of the account as well as with subsequent account transactions.
The original documentation is kept with the client file and is compared to both the live person and the documents provided at subsequent transaction requests.
Remote Verification
The development of Deep Learning Technology and Artificial Intelligence, as well as the access to high-quality cameras in smartphones and webcams, allows for effective and accurate remote KYC in banking.
In these types of applications, the user provides the documents to the bank, then takes a selfie image or video at the time of the transaction. The program is easy to immediately read the selfie, determine the presence of a live person, and accurately match key facial recognition points to verify or reject the identification.
KYC in banking in required in all jurisdictions around the world. Some areas require more than others, but all KYC must require financial institutes to meet the minimum KYC compliance requirements. This includes the use of document and facial verification technology as well as compliance with AML (Anti-Money Laundering) requirements.
The technology offered at Accura Scan provides full compliance with the required standards for KYC in banking. To see why our technology is right for your financial institution, visit us at accurascan.com.
