As criminals involve their technology, software providers offering KYC AML technology are also changing and thinking beyond what they are offering today to what the potential security issues are for the future. Increasing regulation, more significant sanctions, and the need to provide security for customers continue to drive these trends.
In addition to the use in the global financial and banking sector, KYC AML screening and verification is more common in business and other sectors. Companies use this technology if they handle financial transactions, and they also need to sure they are working with financial institutions around the world that are fully compliant with this technology.
AML and Cryptocurrency
With more businesses becoming cryptocurrency-friendly, organizations and companies are increasingly considering KYC AML compliance. The EU has examined this factor and is implementing specifics in the AMLD5 (Anti-Money Laundering Directive 5) to provide some level of regulation of cryptocurrencies, which will directly impact the exchanges and companies accepting cryptocurrencies.
Need for Real-Time, Up-To-Date Verification
Older technology in AML KYC verification was slow and tended to create a lot of false positives for fraud. Today, thanks to automation and real-time updating of databases, these types of false positives can be reduced to close to zero.
With 100% accuracy, these SaaS types of systems are cloud-based or on-premise, creating the ideal solution for companies and financial businesses around the world. Liveness detection and the ability to upload documentation through OCR scanners make this an exceptional opportunity for all types of businesses both inside and outside of the financial industry.
The KYC AML technology offered by Accura Scan provides real-time, 100% accurate OCR, face match, and liveness check for verification. For more information, see us at website
