Kyc documents for customer verification

Which KYC Documents are Required for Customer Verification?

Name, Rank, Brigade, and Serial Number. That’s the only information military organizations across the globe use to identify their members. Unfortunately, financial institutes can’t use the same simplicity for the identification of customers and businesses. Owing to the increasing number of fraudulent activities, financial firms must follow stringent regulatory laws when onboarding customers or doing business with counterparties.

What is Know Your Customer?

Know Your Customer or KYC is a commonly used term in the banking sector and refers to the process of clients’ identity verification when indulging in business with them. Banks, digital payment service providers, or financial firms are required by banking norms to have customer’s KYC process completed before allowing them complete access to all services.

KYC verification process is deemed necessary to mitigate illegal activities such as money laundering, bribery, or corruption. It assists authorities and businesses to keep track of customer activity and detect fraudsters beforehand. Apart from a legal perspective, performing KYC also helps companies to keep fraudsters out of their systems.

Why is KYC important?

KYC helps bankers to ensure that the application and other identity details provided by the client are real. Owing to instances like money laundering and siphoning money off from bank accounts, verifying the identity of an individual is essential to prevent fraud.

KYC has been in practice for many years now and all customers have to comply with KYC regulations. Without KYC compliance, it is not possible to open a bank account.

However, banks have been practicing manual KYC, which requires a lot of human effort as well as time. Additionally, the risk of human error is always there involved. Error in such processes could lead to a great financial loss to the institute. Banks need to adopt a better approach to KYC verification.

A better way

To enhance the KYC verification process, the financial sector should employ a digital system that could reduce the time required for verification and manual labor. Based on the principles of automation, digital KYC can reduce cost and human effort, while increasing accuracy. The manual process that could take hours and even days can be cut down to seconds by utilizing AI-based verification solutions.

By employing automated systems, businesses can onboard, secure clientele that too in real-time. The tiresome procedure of manual onboarding sometimes results in losing customers. 

Moreover, digital KYC not only helps in identification, but it could also filter and sort customers based on the risks involved with specific individuals or entities. Businesses and banks can remain vigilant and perform ongoing monitoring for high-risk individuals. Also, due to globalization, real-time onboarding and verification are considered a basic requirement.

How is Digital KYC performed?

Same way as the manual KYC, the digital verification process involves the collection and verification of user information. However, the process is performed digitally and doesn’t require a user to be physically present at the time of verification.

Digital KYC Verification Process

While manual verification demands the user to fill out long forms and attach documents, the digital KYC just requires the user to upload a picture of a valid identity document. 

The information from the document is automatically extracted using Optical Character Recognition (OCR) technology. This extracted data is sent to an artificial intelligence-powered system, which analyzes the information and verifies if the information is correct or not. Some cutting edge systems such as Shufti Pro’s, even synergize artificial and human intelligence to further improve the accuracy and deliver perfect results.

Which KYC Documents are Accepted and What Information is Analyzed?  

The documents required for verification vary, depending on the regulatory requirements of a country, however, some generic documents are acceptable in almost every country.

For proof of address, if it’s not mentioned on the above-stated documents the following are acceptable for address verification:

  • Utility Bills
  • Bank Statment
  • Rent Agreement
  • Employer Letter
  • Insurance Agreement
  • Tax Bills

However, the documents must not be more than 3 months old. 

All of the above KYC documents can be used to collect the needed data. The data that most countries and jurisdictions require for verification is:

  • Full Name
  • Document Number
  • Address of Residence (For Address Verification)
  • Image of the Person
  • Date of Birth (Mostly needed for Age Verification)
  • Document Issue and Expiry Date
  • Nationality

To verify that the uploaded document is original and contains the required information, an AI-based document verification system checks for the originality of the document as well.

Conclusion

To sum things up, the KYC verification process is essential for banks and financial institutes and using digital verification for KYC is necessary to demit frauds and scams. Furthermore, it will increase security, ensure accuracy, and most importantly enhance customer experience. 

Digital Kyc

6 Digital Solutions for Banks to Help with KYC

Digital KYC: For banks, streamlining the customer onboarding is essential. The manual way of entering client information into the system is redundant and time-consuming. In this age of ‘do it now’, banks need a tech-based approach for onboarding customers.

Also, technology alone can’t solve these problems. Its implementation needs to be strategic, logical and customer oriented. For example, banks need to comply with regulations such as know your customer (KYC), and the customers want swift and easy interaction with the banking system. AI-based digital solutions can help both the banks and the customers.

Read How Digital KYC Solutions Work in 60 Seconds

Problems Banks Currently Face in Onboarding

According to a KPMG report, a tier 1 bank could easily be spending about $100 million annually on onboarding clients. Despite spending this much, this manual process is error-prone, slow, risky (due to lack of regulatory compliance) and does not enhance the client experience. 

The majority of the problems associated with client onboarding are related to the outmoded manual onboarding. For example;

  1. Manual form filling and questioning are time-consuming.
  2. There is an ever-increasing demand for transparency by the regulators. Keeping up with these demands is arduous.
  3. The process is complicated and slow from the customer’s perspective.

The solution to such problems should consider three main factors; the business side, regulatory compliance, and modern technology. Coordination among these three pillars will exhibit the benefits of digital KYC. 

Here are 6 Digital Solutions to help with KYC

  • Face Verification

Simply put, the user takes a selfie with their smartphone or with a webcam. The software (digital KYC solution provider) ascertains the physical presence of the individual. AI-based methods can differentiate between a picture and a live face using 3D depth perception and color texture. This prevents spoofing attacks. Contemporary solution providers use microexpressions for verification as well.

  • Document Verification

With the camera of a smartphone or computer, the software scans documents for verification. Normally this includes verifying government-issued ID cards, passports, or driver’s license. Smart solutions determine the authenticity of documents and ensure that they are not tampered with. They also check for the format to assure that the document is original. For example, besides checking the apparent format of the passport it checks the machine readable zone (MRZ), which is usually located at the bottom of the identity page.

  •  Address Verification  

Verifying the physical address is a crucial part of the customer’s identity. It acts as a solid deterrence against identity theft. By ‘reading’ the government-issued documents such as ID cards, digital KYC solutions authenticate that the document is genuine, and the address mentioned on it is not forged or tampered with. The best services offer hybrid solutions; first, the document is verified by the machine, then, a trained person ensures that the verification is error free. See how Shufti Pro performs all this in just 60 seconds.  

  • Two Factor Authentication

The combination of phone and internet is used in the two-factor authentication. The user simply enters their phone number into the app or software, then, a code is sent to their phone. The user is then requested to enter that code into the web interface to authenticate.

  • Anti Money Laundering (AML) Screening 

Banks not only have to ‘know their customers’ but they also have to perform due diligence before they doing any form of business with them. They need to screen them to ensure that they are not listed on the anti-money laundering watch list. This service is also available to banks in a digital form. The best solutions out there update their database every few minutes, so that when they screen, it cross-checks with the most recent data. 

  • Knowing Customers through Customized Documents

Smart digital solutions are capable of reading handwritten notes and custom documents. This is achieved through optical character recognition, which is powered by AI and machine learning. Digital KYC verification is an impetus for comprehensive due diligence. 

Despite the various benefits, tech-based solutions alone are not enough. The integration needs to make business sense for banks. KYC – digital or manual – needs to be in compliance with the regulations. The majority of banks spend huge sums of money on compliance but still, come short on many fronts. Third party services are a cost-effective and feasible option; compliance is met and customers get fast and easy communication with the banks.

Digital Verification Services

Employees’ Digital Identity Verification for Remote Hiring

With the age of technological advancement, the world is becoming a heavily connected global village, requiring digital identity verification in all aspects. This article focuses on distance working opportunities. Increasingly, people are looking for remote jobs and prefer working from the comfort of their homes rather than travelling to an office for a desk job. This is, of course, beneficial for the workers as they are able to take up multiple jobs and earn double the money than if they exhaust that energy in travelling to work places. However, as human interaction reduces, the crime rates in the hiring and payment part increase manifold. Companies hire individuals without directly meeting them beforehand. They are usually interviewed via Skype or a telephone call, and hired merely based on what they present to the employer on paper and during the call. It all could be fake, or they might not actually be as qualified as they claim to be, resulting in lower quality of work and increased losses in productivity and finances.

Employees’ Documents Verification

During the employees’ onboarding process, they are required to present their official documentation to the company so their academic and professional qualifications and achievements may be evaluated against the skills required for a particular job. However, to get  hired, candidates may present forged documentation, depicting fake certifications, when in reality, they may not even be half as qualified. To curb these issues, digital identity verification becomes essential, so the identity and the documents presented by the candidates may be verified using authentic techniques. Furthermore, if the potential employee is a scammer, their identity documents like government issued ID card, passport, driving license or payment cards, may be counterfeit, or worse, stolen. They would never present any true information that can be traced back to them in case of an investigation. For combatting these types of frauds, it is essential to catch the suspects before they can posit any harm to the hiring company or individual.

 

Financial Security Risks

Remote jobs come with a high risk of frauds for the hiring companies. Recruiters may never be sure that a remote candidate will not incur money losses to them, by taking their money and not delivering the completed or high quality work in the promised timeframe. Worse, they may ask for an advance payout and not deliver any work at all. They may remove their work profiles and cease to exist as that entity. In cases like these, a single person has multiple profiles used to scam people at large. Payments are usually via a platform like bank transfer or electronic payment cards. To keep a record of who is making the payment to whom, it is imperative that digital identity verification is carried out before the confirmation of money transfer. This way, the company can have a solid proof in the form of employee’s personal identification information and images of the documents they presented at the time of hiring. To fully ensure that the person presenting the documents was the same as the one who entered their information, a real-time video verification method can be employed, where the entire process is recorded and available to use in case of a mishap as mentioned previously. Digital KYC and AML screening will not only ensure secure payment processing, but will also satisfy the employers that the person being hired is not associated with any kind of criminal or adverse activities.

Reliable DIgital Identity Verification Services

Shufti Pro offers reliable digital identity verification services to its customers based on Artificial Intelligence. Liveness detection can check for Facial Verification and pattern recognition ensures that identity documents provided by a potential remote employee are 100% genuine. With coverage in 225+ countries and support for more than 150 languages, companies can use Shufti Pro to hire new employees and remote workers in any part of the world. Shufti Pro cannot only determine the true identity of a remote job candidate with the help of an ID card but it can also authenticate digital identity with the help of driving licenses and passports as well. For address verification, Shufti Identity verification services even extend support to utility bills and bank statements that are no older than 3 months. Digital ID verification from Shufti Pro is an ideal choice for companies that want to bring onboard new workforce without facing any potential risk. Online ID verification processed in real-time ensures that no time is lost in verifying the true identity of a soon-to-be-hired employee.

Credentials and personal information required for KYC verification can now even be extracted directly by Shufti Pro with the help of OCR technology. All a remote hiree has to do is display their personal identity document to a webcam or phone camera. As a smartly designed identity verification software, Shufti Pro will automatically identify text printed on the identity document and fill it in the desired text fields of a personal information form.

Consent Verification Service Available

Most countries and states require businesses to collect consent of would-be-employees or job candidates before verifying their credentials through any technological means. Shufti Pro has sorted out this issue as well with the help of its Biometric Consent Verification solution. Unlike most identity verification providers, Shufti Pro is just not concerned about verifying identities of end-users, but we also want to safeguard our customers from any unlikely or unwanted regulatory complications.

Shufti Pro customers can ask their remote employees to provide a written consent either in the form of an official document or handwritten note. The final choice of consent formats depends on the official regulatory guidelines regarding the consent of a user, whose identity is to be verified. Shufti Pro can verify the collected consent on behalf of its customers and like all other identity verification solutions from Shufti Pro, verification results will be displayed in real-time.

Identity verification API of Shufti Pro makes the integration process entirely hassle-free for Shufti Pro customers. Global coverage of Shufti Pro is also highly beneficial for Shufti Pro customers, which means that they can hire new employees in any part of the world without having to worry about any integration related glitches. All the collected information submitted for verification will be visible to its customers in Shufti Pro Back Office and is stored according to specific data safety guidelines of PCI, GDPR, and many other major data protection practices.

Conclusion

To bring the whole idea together, it suffices to say that in this day and age, with our lives revolving around technology, digital identity verification of employees before hiring is an essential part of the recruitment process. Protecting the interests of the company, securing assets and preventing frauds, this can be taken care of by implementing appropriate preventive measures. Secure hiring of employees is ensured if the company truly knows who they are hiring. This will build trust among the customers and the company, enhance productivity, improve business and prevent financial and labor losses that an organization may otherwise have to face.

Reduced time spent on and feasible costs of digitally verifying the potential candidates for a vacant job post will enhance the onboarding speed, and return considerable savings to the corporation as well. To achieve higher profits, employee and customer satisfaction rate, it is essential to perform digital identity verification services offered by Shufti Pro on your remote employees during the recruitment process.

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money operators kyc aml

Benefits of KYC services for Money Services Operators

Money service operators are at the forefront of international financial system as they help with the transfer of funds from one currency into another and from one territory to another. With international monetary regime adopting strict regulatory measures, KYC services are being sorted out by major money services operators to safeguard against  any substantially huge penalties. Customers utilising the services from money service operators are subjected to new procedures in which they are being asked to provide their identity documents in order to ensure that international trade of funds is not being hijacked by financial criminals. Financial channels used by money services operators are being verified to discourage the use of these channels for money laundering or any other monetary crime.

Hazards for Money Services Operators

With conventional means of international banking requiring detailed background checks and formal documentations, money services operators have been traditionally considered a more convenient option either for receiving remittances from foreign countries or for exchanging local currencies into international currencies or vice versa. But the basic operation of money service operators is also parallelled by traditional and shaddy money transfer services like Hawala and Hundi.

Authorities and financial regulators are always watchful regarding the business of money services operators because sometimes, even the lower management of such organizations is found involved in illegal transfer of funds using not the official channels to transmit funds but the aforementioned illegal routes of money transfer.

Recently, money services operators are also becoming the focal entities to get paid for virtual currencies. Lot of investors and cryptocurrency enthusiasts have cashed out their virtual assets using money services operators as the regulatory parameters on these Money Services Operators are relatively lenient as compared to conventional financial and banking organizations. This also creates an immediate need on part of Money services operators to introduce much more vigilant KYC operations in order to ensure that their services are not being used by online bandits to launder money or perform terror funding. There is also a great chance that financial regulators might also clamp down on Money services operators that are currently handing out money to customers in exchange for virtual currencies without performing due diligence or without collecting verifiable credentials from these customers. It can be said without any shred of doubt that only the Money Services Operators that have functional KYC services implemented, especially for transactioning funds for virtual currencies will be secure from huge regulatory fines that are inevitable in near future.

KYC services for Money Services Operators

Shufti Pro is a unique Identity verification SaaS product that has combined the virtues of Artificial Intelligence and Human Intelligence. Money service operators from around the globe can easily utilise KYC services from Shufti Pro as its machine learning algorithms will safeguard them from huge regulatory fines. With an ability to verify identity documents from any part of the globe and published in any language of the world, Shufti Pro becomes the ultimate tool in the hands of money service operators.

Customer due diligence can be performed in real time as Shufti Pro takes 30-60 seconds to verify identity documents. Transactions received from any part of the world can be validated by KYC services of Shufti Pro.

Shufti Pro is easily integratable with pre-existing systems and applications and there is no need for third party plugins. It means that there is hardly going to be any downtime to integrate Shufti Pro with already present transactional modules of money service operators. As a PCI compliant solution, security of data is of no concern with Shufti Pro and GDPR compliance will make sure that the personal data of users is safe for auditing, in case financial regulators come knocking up. KYC services from Shufti Pro are a perfect choice for money service operators who understand the value of customer due diligence and want to conduct a responsible money operations in their designated territories.

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Digital Kyc Services

Howdoo and Shufti Pro enters into partnership for Digital KYC Services

BATH, UK – (July 4, 2018) – Shufti Pro will be partnering up with Howdoo to provide Digital KYC services that will help the social media platform with efficient customer onboarding and validation of credentials provided by future users.

Shufti Pro is an Artificial & Human Intelligence based end-to-end Identity verification SaaS product. A GDPR and PCI compliant solution, Shufti Pro strives to provide flawless digital KYC services and AML Compliance to a worldwide audience. Howdoo, on the other hand, is a blockchain based social platform providing users with a unique opportunity to take control of their social media content. Howdoo envisioned to bring together a community of global users for better content, smarter communication and enhanced security of data. In order to ensure that access to their highly secure social media platform is not breached by scammers or users with fake identities, Howdoo turned to Shufti Pro.

But even before settling down with Shufti Pro, Howdoo executives made sure to conduct thorough market research. They needed to find Digital KYC services from a company that understood what it takes to secure the interests of users. A company that realises the prowess of blockchain and how it can be utilised in creating a feature-rich social platform like Howdoo. Shufti Pro’s passion to create an online marketplace without a shred of fraud and scam really hit the right note with Howdoo management.

CEO of Shufti Pro, Mr. Victor Fredung highlighted the importance of this collaboration among two tech companies in following words:

“Digital KYC services from Shufti Pro are perfect match to user-centric platform like Howdoo. Our entire team at Shufti Pro is very excited to work with a professional organization like Howdoo and we are hopeful that this will be beginning of a mutually beneficial relationship that will bring lot of opportunities for both companies to learn from each other. Our industry best time of processing an official document in 30-60 seconds will surely streamline the customer onboarding process for Howdoo”

One of the major aspects of partnership between Howdoo and Shufti Pro is the global outreach of this smart verification product, as well as the ability of Shufti Pro to verify official documents in every language of the world. It means that Howdoo will be able to register developers, content creators and advertisers from all over the globe using Digital KYC services from Shufti Pro. As a platform that has the ambition of truly going past traditional barriers of physical borders, this feature of Shufti Pro was truly exciting for Howdoo

__________

About Shufti Pro

Shufti Pro is an emerging name in identity management and KYC/AML. It was founded on 31st October, 2016 in Bath, UK. The goal of the company is to enable its clients with seamless customer experience, fraud prevention and undeterred revenue generation. The company offers state of the art SaaS, which engages Artificial Intelligence and Human Intelligence. Businesses can now conduct easy digital verification processes with lesser friction and more advanced technology. Currently offering its services for all countries of the world along with Universal Language Support, the company is located in United Kingdom with its global office in Sweden. Please visit Shufti Pro here.

Shufti Pro Limited

info@shuftipro.com

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

About Howdoo

Howdoo is a new age social media platform developed by utilising the Ethereum blockchain. Not only content creators are invited to showcase their individualistic content on Howdoo but the makers of this exciting platform have also arranged for smooth revenue stream for these creators. Innovative collaboration, secure communication and traceable content are going to be cornerstone of  Howdoo.

Multi Level Marketing

Marketing Firms embracing KYC Services for Better service Delivery

 

Browsing through your Facebook newsfeed and you come across one of ‘Those’ friends – “Hey People, i am a ‘footforce’ in a company, selling some overpriced and overly bragged products”.

Next you see your friend, claiming the product to be the best that there is to ever buy. In most instances, the so called ‘friend’ referred above, would be a part of an MLM- Multi Level Marketing team in a company  We have now continuously seen this happening, through social media marketing or via tv commercials. Today, the thought of coming across an MLM firm not complying to KYC/AML regulations is frightening, when legal stakes are so high. Likewise, the lack of Know Your Customer procedures opens ways for potential malpractices and scams to occur with an MLM implementing company.

Understanding MLM | Multi Level Marketing – Operations

MLM is a marketing strategy for a product or service by independent representatives who sell goods to potential customers through a direct sales approach. An MLM company also mobilizes large amount of monetary funds, in the form of bank deposits from the public in exchange for high returns and promises.   

Multi level marketing is also referred to as network marketing, which consists of a pyramid tier hierarchy level. MLM is mostly referred to as when there are two or more hierarchy branches involved. Additionally in the concept, MLM involves the privilege of each representative to recruit and train additional representative under themselves and form a hierarchical chain of command in a way – referred to as a downline.  

Representatives within a downline earn a commission from the reps sales that they recruited. Additionally, Income earned in MLM comes from the commission earned on personal sales within a downline, as well as a percentage of the sales earned by other reps recruited by a distributor(representative) directly above you.

Where MLM Exhibits Vulnerabilities

As any other company, even an MLM one is not safe from all vulnerabilities. Each company has its own shortcomings and in the case of the MLM companies, it is – Distributor/End Sales People/Recruits.

A fundamental aspect of an MLM scheme is its state of regular hiring, done by distributors and sub-distributors – depending on the stages in MLM hierarchy. This aspect of hiring individuals on a consistent basis, opens a potential vacuum of exploitation by potential fraudsters. This threat is further extended as individuals recruited by MLM companies turn out to be fraud.
There are legit MLM companies operating as well. The nature of operation in direct sales is unforgiving and financially unsatisfying for distributors and lower tier sales person – who end up leaving and running away. This causes even higher losses to a company, while continuing the hiring cycle.

What’s important to realise is that a scheme such as an MLM does not offer long term value or consistency. Making money by signing up new members, who make money by signing up new members is not a business plan that offers job security.

MLM Companies – in Light of Identity Verification

MLM schemes and companies conducting MLM are filled with complexities of their own such as integrated hierarchy structures, direct sale payments, commissions and referral percentages. MLM’s can be and are chaotic, where an Identity Verification Service Provider can mitigate most, if not all problems.    

Companies tend to miss out on a crucial aspect when implementing an MLM scheme, KYC – ‘Know Your Customer’.

An Identity Verification company can help verify an Individual’s identity in a transparent manner and establish a better and improved customer identification program for the implementing company. The likelihood of hiring done through this process can ensure individuals are hired quickly and stay on board with a company longer, through improved customer profiling.

In addition to customer profiling, a dedicated KYC provider can also provide Risk Assessment through dedicated background checks in combination with Identity Verification. This creates an added score of judgement for companies to base their hirings on and predict, which potential people are likely to commit fraud through illicit activities.

This is where a third party service provider will facilitate a large MLM company, or any other firm implementing an MLM scheme.

How MLM Companies Benefit From KYC Services

Almost all MLM’s involve excessive marketing, field work and verbal marketing. The greatest risk involved, is the risk that it exposes itself to a regular hiring process. Most of the smaller salesperson and distributors are unknown to the scheme implementing company.

In order to validate an individual’s Identity and ensure security to not only the company but also to the lower tier salesperson and distributors, Shufti Pro lends a dependable arm by being a reliable KYC and AML operator. Shufti Pro can facilitate MLM implementing companies, by providing all identity and document verification services under a greater Identity Management Suite.

For either seasoned or new MLM implementing companies, a dedicated KYC platform like Shufti Pro offers effective real-time processing for Identity verification. This helps save valuable time in the process with quicker distributor/recruiter on-boarding time. KYC services from a versatile system like Shufti Pro would be an adequate fit, providing a scalable solution with maximum usability of the internet for enhanced customer facilitation. Shufti Pro will verify identities by having the customers to face a camera and then show an ID documentation, focusing in on the Picture, DOB, Name and Proof of Address(if applicable).

The AI technology will identify any potential shortcomings in documents or facial mismatch and will display results accordingly. Thus, reducing the chances of fraud taking place inside MLM companies. 

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Ipo Digital Kyc

Why have IPOs started Implementing Digital KYC?

Have you heard the phrase “I’m afraid we have to go public Mark”, well then you are on right page to understand, that is a time and position when companies face the public.

For most Chief Financial Officers, this is a daunting and nerve wracking period. Directing and organising an initial public offering can be the most stressful yet rewarding tasks they would ever undertake. How they execute their plan, arrange people, market and strategise, will define their success. Once an IPO closes, CFOs quickly implement the process of executing the post IPO business plan. An aspect under cloak, is the performing of Digital KYC procedures on investors for secure customer on-boarding.

Understanding IPOs

At its core, an Initial public offering is where a previously unlisted company sells new or existing shares (securities) of itself to the general public for the very first time. Prior to an IPO, a company is thought to be private, with limited investors and small number of high profile investors. Whereas, after an IPO, the company becomes publicly listed and recognised on a stock exchange.    

Reasons Behind Carrying out an IPO

Reasons to go public can be one and many, varying from company to company but mostly reasons ought to be quite straight forward. For companies, it’s simply a money making move. Normally companies go public when they require more liquidity at hand and increase capital on hand by selling shares publicly. The money that is collected is then later reinvested for business expansion and business infrastructure upgrade, or meeting targets according to future growth plans.

Additionally, when a company goes public, it is in a way advertising itself. The larger the firm the greater chances of it attracting top candidates globally, to be part of their stock ownership plan.
On another note, going public enables companies to utilize stock options as a part of their merger or acquisition deals with other companies in acceptance as payment.  

There’s also prestige, for some companies its a great deal on bragging rights to be listed on major stock exchanges of the world – like the NYSE, Nasdaq, LSE or JPX.

IPO’s and Third Party KYC/AML Service Providers

Initial Public Offering is a long, tedious and a complicated process in undertaking for any company CFO’s and managers conducting the IPO. While the general idea is to raise money, most companies tend to miss out on a crucial aspect in the Pre-IPO process – KYC – ‘Know Your Customer’.

Unlike ICO’s which are non-regulated, the process of an IPO is fairly intricate and complex. Companies and managers are occupied with consistent backlog of government and legal paperwork, tax amendments, procedural updates and long business documents that Knowing your customer becomes a second priority.

This is where third party service providers come in play and facilitate large companies in their IPO processes and provide them Digital KYC services, to secure their investments by ensuring the purchases of stocks are made by legitimate and authentic entities.

Voice of Independent Regulatory Bodies

International Regulatory bodies, like The Securities and Futures Commission (SFC) express directives that generally direct the adequate involvement of placing KYC procedures. For Investors, placing agents and fund managers need to oversee in respect to the Code of Conduct.  

 

  • Take all reasonable steps to establish the true and full identity of each of its clients, and of each client’s financial situation, investment experience, and investment objectives
  • Be satisfied on reasonable grounds about the identity, address and contact details of:
    1. The person or entity (legal or otherwise) ultimately responsible for originating the instruction in relation to a transaction; and
    2. The person or entity (legal or otherwise) that stands to gain the commercial or economic benefit of the transaction and / or bear its commercial or economic risk.

Prefered Choice of IPO for Digital KYC

Most IPOs that happen, involve time, money and risk. The largest of all, is the risk that it exposes itself to a pool of potentially global clients, that are waiting to invest and buy shares to increase the liquidity of a company. Most of these smaller clients, single investors are unknown to the offering company.

In order to validate an individual’s Identity and ensure security to not only the company but also the IPO sale as well, Shufti Pro lends a dependable arm by being a reliable Digital KYC and AML operator. Shufti Pro facilitates IPOs in providing all identity and document verification services under a greater Identity Management Suite. In specific, when a potential contributor or investor comes forward, Shufti Pro possesses the required procedures of CDD – Customer Due Diligence and EDD – Enhanced Due Diligence in place, as a part of it’s greater KYC narrative.

For small or high stake companies undergoing an IPO,  a dedicated KYC platform like Shufti Pro offers quick real-time processing for Identity verification – saving valuable time in the process and quicker investor on-boarding. A versatile system like Shufti Pro is an adequate fit, providing a scalable solution with maximum usability of the internet for enhanced customer facilitation. Shufti Pro will verify identities by requesting the customers to face a camera and then show an ID documentation, focusing in on the Picture, DOB, Name and Proof of Address(if applicable).

The AI technology will identify any potential shortcomings in documents or facial mismatch and display results accordingly. Thus, reducing the chances of fraud taking place with IPOs, by minimising the accessibility to only authentic identities with valid documents to be worthy enough to participate in the IPO.   

Accepting Inevitables

Fraud posses a universal threat to all global institutions, whether they may be financial or major companies undergoing an IPO. In a process that puts its stock image and financial presence in jeopardy, the likelihood of fraud is an imminent cloud atop firms and companies alike. A dedicated Digital KYC platform can drastically help mitigate risks and ensure that a company’s IPO process executes smoothly with added legitimacy of investors, along with being ‘All Clear’ with international Regulatory authorities.

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Nordic Banks brace for Digital KYC with centralized Database

Five major Nordic banks have formed a partnership to establish a company that will compile a centralised database for Digital KYC services. In order to ensure greater transparency and identify financial risks that can create regulatory penalties for these banks, KYC was considered to be an ideal candidate by the bank executives. A shared facility will not only provide wider data bank for banks to utilise but it is also targeted to reduce development cost and maintenance charges for each banking organisation.

The Joint venture will be known as Nordic KYC Utility and will solely be focused on development of an “efficient, common, secure and cost effective” platform for sharing confidential and personal information. The vetted data will be provided by customers for opening an account or to perform transactions and funds’ transfer.

Why Digital KYC for Nordic Region?

Nordic KYC Utility will be opening shop to provide KYC services not only to the founding banks but to large and midsize nordic corporates as well. The management of the founding banks plans to offer KYC services to third parties as well, once the entire database is fully functional and operational. KYC is the easiest method to verify the identities of future customers and sort out the bad apples before receiving a regulatory penalty for handling business of customers or enterprises that are deemed as financial risks by financial regulators. Financial watchdogs around the globe want banks and financial institutions to tighten their business practices in order to identify their users. It further helps in gathering information about why these customers are in need of banking or financial services and what kind of niche those businesses/individuals belong to. It helps regulators to find out the needles of financial criminals in the haystack of businesses and banking customers.

A Unified Platform for Digital KYC

The approach adopted by Nordic banks, i.e. a unified database for KYC compliance, is also being seen as an efficient alternative to the otherwise time consuming and multi-format KYC services available at different banks. As the founding members of Nordic KYC Utility are already one of the largest banks of the region, customers will be facilitated to perform KYC and get their credentials verified in a robust and uniform manner.

The formation of company is yet to be verified by the European Commission under the Merger Regulations of the European behemoth. It is expected that operations of the company and foundational activities will be charted out once an approval is received from authorities that is expected by the end of Q2, 2018.

When we talk about Digital KYC services, there is a strong case made by an up and coming SaaS product – Shufti Pro. It is an end to end verification service that is perfect for any banking or financial institution, which is looking to adopt KYC services in any part of the world. Powered by Artificial intelligence and machine learning algorithms, Shufti Pro can verify identity of every person in the world and validate credentials of a person within industry best time of 30-60 seconds. KYC services by Shufti Pro can verify identity documents in any language, belonging to any country of the world. Shufti Pro can also integrate easily with the pre-existing systems through its flawless API and SDK integrations. AML Compliance and Customer Due Diligence are added features of Shufti Pro for banks and financial institutions that want to completely rid their operations from any financial crime risk.

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shufti-pro cryptology partnership

Cryptology partners with Shufti Pro For KYC Services

BATH, UK – (June 20, 2018) – Cryptology is an online crypto exchange that has joined hands with Shufti Pro to utilise cutting edge KYC services provided by Shufti Pro to verify the identity and financial details of its members.

Cryptology is one of its kind start-up company that envisions to make exchange of cryptocurrency hassle free for its users. Currently operating through its web and mobile apps, Cryptology plans to extend its business operations to touch new horizons, in near future. With easy to use interface that supports multiple wallets, Cryptology presents a virtual stock exchange for crypto enthusiasts. Working for a reliable crypto future, Cryptology is looking to resolve issues like complexity of fiat transactions, high commissions and sluggish customer support.

Partnership for KYC Services

To ensure secure transfers and in order to eliminate the risks of fraudulent activities or fake users on their newly launched crypto exchange, Shufti Pro was chosen by Cryptology. Shufti Pro will be providing PCI compliant KYC Services on their web app platform, via its RESTful API. The distinctive features of KYC services from Shufti Pro will allow Cryptology to verify credentials of its users from all around the globe. Shufti Pro also provides universal language support, further enabling the outreach of Cryptology as a cryptocurrency exchange.

Fraud prevention and risk mitigation are not the only features that Shufti Pro brings to this partnership. The Artificial & Human Intelligence Hybrid system of Shufti Pro also provides real time verification so that the users of cryptology don’t have to wait for hours before their identity and financial credentials can be verified. Flawless API integration of Shufti Pro with Cryptology’s web app will create a hassle free UI/UX for the members.

Talking about the partnership with Cryptology, CEO of Shufti Pro, Mr. Victor Fredung said that, “We are proud to have partnered with an upcoming venture like Cryptology. Their business model was in need of a reliable identity verification system that also provided a seamless integration with their system. Shufti Pro ticked all those boxes. Not only that, but the scope of our worldwide services and universal language support means that any person sitting in any part of the globe, having credentials in any language, will be able to buy and sell cryptocurrency on Cryptology app. Now that is what we call a giant leap towards a crypto future.”

On the other hand, COO Cryptology, Mr. Anton Kalinin has this to say about the partnership: “Cryptology.com is a next generation cryptocurrency exchange that makes fiat and cryptocurrency trading easy and secure. Our user friendly web platform provides attractive conditions for professionals and offers an option of a mobile app for those wanting to trade on the go.

Guys from Shufti Pro did exactly what we expected them to do, automating KYC and letting us grow faster. They were the first to respond to our cooperation request! We are totally happy to have chosen them and definitely look forward to continuing our highly productive cooperation.

Implementation of KYC services for a cryptocurrency exchange is a bright sign for people who want to benefit from huge potential of cryptocurrency without risking their investment capital or identity credentials. PCI and GDPR compliant identity verification services from Shufti Pro will also ensure that the data shared by Cryptology customers and members for verification will be fully secure and cannot be breached by any brute force.

_______________________________________________________________________________________

About Shufti Pro

Shufti Pro is an emerging name in identity management and KYC/AML. It was founded on 31st October, 2016 in Bath, UK. The goal of the company is to enable its clients with seamless customer experience, fraud prevention and undeterred revenue generation. The company offers state of the art SaaS, which engages Artificial Intelligence and Human Intelligence. Businesses can now conduct easy digital verification processes with lesser friction and more advanced technology. Currently offering its services for all countries of the world along with Universal Language Support, the company is located in United Kingdom with its global office in Sweden. Please visit Shufti Pro here.

Shufti Pro Limited

info@shuftipro.com

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

About Cryptology

Cryptology is a team of crypto enthusiasts looking for ways to offer mass access to the crypto market through a marketplace that would cater to all needs at once.Company’s main goal is to simplify the digital & fiat currency exchange transactions for all users. Cryptology strives to create a single platform bringing together fiat transactions and a variety of tokens. Complex procedures will become a thing of the past, as users will be able to buy tokens with fiat currencies. Everything you need will be available on a single platform. You won’t have to deal with high commissions on fiat transactions, difficult KYC procedures and slow support.The key advantage of Cryptology is its own payment system that allows them to manage fiat transactions and offer users, a competitive service fees.

Digital Kyc

South Korea want Crypto Exchanges to adopt Digital KYC and AML Compliance

South Korea is soon going to adopt regulatory measures to bring in crypto exchanges under regulatory compliance. Financial authorities like Korean Financial Intelligence Unit (KFIU) and other domestic financial regulators will make sure of the fact that crypto exchanges are using Digital KYC and AML Compliance practices to run their operations. Recently a move was instigated by the financial authorities in South Korea to clamp down on terror funding and money laundering activities. Earlier, they wanted to increase oversight on the operations conducted by banking and financial sector only. They intended to introduce stricter compliance guidelines to make these banks and financial institutes adopt KYC and AML Compliance measures. Later on, they decided that crypto-exchanges must also be brought under the regulatory scrutiny of organizations like KFUI. This official step will surely be in the right direction as it will pave the way for legitimizing of crypto exchanges and crypto currencies in South Korea.

Digital KYC for Korean Exchanges

Korean authorities are concerned by the non-regulatory functioning of crypto exchanges and trading of cryptocurrencies. They consider crypto exchanges and fiat currencies a viable platform that can be easily exploited for financing terror related activities or to launder illegally earned money.

Talks have been going on inside South Korea to introduce much stricter regulations on banks to make them answerable for large scale transactions and unnamed accounts. Proper verification of account holders and transaction destinations was being demanded by financial regulators to introduce a much more effective financial regime. To further the cause of a transparent financial landscape, it was suggested that crypto exchanges should also be brought under the guise of financial regulators as every company in the industry has been performing as a communication vendor after paying a mere $40 license fee.

KYC services for Crypto exchanges operating in South Korea will allow regulators like KFIU to better monitor the individuals trading virtual currencies through these crypto exchanges. With the entire industry being recognized as a regular industry and thus being regulated with necessary guidelines, legitimate status will be earned by the entire sector.

AML/CTF Measures for Korean Crypto Enthusiast

At the moment it is not clear that what kind of AML Compliance will be expected from crypto exchanges and there might be some apprehensions in overall market trading for crypto currencies, but one thing is clear: an AML compliant industry that is committed for CFT will go a long way for greater trust among customers. It will also ensure a global outreach to investors who want to invest or trade cryptocurrencies on a platform that is officially compliant and vigilant against financial risks. It is totally understandable that virtual currency exchanges can carve out a whole new different future for themselves if they decide to not only comply with regulatory guidelines of KFIU but even build on them to adopt a systematic approach to curb out financial risks.

Shufti Pro is an end-to-end verification SaaS product that offers both Digital KYC and AML Compliance. This AI powered ID Verification service can recognize documents and credentials in every language of the world and can verify the identity of a person in every country of the world. Korean crypto exchanges that are looking for a reliable verification products to bring them in line with regulatory oversight of KFIU and other domestic regulators must try Shufti Pro. With an industry best processing time of 30-60 seconds, Shufti Pro has already partnered with some of the most reputable crypto exchanges of the world for providing KYC and AML compliance solutions.

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Digital Kyc For Icos

KYC Services For ICOs – Why you need to have them now?

KYC services play a vital role in conducting an ICO in more than one way. They can make the entire process transparent and can boost the credibility of the company intending to hold that ICO. Digital KYC services also assist the organizers to blacklist individuals that can pose financial crime risk for the initial offering.

More and more ICOs are raising funds and a culture of trust is being built between investors and blockchain based ventures conducting these ICOs. This trust is depicted by huge sums of money raised by ICOs belonging to different categories of technology. Here are the top 5 categories, number of ICOs belonging to these ICOs and total amount of money raised by these ICOs for a successful launch of their venture


                                                                                                                    Source: ICOBench

Here are some of the detailed reasons why every ICO must involve a trustworthy KYC service provider like Shufti Pro.

Regulatory Compliance

ICOs are attracting huge interest from regulators of financial world. They are interested that who are the people showing interest in these ICOs and what is the source of their wealth that assist them in making investment in these ICOs. In the hindsight, this interest is not entirely ill-placed. ICOs and cryptocurrency has been attracting lot of criminal elements to transfer their funds from one corner of the world to another. Then there is the case of money-laundering activities being done under the guise of cryptocurrency by several individuals.Involving services of a 3rd party KYC services provider can enable ICOs to offset heat from financial regulators

Actually Know Your Customers

KYC services are like bouncers at the front door of a club. You only allow those customers that are actually going to spend money in your ICO and are genuinely interested in buying a monetary interest in your investment venture. Digital KYC Services will also help reduce the risks by customizing screening criteria, so that you can be specific in eliminating financial risk persons from your ICO. This will help you safeguard the reputation of your up-and-coming venture.

Reliability and Credibility

When KYC Services are integrated in an ICO, it helps the offering entity to earn reliability and credibility among its future investors. They consider the company to be serious in performing a transparent initial offering. After all, appearances have a lot to do with the popularity and credibility of a venture like ICO. Volatility of cryptocurrency has already created lot of doubts about such ventures but when a company employs technology like KYC to ensure an indisputable offering, it will benefit from it in longer run as well. Pumping and dumping phenomenon can surely be reduced by this risk mitigation process, resulting in better ROI for investors who trusted the potential of your product at the time of ICO.

Legitimate Funding

Next generation technologies like KYC combined with AML Compliance, as provided by Shufti Pro, will give full trail of the funds collected by any ICO. Regulators will be answered aptly about the funds raised by your venture and thorough background checks will help you screen out persons, entities and companies that pose financial risk for your ICO. Shufti Pro has a databank comprising of 1000 whitelists and 3000 databases that is updated every 14 minutes. This huge databank is used to perform background checks for AML compliance that will help reduce the risk of regulatory scrutiny.

How Shufti Pro can Help with KYC for ICOs?

KYC for ICOs solutions are offered by Shufti Pro with a lot of room for flexibility. Simple ID verification can be availed to ensure that users with only authentic official IDs are allowed to participate in an ICO process. Shufti Pro can validate official identity documents issued by more than 225+ countries and published in 150+ official languages. Shufti Pro also has the ability to perform ID verification using OCR technology with its InstantCapture solution. In this identity verification solution, personal information of a potential investor are scanned directly from their official identity document and is then automatically uploaded in to the verification form, that is forwarded to Shufti Pro for authentication after formal approval from end-user.

There are many features and aspects of KYC for ICOs solution from Shufti Pro that demand that you seriously consider integrating it with your upcoming ICO. Some of these features are:

  • Proof of Verification
  • Available in 225+ countries
  • Restful API and mobile SDKs for integration
  • Multiple Verification formats
  • Pay as you go pricing feature
  • No minimum verification volume

Looking at all the above features, a strong case be built not only around the advantages of ID verification but also Shufti Pro being the preferred choice for identity verification services.

Digital Kyc Services

How Real ID Act enables Digital KYC Services for US Customers?

Digital KYC Services for US based customers are in debt of Real ID Act as it streamlined the process of issuance of identity verification documents. Real ID Act was able to introduce basic standards to assist US States when they issue a driving license to their citizen or any other relevant identity verification document. 9/11 was a big influencer in the introduction of this act as the commission made for investigation of the catastrophe gave the suggestion to introduce a uniform system of issuing IDs to citizen. They suggested a federal legislation that will not be binding on the states to follow but will serve as fundamental groundwork to establish verifiable documents for the citizens of United States.

Why Real ID Act was needed?

Before the introduction of Real ID act in 2005, there were stark differences among driving licenses and other IDs issued by states to their citizens. Some of them used sophisticated method to discourage identity theft and fraudulent activities while others used outdated techniques to issue same documents. This created a haphazard ID regime which was not only inefficient but also created financial and criminal loopholes. Although, introduced before Digital KYC services became all the rage but Real ID Act also enabled businesses and companies to ascertain the identity and credentials of their customers.

What does Real ID Act entail?

The intention of Real ID Act was very simple: Stop the practice of making secure yet fraudulent IDs and driving licenses. In hindsight, this is the intention of Digital KYC Services as well. Real ID Act wants states to adopt technologies and practices that eventually lead to issuance of secure identity documents. According to the legislation, a standard ID must have following characteristics:

  • It must be machine-readable
  • Must include 2-D barcode

Within that bar code, following information must be stored

  • Expiration Date of document
  • Full Legal Name of document holder
  • Data of transaction
  • Data of Birth of document holder
  • Gender of document holder
  • Address of document holder
  • Unique driver’s license or Identification card number (whichever is applicable)
  • Card Design Revision Date
  • Inventory control number of physical document
  • Name of state or territory that has issued the document

Now as you can see, an identification document containing all this data will be sufficient to verify the identity of a person. In order to ensure the credibility of the document itself, the machine readable nature and 2-D barcode are satisfactory.

In order to further fortify the security of these identity documents, there are other measures suggested to be made part of these documents that will hinder tampering of documents, production of counterfeits or for duplication of genuine documents.

KYC Services Supported by Real ID Act

Although, there are many states who are yet to fully comply with Real ID Act, but the overall response to the process has streamlined the way for Digital KYC services. With machine readable driving licenses and 2-D barcode carrying  vital information, each customer can be verified against the credential that they have entered while making an online purchase or for opening a bank account.

The rate of online fraud and the risk of online identity theft has also reduced substantially because of Real ID Act as not only the law enforcement agencies have been able to identify personnel through a unified system of identity verifying documents but Digital KYC services providers have been able to verify the real identity of a user because of technologically advanced documents. This act has enabled Digital KYC services to verify following:

  • Identity of an Individual
  • Age of an Individual
  • Address of an Individual

So, to put it in nutshell, Real ID Act has assisted companies like Shufti Pro to provide seamless identity verification services for US based businesses. It is one of the finest examples of real world legislations supporting the technological world in order to ensure transparency and ease of business. Because of Real ID Act, technologically advanced identity documents are now issued in US States that can be verified by Shufti Pro in 30-60 seconds with 100% accuracy.

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Asia Pacific Kyc

Shufti Pro Expands its KYC Services to APAC Region

Bath, United Kingdom – May 9, 2018 – Shufti Pro, the PCI certified, AML and KYC Services provider expands global outreach by venturing into key Asia Pacific economic markets!   

Shufti Pro, the go to name for KYC services, is delighted to inform that their emerging and competition defying ID and Document Verification Services have expanded to include three more Asia Pacific countries – Japan, North Korea and South Korea.

On the other side of the planet, Europe Middle East Africa – EMEA region has seen the addition of Greenland, Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, D R of Congo and Niger. Shufti Pro has started offering state of the art online ID verification services in these countries as well.

APAC and Scope of KYC Services

Accounting for almost 60 percent of the worldwide population with various countries at different stages of economic transition, the region is all set for a decade of promising growth. According to a report by UN, economies of the Asia Pacific region registered robust growth in 2017 and prospects for the 2018 financial year look very favourable yet again.

Fintech giants and veterans are eagerly eying APAC, as there is a huge potential for innovation in the financial sector. Almost forty percent of the market share is uncapped resources waiting to be exploited for inclusion in the mobile net user base. It should not be forgotten that telecom technologies and services itself account for 5.3% of APAC’s GDP that equates to a mammoth sum of 1.5 trillion in economic value. It is predicted that this economic sum will increase to $1.6 trillion (5.4% of GDP) by 2020.

“Shufti Pro’s core mission is to be the front runner in the heavily contested KYC compliance market. We’re very excited in expanding into key strategic markets of the APAC region. We aspire to establish long-term relationships with prospective clients as we expand into the market, providing unparalleled digital verification services” said CEO of Shufti Pro.

Vitality of KYC Services from Shruti Pro for APAC

This untapped market makes is perfect for Fintech as it brings in the power of the internet. This futuristic technology combines this large scale of potential mobile user base for innovative RegTech delivery. More and more businesses automate towards providing better services to their customers, on an array of applications that include financial services, AML/KYC compliance, information sharing, online gaming etc.

Asia Pacific regulators are allowing firms to accept digital forms of identity verification. Financial institutions struggle to find an adequate balance of AML and KYC compliance, while maintaining optimal online user experience. Not only does Shufti Pro provide flawless AML and improved KYC services to clients, but also a seamless user experience through minimal human intervention.   

The trend and viability of online identity verification is growing in the ASIA Pacific region, as the need to establish genuine identity of an individual becomes of crucial importance. A research conducted by GBG, highlighted that 95% of Australian financial firms are concerned with their ability to identify identities and above 90% place a crucial priority in performing identity checks.  

As with any online transaction, anonymity is the biggest challenge for financial institutions to tackle. The requirement for establishing trust online, calls upon for the process of identity verification as an integral element of any business entity. In a time of prevalent financial fraud and identity theft where banks, crowdsourcing platforms, fintech companies transact money digitally, put themselves at risks. The adoptions of the AML and digital KYC compliance has become a mandatory requirement for businesses. Failure to comply, could lead to serious consequences for the institution found in violation.

Bottom line

The nature of fintech companies, requires them to operate on a global level for increased productivity, by having the infrastructural ability to validate documents from as many countries as possible. As of April 2018, Shufti Pro has extended its KYC service to a total of 225 countries. To attain such a feat in a short span of time, signifies a capable team and a robust Artificial Intelligence technology running at its core.  

In light of APAC, Shufti Pro ideally aligns itself alongside the region’s purchasing potential and capacity. As majority of the nations in APAC are developing countries, having a solution that fills in the gap with 16% lower offering rates than nearest competitors, ensures a flawless adoption of KYC services at much more affordable prices.


About Shufti Pro

Shufti Pro is the upcoming entrant in identity management, KYC services and AML. The company saw inception on 31st October, 2016 in Bath, UK. The primary goal of the company is to provide its users with optimal customer experience, while maintaining highest levels of fraud prevention. As a company, it offers industry perfected SaaS that integrates a superior blend of Artificial and Human Intelligence. Operating in access of 225 countries and over 200 languages, businesses can now undergo hassle free digital verification processes, with least friction alongside unparalleled technology. The company is located in United Kingdom with its global office located in Sweden. Please visit Shufti Pro here.

Shufti Pro Limited
info@shuftipro.com

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

Identity Verification

How Identity Verification Services make Regulatory Compliance Easier?

Financial institutions and banks have ended up in a loop of dumping billions of dollars because of ever-tightening regulatory compliance especially in regards to identity verification services and data protection. GDPR becomes mandatory in next few days for all the companies who want to operate in European Union. There are country-wise data protection and banking compliance regulations that are also needed to be taken care of by MNCs and financial institutions wishing to expand into those markets. FINMA regulations in Switzerland and FINTRAC compliance in Canada are few examples of these country specific guidelines.

Regulatory compliance fines over the years have cost financial institutions billions of dollars but the same banks and institutions were already spending billions of dollars for introducing structural changes to make their practices pro-regulations and pro-compliance. So if money is not going to solve the issue of regulatory compliance for banks and financial institutions than what is? The answer is pretty simple: A robust, cutting edge, end-to-end Digital Verification system. It not only reduces the processing time but if a right service provider is chosen, it can enable financial organizations to go about their usual business without having to worry about regulatory compliance and fines that come with these regulations.

Identity Verification Services

An intergovernmental body called The Financial Action Task Force suggests banks and financial organizations following  steps, to make identity verification services more effective for overall compliance observance:

  • Verifying the account owner’s identity
  • Understanding and obtaining information on the purpose and intended nature of the business relationship
  • Ensuring through ongoing analysis that transactions are “consistent with the institution’s knowledge of the customer, their business and risk profile, including where necessary, the source of funds”

Ever since 9/11 attacks, the clamp down on Terror Funding has also raised the stakes for financial institutes and international banks to ensure that the funds they are handling do not end up in wrong hands. FINMA and FINTRAC regulations have strict protocols to ensure that the money being transferred through the banks, working within their respective countries, are in no way related to a terrorist outfit or in hindsight, a person fronting for such organizations.

FINTRAC Regulations

FINTRAC regulations are applicable within the territorial confines of Canada offering protection not only against money laundering but since December 2001, this anti-graft government body has stepped into curbing terror financing as well. In 2006, customer identity verification also became a vital aspect of FINTRAC’s mandate. Today FINTRAC requires its regulated entities to submit following information in order to conduct business in Canadian territory

  • Suspicious Transactions
  • Suspected Terrorist Property
  • Large Cash transactions
  • Outgoing or incoming international Electronic Funds Transfer over 10,000 Canadian Dollars within a 24 hour period
  • Cross border currency reporting

GDPR Compliance

KYC services or providing top of the line Identity verification is useless without protecting the data of the customers held by financial institutions, even if for verification purposes. This is because such vital information also makes financial institutions and organizations prone to data breaches and even misuse of data by the holding organization itself. This led to the launch of GDPR in the first place by EU to ensure digital rights of its users and their digital data as well. Some of the bindings of GDPR are:

  • Encryption of personal data
  • Seeking consent of the person whose data is being stored
  • Data must be obtained for specific, explicit and legitimate purpose
  • Individuals must be able to withdraw consent and can force organization to forget about them

Identity Verification Service, when provided through a full proof system, can safeguard financial institutions and banking industry from any monetary penalties without having to spend billions of dollars worth of annual compliance budget. Shufti Pro is such a product that can easily perform end-to-end digital identity verification in real time and can support banks from any part of the world, operating in any language because of its Universal Language Support. Powered by 1000 whitelists and 3000 databases, AML compliance also becomes easier for financial institutions working under the regulations of FINMA, FINTRAC or GDPR.

Identity verification services not only streamline customer onboarding but it also plays a pivotal role in monitoring suspicious funds transfer, assessing risk for handling the funds of a particular organization/individual and better adoption of due diligence. Identity Verification is not only go-to-technology for financial institutions who want to avoid frequent fines from regulatory bodies but they also safeguard overall interests of customers as well by eliminating the risks of fraud, identity theft and account hacking. Identity Verification can enable banking sector to provide financial services in a more transparent and secure manner, without making any compromise on regulatory compliance.

Digital Kyc AML Compliance

Shufti Pro – Pioneer in automated Digital KYC and AML Processes

Shufti Pro has become a leading identity verification service in a small amount of time because of its robust digital KYC services and AML process. With Artificial Intelligence set at the heart of Shufti Pro, automated verification has reduced the processing time to verify the identity and credentials of users. Employing modern day tech and machine learning techniques, Shufti Pro has established a full-proof Digital KYC system that can make every person on the face of planet 100% verifiable within 30-60 seconds.

Shufti Pro focuses not only on an automated system but also ensures safety of data collected for verification. PCI compliance and GDPR authorized services of Shufti Pro puts it at position of strategic advantage which can be leveraged for higher productivity without compromising quality of services. 24/7 access available in all countries of the world with Universal Language support means that Shufti Pro services are unmatchable when it comes to Digital KYC.

Automated Digital KYC

Shufti Pro provides its Digital KYC services through various means like

  • ID Check
  • Identity Check
  • Documents Check

Digital KYC Services from Shufti Pro not only covers all the above aspects of customer’s identity verification but it also provides proof of verification to ensure transparency. A recorded video stream, sequence of images and 24/7 access to customer data ensure that Shufti Pro’s clients are always in control of the identification services that they are paying for. Flawless API and SKD integration means that Shufti Pro will merge with your online portals and apps without causing any hassle for your users.In order to provide multi-faceted digital KYC services, Shufti Pro offers both Video Verification and Still Verification. Shufti Pro have made a comprehensive system of identity verification and left it on its valued clients, that what kind of identity verification services their business require.

AML Compliance

Real time background checks performed by Shufti Pro makes it a reliable AML Compliance tool for organizations operating in Banking & Finance domain. Instead of wasting human resources on manual verification, financial sector can make use of end to end verification services by Shufti Pro. AML Compliance services from Shufti Pro are cost effective and comprehensive at the same time.

Banking on the huge data compiled from 1000 checklists and 3000 databases, Shufti Pro enables organizations to forecast and identify financial risks and frauds. Thorough cross-checkings from huge data bank – updated every 14 minutes – ensure a durable oversight for customer onboarding and funds transfer. Shufti Pro reduces the risk of earning penalties or monetary fines from regulators due to lack of diligence against laundering activities. It provides protection against financial crime risk by:

  • Filtering customer data
  • Checking for Politically Exposed Persons (PEP)
  • Verification of sudden increase in  funds
  • Flagging of suspected users

Technologies that make Shufti Pro Top of the Line

Shufti Pro is a power house when it comes to governing technologies. Not only does it encompass Artificial Intelligence but it also incorporates Human Intelligence, creating a  Hybrid Intelligence for an error-free Digital KYC System. Machine Learning Algorithms are used to convert images, text data and credentials into binary data that is then cross-checked with the original source. This intelligently designed system of Shufti Pro can detect

  • Photoshopped / Counterfeit Items
  • MRZ Codes from Passports
  • Hologram Detection using artificial neuron vision
  • Picture Edges to verify authenticity of documents
  • Micro Expressions of the users
  • Face Liveness to detect a real person
  • 3D Tracking

As a pioneer of end-to-end Digital KYC System, Shufti Pro is pushing the envelope by utilising Artificial Intelligence that has 99.6% precision of verifying the identity of an individual.Chances of false positives is substantially reduced with Shufti Pro as it has the power to detect any discrepancy in format, information or visual data provided by the user. Shufti Pro uses best practices of machine learning to provide superlative Artificial Intelligence making the Digital KYC of Shufti Pro second to none.

Conclusion

Shufti Pro is a full-proof system for companies that want to indulge the services of a Digital KYC provider that understands the challenges of identity verification. Round the clock human intelligence support, verification services for every country of the world and support for every language are all the features that help Shufti Pro to stand out from its competitors. Just pay one time setup fee, without any commitment for minimum number of verifications, and after that pay as you go. Shufti Pro is a comprehensive digital platform covering both KYC services and AML compliance at the same time.

Shufti Pro partners with BITTIGER

Shufti Pro Extends Digital KYC Services To Silicon Valley based Venture – BitTiger LLC

 

Bath, United Kingdom – May 14, 2018 – Shufti Pro, the PCI certified, AML and Digital KYC services provider, announced today their partnership with BitTiger LLC.

Shufti Pro, the emerging go to name for KYC compliance, is ecstatic to be acknowledged as the official Know Your Customer (KYC) collaborator for BitTiger. An online learning medium, providing high tech educational courses for global students to undertake at affordable rates. Shufti Pro will be extending it’s Digital KYC services which can perform remote identification of students who are scattered around the globe. The process is assisted with comprehensive compliance policies which Shufti Pro adheres with.

BitTiger was formed with the vision to fill in the potential gaps between traditional education institutions and the practical skills required to be immediately productive in the industry. Providing hands on education to students and addressing key industry specific knowledge/training deficits for clients.    

As a global platform, BitTiger required a solution that proved to be robust and equally scalable according to their target requirements; which was to ensure the protection of their proprietary content by verifying students for registration using Digital KYC Services.

When enquired, this is what the BitTiger officials had to comment. “Shufti Pro offers great identity verification services to meet the needs of BitTiger, for course enrolment. In order to protect the copyright of BitTiger’s educational content, we require students to verify their ID to register. Shufti Pro provided customised portals for different courses, which made it convenient for BitTiger to operate with the  high volume of customers. The built-in video identification feature is intuitive for customers, to follow the process and verify successfully. We have found the team at Shufti to be very responsive in helping with any questions or concerns.

Shufti Pro’s CEO had the following to voice on the collaboration. “We are excited to be a part of BitTiger’s initiative to prepare the next generation of tech gurus. Also, their effort to ensure that these students are trained to be ready for the latest tech jobs is a noble cause. Our partnership will add value to the portfolio of both the companies, since each is the best in their respective industry domains. We look towards a fruitful and long term business relationship with BitTiger.

Shufti Pro offers a comprehensive platform for Digital KYC services, to ensure risk mitigation and fraud prevention. Providing customers with an unmatched UX/UI interface experience, that provides least human intervention and flawless AI technology in operation. Verification and assessments are provided back with industry best sixty (60) seconds or less response times. Shufti Pro will aid BitTiger LLC by providing unmatched verification services, alongside a superior UI experience. A blend of Human and Artificial Intelligence will always make for superior result accuracy and maximum assessment for fraud prevention. To maintain an educational repute and standard, it is equally important for educational providers to validate the identities of their students and prevent any malpractice.


About Shufti Pro

Shufti Pro is the upcoming entrant in identity management, Digital KYC and AML. The company saw inception on 31st October, 2016 in Bath, UK. The primary goal of the company is to provide its users with optimal customer experience, while maintaining highest levels of fraud prevention. As a company, it offers industry perfected SaaS that integrates a superior blend of Artificial and Human Intelligence. Operating in access of 220 countries and over 150 languages, businesses can now undergo hassle free digital verification processes, with least friction along side unparalleled technology. The company is located in United Kingdom with its global office located in Sweden. Please visit Shufti Pro here.

Shufti Pro Limited
info@shuftipro.com

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

About BitTiger

BitTiger is an interactive learning platform, that provides cost effective and quick training to students in practical skills development. BitTiger prepares the students of today, to industry tailored requirements for their future employment with large tech companies. BitTiger aims to be more accessible than a university set up and more effective than MOOC courses.

BitTiger is primarily a community of Chinese computer engineers studying and working in North America. Mostly offering, Pre Recorded Courses, Project Intensives, Mastery Programs and Career Services.

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