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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digital kyc services shufti pro

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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