Kyc Guide Uk

A comprehensive guide to KYC and AML compliance in the UK

What’s inside this whitepaper?

  • What is Know Your Customer?
  • What is Anti-Money Laundering?
  • KYC and AML Regulations in the UK
  • Industries that Must Comply with the Regulations
  • How to Perform KYC/AML Checks?
  • How can Shufti Pro KYC Help?

Among all the states, the United Kingdom has the most robust KYC and AML regulations. For the same reason, it is also known as the Global Leader in promoting corporate transparency by the Financial Actions Task Force (FATF). 58 AML fines were issued worldwide that accounted for $8.14 billion in 2019.

The FATF is responsible to provide a comprehensive global framework for anti-money laundering regulations and policy recommendations. The purpose of the establishment of FATF is to build an international standard for the prevention of money laundering. There are 37 member jurisdictions in the FATF and two regional organisations that represent major financial centers worldwide. The United Kingdom is a step ahead in complying with the KYC and AML regulations among other FATF members. It has the most robust KYC and AML regulations and is named as “Global leader in promoting corporate transparency” by FATF.

This guide covers all the essentials of KYC and AML screening recommended by the FATF and the steps taken by the regulatory authorities of the UK to comply with the laws. Moreover, the guide will also inform you about the industries that need KYC/AML checks and challenges for the sectors.


Growing Frauds and Financial Crime in Insurance and the Role of Digital KYC

What’s inside this whitepaper?

  • Insurance Sector – Outlook
  • Frauds and Threats in the Insurance Sector
  • Increasing Threat of Money Laundering
  • KYC and AML Guidelines for Insurance Companies
  • Digital KYC to Ensure Fraud Prevention
  • Video KYC – Another Approach for Fighting Frauds

The rising number of fraud in the insurance sector is terrifying and preventing thes ecrimes has become a strategic priority. The Financial action task force (FATF) has also warned that certain insurance products are getting increasingly attractive to criminals. The FATF says that two-thirds of insurance sector cases worldwide relate to life insurance and the general insurance still poses a higher risk as well.

The insurance brokers, often unaware of the risks, are becoming an easy target for financial crimes. Application fraud, ghost brokers, data breaches, false claim fraud, health insurance fraud, and phishing attacks have significantly increased over time. Fraud in the insurance industry steals $80 billion in all the lines. This makes KYC an essential requirement in preventing financial crime in the insurance industry.

This whitepaper will focus on why performing KYC is essential for the insurance industry and how Digital KYC by Shufti Pro can help insurance providers in this regard. Powered by advanced technologies like Artificial Intelligence (AI), these solutions flawlessly analyze the identification data of customers, establishing that they are actually who they claim to be

Banking on Biometric

Banking on Biometrics: The Future of Customer Authentication

What’s inside this whitepaper?

  • Passwords – Are They Secure?
  • Biometrics as a Means of Authentication
  • Adoption of Biometrics in Banking
  • Application of Biometrics in Banking
  • Using Biometrics for Better Customer Experience and Enhanced Security
  • Your Customers are On Board – Are you?

The financial industry flourishes on security and safety. Yet that is precisely what passwords, PINs, and other knowledge-based authentication does not offer. They can easily be forgotten, stolen or hacked. Microsoft announced that a staggering amount of 44 million users are vulnerable to account take over attacks due to compromised passwords.

One of the basic weaknesses of the passwords is that people repeat or simplify passwords for their convenience which makes them easy to guess or hack. Data breaches result in passwords being compromised and used for illicit financial and criminal activities. In the first six months of 2019, 4.1 billion personal records were exposed.

The answer is biometric authentication. In this whitepaper, we will discuss how leading financial services firms across the globe are embracing biometric technology as a means of customer authentication and abandoning old traditional security methods to provide a secure and friendlier experience for their customers.


Fully Embracing Digital Transformation with Automated AI OCR Engine

What’s inside this whitepaper?

  • State of automation in this technological era
  • AI-based OCR engine
  • How does the AI OCR engine work?
  • Different data formats from which AI OCR can extract data
  • How businesses could benefit from AI OCR technology?
  • Automate business operations with Shufti Pro OCR

According to McKinsey, businesses can save $2 trillion in total annual wages by automating 45% of current paid activities.

In this era of technological disruption, businesses are under immense pressure to fully embrace digital transformation with automated AI OCR engines. Optical Character Recognition(OCR) helps businesses in digitizing their manual data effectively. Adopting this technology, businesses can simplify everyday tasks such as onboarding a new customer, digitalizing the scanned invoices, managing accounts sheets, to name just a few.

Shufti Pro’s AI OCR engine has the ability to extract data from multiple languages including some of the most difficult languages (Arabic, Chinese, Urdu) and multiple types of documents both structured and unstructured. Shufti Pro is keen to enhance the digitization process for companies that want to go digital. With its remarkable accuracy of above 90% and secure data management, Shufti Pro’s AI-powered OCR engine can help businesses to automate their data extraction process. In mere seconds, the banking industry, e-commerce, digital payment services, and many more can extract out the user information from any type of document by taking advantage of OCR technology.


Video Interview KYC – Efficient & Secure Customer Onboarding

What’s inside this Product guide

  • How banks and financial institutions perform KYC?
  • Video interview KYC – The latest way of customer identification
  • How is video KYC different from usual KYC?
  • How Shufti Pro’s video KYC makes V-CIP secure and convenient?
  • How does the Shufti Pro’ video KYC work?
  • Video KYC – The new normal for businesses

The year 2020 has recorded around 540 data breaches, affecting a total of 163,551,023 individuals. On top of that, regulatory authorities are in constant search for the businesses who are knowingly or unknowingly facilitating money laundering and terror financing. As per Fenergo’s report, the penalties for non-compliance with KYC, AML, and sanction regulations have totalled USD 5.6 billion.

Identifications using live video calls are widely adopted throughout the financial sector by businesses ranging from banks and lenders to ICO’s and cryptocurrency providers. An identity verification system based on video allows businesses to maintain trust and compliance without compromising user experience.

Shufti Pro’s video KYC is highly advanced with OCR technology that captures data from identity documents in a live video call and AI-based face verification technology that performs liveness check. This makes the video interview KYC process secure enough that no imposter could get away with verification.