Each client is required to provide credentials to prove identity and address. KYC checks are done through an independent and reliable source of documents, data, or information. Stricter KYC/CDD processes are helping to stop that. In the U.S., Europe, the Middle East, and the Asia Pacific, a cumulated USD26 billion in fines have been levied for non-compliance with AML, KYC, and sanctions fines the past ten years (2008-2018) - let alone the reputational damage done and not measured.Īccording to the United Nations, criminals are laundering between $1.6 to $4 trillion annually (2 to 5% of global GDP). In case of failure to comply, heavy penalties can be applied. KYC compliance responsibility rests with the banks. ![]() KYC process includes ID card verification, face verification, document verification such as utility bills as proof of address, and biometric verification.īanks must comply with KYC regulations and anti-money laundering regulations to limit fraud. ![]() These client-onboarding processes help prevent and identify money laundering, terrorism financing, and other illegal corruption schemes. ![]() KYC procedures defined by banks involve all the necessary actions to ensure their customers are real and assess and monitor risks.
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