The digital transformation has completely transformed financial transactions by focusing more and more on the natural and legal person. The finance provided by technology therefore requires banks to improve the experience of their customers, businesses and individuals. The first step is to offer a customer knowledge solution, allowing highly secure transactions to be carried out.
Banks are required to collect audit-proof information for legal persons and their beneficial owners and to use this data for risk classification. If the risk incurred by the customer relationship is too high, the bank must reject the customer. World KYC offers a KYC solution in the age of crypto, Fintech and globalization.
For many businesses, especially those that conduct transactions in regulated environments, such as healthcare and financial services, the customer acceptance or onboarding process is the first step. Due to statutory requirements (e.g. FATF (Financial Action Task Force) and the FATF Regional Partners, United Nations Sanctions, U.S. Patriot Act, Bank Secrecy Act, EU money laundering directive, Individual Country-Specific Compliance Rules & Regulations) the organizations are obliged to gather audit-proof information for natural (individuals) and legal persons (businesses).
For many businesses, especially those that conduct transactions in regulated environments, such as healthcare and financial services, the customer acceptance or onboarding process is the first step. Due to statutory requirements (e.g. FATF (Financial Action Task Force) and the FATF Regional Partners, United Nations Sanctions, U.S. Patriot Act, Bank Secrecy Act, EU money laundering directive, Individual Country-Specific Compliance Rules & Regulations) the organizations are obliged to gather audit-proof information for natural (individuals) and legal persons (businesses).
In the above scenario the business has defined 4 particular KYC levels:
Level 1 - only requires the fields: Email, First Name, Last Name and Date of Birth and enable the customer to do only those transactions which define Level1 as the minimum KYC Level. If the customer would like to conduct a transaction that requires Level2 KYC clearance, he or she will be asked to enhance her KYC profile to qualify for Level 2 transactions. Typically Level 1 is used to acquire new customers even though at this level there may not be too many transactions the customer can do.
Level 2 - in this case contains address information and a mobile phone number (which optionally can be verified) This level gives already a bit more confidence into the customer.
Level 3 - In this example Level 3 covers the proof of identity, which the customer can attach 2 ID documents, like any 2 of passport, ID card, drivers license, student pass, etc. As you can see the proof of identity in this case needs approval, so as a premium option the WorldKYC back-office team can verify the passport or, if available, can automate that check. A ML algorithm is helping to prevent a customer from uploading a picture of anything but a document.
Level 4 - In this case Level 4 is the proof of residency, which requires a utility bill or bank statement etc. to confirm that correctness of the address.
Most importantly any WorldKYC customer can enhance these requirements or completely change them to select their particular onboarding process and KYC requirements.
For businesses WorldKYC further provides means to create KYC records for businesses and track individuals assigned to that business, so you know even more about the persons and their role in a certain business.
Like we individuals there are virtually no limitations as to what information about a business you can manage.
