Kwik.ID

The process of customer identification and verification, which is also commonly known as KYC is a critical part of financial transactions and anti-money laundering (AML) regulations. It is needless to point out that in today's digital world, the traditional KYC process involving manual documentation and in-person verification, has evolved into a more streamlined and efficient process known as digital KYC . This has become increasingly important in the financial industry. Let’s take a look here at the significance of digital kyc here.   The Significance Of Digital Kyc: The significance of digital KYC has to be attributed to its ability to provide a more secure and efficient method for verifying customer information. It is the ideal customer onboarding kyc process; the efficiency is achieved through the application of digital tools and technologies that validate the identity of customers. This undoubtedly results in a faster, more accurate, and more secure customer on boarding

With the growth of KYC fraud in the country, digital crimes have turned out to be very strong. Therefore, it has become an immediate necessity to deal with this problem as soon as possible, especially for the sake of financial institutions and banks. The process of 'Know Your Customer' refers to verifying the identity so that any kind of illegal activity like cybercrime and money laundering can be avoided. This is also the reason why financial institutions are tightly linked with the KYC and AML requirements. To elaborate on this, there are 3 different components in KYC that support this verification process. Components of KYC to reduce KYC fraud For a better implementation of the verification process, there is the introduction of 3 different components of digital KYC . These are the pillar of the entire process and regulate the functioning of the institutions. 1)       Identity Verification (IDV) Identity verification or the IDV verifies a customer. This acts as a sh