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Tag : kyc authentication

  • KYC (or Know Your Customer) is a practice in all regulated banks for customers’ identity verification. It is a necessary measure to monitor and assess customer risk. In fact, KYC authentication is a legal requirement for financial institutions as an anti-money laundering (AML) compliance measure.

    KYC authentication is a process carried out by organizations to verify the identity of their business partners and clients to stay compliant with current laws and regulations. Failure to stay on top of the KYC process can lead to significant fines for your company. Therefore, you must remain vigilant and up-to-date on your KYC process in order to stay AML compliant.

    Although there are many common mistakes every company makes in regards to AML compliance, you should avoid three critical KYC authentication mistakes at all costs.