Know Your Customer guidelines and regulations in financial services require professionals to verify the identity, suitability, and risks involved with maintaining a business relationship with a customer.
KYC review is a periodical review of Bank/Corporate/Trust/Partnership entity who has a business relationship with our stakeholders. The KYC process is carried out for both individuals and organizations. KYC authentication is based on verification of identity and place of residence. The team gathers documents as per entity, which is required for the reviews, performs World- Check screening for negative news, potential PEP hits and then updates the details in the system as per the documents gathered. Thus, our team ensures (KYC) process also helps the
Stakeholders in several ways:
- Helps lenders perform risk assessment by identifying the previous financial history and assets owned.
- Limits fraud that results mainly due to hiding of identity.
- Prevents money laundering and other anti-social activities.
- Brings stability and investment to the country, as it makes the financial framework more trustworthy and less risky.
- Decreased uncertainty allows institutions to lend more to customers and increase their profits.