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iDMerit @Money20/20: The Importance of KYC Compliance

FrescoData has officially launched iDMerit, a verification gateway with the capability to verify 3.5 billion consumers across 60+ countries. The Money20/20 convention in Las Vegas was the perfect place to introduce this new service to the hundreds of corporations needing a frictionless way to positively identify their prospective and existing customers in order to minimize fraud, money laundering, and to remain in regulatory compliance. The timing couldn’t have been better, as the focus shifts from reactive chaos to solid prevention in the KYC/AML arena.

The Problem

Financial corporations, especially banks have been in the eye of the storm in recent months due to procedural compromises of customer verification. With fast growing markets in digital, online, and mobile banking, preventing fraud is a real challenge when the customer isn’t present in the brick and mortar branch to do business, even in the onboarding process.

In today’s global financial environment, KYC regulations are more stringent than ever. The requirements for verification have become increasingly complex, while the penalties for non-compliance can threaten the viability of a financially related business.

And while it is sensible to comply, creating friction in the customer transactions or customer acquisition phase negatively affects the customer experience. It’s a tricky balance.

The Method

KYC (Know Your Customer) is a process where a business can verify the identity of its clients at a transactional level as well as during the onboarding process. This is why it matters:

Prevents Money Laundering

When money is obtained in ways that are not legal but it’s made to show as if it came from a legitimate source, it’s called money laundering. This is not a victimless crime, as it affects the economy and everyone that participates in it. Anti-Money Laundering regulations are set in place so that the money trail can be followed to the source of the wrongdoing.

Combats Finance of Criminal Activities

Laundered money can be used to fund illegal activities and banks are compelled to regulate large sums of money being transferred to/from suspicious sources.

Manages and Mitigates Risk

Banks can use the information they have on their clients to create a risk profile which would allow them to assign risk categories that can help in the monitoring of transactions that might be suspicious. Monitoring high risk accounts will mitigate fraud and keep banks ahead of the game.

Prevents Identity Theft

KYC Guidelines prevent banks from creating new accounts until a client has presented a valid ID that verifies him/her as the person they claim to be, regardless of what other personal information they might have.

 

The Solution

With a vast array of services, iDMerit is a one stop shop for all verification needs:

Our Services Industries We Serve
Identity Verification Age-Restricted Commerce
Age Verification Distance Learning
Anti-Money Laundering (AML) E-Commerce
Know Your Customer (KYC) Engineering
Fraud, Risk & Compliance Finance
Behavior Monitoring Healthcare
Phone Verification Insurance
Email Verification Online Gaming
Geocoding Outsourcing
Customer Onboarding Retail
Talent Management
Telecommunications

iDMerit’s solutions for KYC allow you to quickly and easily identify high-risk applicants and then to manage them in an appropriate manner. Our electronic identity verification solutions help you meet the KYC demands for both existing and new clients.

iDMerit delivers industry-leading identity verification solutions to help your organization reduce identity theft, minimize fraud and maintain regulatory compliance. Our platform covers 3.5 billion people in over 60 countries around the world.

Want to learn more about how we can help you stay compliant? Call us, or send us an email at info@iDMERIT.com

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