KYC (Authentication)

KYC (Authentication)

KYC Control

KYC or KYC checking is a mandatory process to identify and verify the customer's identity when opening an account and periodically over time. In other words, Financial Institutions must make sure that their clients are who they actually claim to be.

If the client fails to meet the minimum KYC requirements, Financial Institutions may refuse to open an account or terminate the business relationship. Why Is the KYC Process Important?

KYC procedures defined by the Financial Institution include all the necessary processes to ensure that their customers are real, assess and monitor risks. These processes help prevent and identify money laundering, financing terrorism, and other illicit fraud schemes.

KYC process;

-Identity card verification,

-Face verification,

-Document verification such as invoices as proof of address and Includes biometric verification.

Financial Institutions must comply with KYC regulations and anti-money laundering regulations to limit fraud. KYC compliance responsibility rests with Financial Institutions.

Failure to comply with this may result in severe penalties.

KYC checks are carried out through an independent and reliable document, data, or information source. Each customer needs to provide credentials to prove their identity and address. What is EKYC (Electronic Know Your Customer) or RKYC (Remote Know Your Customer)?

Electronic Customer Identification or Remote Customer Identification or e-KYC means online customer authentication. It requires additional modules such as identity hologram test, secure document signing, and vitality test in addition to identity, document, and biometric recognition processes in accordance with the process determined by each institution for customer acquisition.

e-KYC also covers the extraction of information from identities (OCR or NFC mode), the extraction of digital data from physically existing government-issued smart IDs (with chips), or the use of certified digital IDs and face recognition for online authentication. KYC and Customer Due Diligence Measures

KYC policy is a mandatory framework for banks and financial institutions used in the customer identification process.

In order to comply with international regulations against money laundering and terrorist financing, strengthened “Know Your Customer” procedures must be followed at the first stage of any business relationship when registering a new customer.

Banks and Financial Institutions generally frame KYC policies that include the following four main elements:

-Customer Policy

-Customer Identity Procedures (data collection, identification, verification, control of politically exposed persons/sanction lists),

-Customer Identification Program (CIP)

-Risk assessment and management (due diligence is part of the KYC process)

-Constant monitoring and record-keeping

This includes verifying the identity of a customer, including, for example, a national identity document with a document reader and advanced document verification software. About Techsign Know Your Customer Solution

Identity Card Recognition and Verification(ID, Driver's License, Passport)

Document Recognition and Verification

Device and Environment Control

Agent Video Call

Vitality and Hologram Test

Blacklist & Whitelist Control

Face recognition

Biometric Verification After Customer Acquisition

Artificial Intelligence Customer Acquisition Chatbot

Fully Automatic / Semi-Automatic Customer Acquisition

Verifiable Biometric Signature