ID Verification and KYC

ID Verification is the first step in every financial and legal customer relationship.  Financial institutions have legal obligations to ensure they know who they are serving.  The principal concern being money laundering.

Responsible lending requirements

KYC is also important in gambling and gaming, where age verification is top of the regulator’s priorities.

Identity Verification is a requirement in the public sector when acquiring key documents such as driving licences, notice of marriage, passports, birth/death certificates.

Digital ID verification challenges

This environment of smart sophisticated digital components presents firms with three challenges:

How to integrate them all together to deliver a coherent customer experience.

How to manage the wealth of data that comes back.

How to manage the ‘maybes’ – those customers who don’t pass first time, but who firms want to serve if they can.

The Objectives

Customer objectives

Being able to evidence their identity quickly and easily without the need for sending copies of ID documents.

Commercial objectives

Minimise the friction that KYC puts on the customer experience.

Risk & Compliance objectives

Meet, with evidence, MLRO and other regulatory obligations.

Operations objectives

Make the digital identity onboarding process paper free.

The PrinSIX solution

There are many excellent digital components available today that can remove the need for paper-based evidence.  Document verification and biometric verification from firms like Onfido, Jumio, Aut10tix.  Data services such as TransUnion, Equifax, Experian, GB Group, Lexus Nexus provide PEPs and Sanctions information to perform the necessary regulatory checks.

The PrinSIX Platform Orchestrates every component into a seamless customer experience that is created in days and optimised in hours. Data responses from each step are combined within decision models to ensure any indication of risk is mitigated before a customer is serves.

In environments where paper remains a source of evidence, digital upload and review can be deployed to drive efficiency and effective maintenance of evidence.

ID Verification & KYC

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