The first step in Anti-Money Laundering (AML) due diligence is to Know Your Customer (KYC). A financial institution (FI) promptly implements KYC processes to identify and confirm a new customer’s identification. These procedures enable FIs to evaluate the risk profile of a customer based on that person’s propensity for financial crime. KYC is a procedure that cryptocurrency exchanges are required to follow.

India has recently implemented Anti-Money Laundering (AML) standards on cryptocurrency and crypto exchange platforms, specifically focusing on transaction accountability. This move comes as India aims to regulate and monitor the rapidly growing cryptocurrency and crypto exchange industry, which has been a topic of controversy due to its association with illegal activities such as money laundering and terrorism financing.

In today’s global economy, businesses are required to comply with stringent regulatory frameworks that necessitate identity verification for their clients. The process of verifying customer identities, commonly known as Know Your Customer (KYC), can be a complex and time-consuming task for businesses.

Onboarding merchants is crucial for ongoing development if you’re a merchant acquirer or payment service provider (PSP). Of course, you want more businesses since they generate more sales. On the other hand, bringing on dubious merchants that are likely to approve fraudulent transactions merely leads to fees and losses that have an effect on your bottom line. The world of payments is expanding quickly and changing all the time as fraudsters become more skilled and fraud assaults rise.

Due to the importance of its data, frequent audits, and the fines and financial implications of fraud, the banking and financial services sector is subject to some of the most stringent rules and monitoring in existence today. Technology platforms, procedures, and policies that guarantee your organization’s compliance and security are essential to keeping ahead in the banking industry in the digital era.

The Election Commission of India issues the Indian Voter ID Card (officially known as the Elector’s Photo Identity Card (EPIC)) to adult Indian citizens who have reached the age of 18. It is primarily used for identity proof of Indian citizens when they cast their votes in local, state, and federal elections held in the nation. It may also be used for identity verification of name, address, and age verification for other needs like getting a SIM card for a phone or applying for a passport.

Definition: Automated onboarding is a process designed and scripted before user onboarding. It is an entire user or customer onboarding process that doesn’t require real-time human interaction and is frequently supported by in-app messages and instructions that are specifically created to ensure a positive onboarding experience and, therefore, customer satisfaction.

Making sure you are collaborating with reputable and legal partners/merchants is essential for business owners. Verifying your potential merchants’ GST identification numbers (GSTINs) is a crucial step in the digital onboarding process. Thankfully, the GST verification API has made this procedure simpler and more effective.

Identity fraud is on the rise, and con artists are getting more skilled. 52% of businesses reported experiencing fraud in the previous 24 months, according to a PwC-commissioned poll. 10% of them even claimed that their most disruptive occurrence cost them more than $50 million in financial terms. Personal data is being sold on the dark web, accounts are being hacked, and phishing emails are being sent.

It is common in India to ask for a driving licence for proof of identification be it for renting a house or giving away a bride, it is the longest-standing ID for Indians after Voter’s ID. By using a digital driving license verification solution, checking driving licence numbers can be done remotely, and only verified customers or users can be allowed access to digital platforms, online services, and secure shared economy services like renting a car or booking a hotel online.