It has often been seen that a person believes what he/she hears or is subjected to instantly due to being spontaneous which is quite good for anyone but talking from a business perspective, a proprietor must be composed and able to recognize distant variables. In businesses, customer onboarding via merely KYC (Know Your Customer) verification sometimes does not provide enough data to move forward.
In this age of content manipulation and deception, IDV solutions provide (Know Your Customerâ€™s Customer) services where an entity or a financial institute can ensure that along with a direct client, the connected party with him/her is also genuine and lawful.
Difference Between KYC and KYCC Verification
There is no such difference between both authentication processes. Itâ€™s only just that in the procedure of Know Your Customerâ€™s customer, the AI-powered validation KYCC solutions for a business confirms the identity and performs AML checks on the customers of their own clients. All processes of customer authentication ranging from location verification and age confirmation are conducted to satisfy the business availing the global IDV services that all their dealings and associations are risk-free and reliable.
Importance of process of Know Your Customerâ€™s Customer
Itâ€™s just like a parent can educate his/her children but cannot monitor or protect him/her at every step from potential threats, same goes with a business, one can identify the validity of a client who remains in constant touch with them but cannot take onboarding decisions for them. Know Your Customerâ€™s customer identifies any illegitimate lead attached with a particular client that cannot only tamper his/her future in the market but will spread like a contagious virus and would ruin things for all other businesses or financial institutes in relation to the victimized business.
Use cases of Know Your Customerâ€™s Customer
If the prospective client is listed in the PEP (Politically Exposed Person) index, it makes the alone profile itself a major source of risk, so for absolute confirmation, the process of Know Your Customerâ€™s customer is performed to attest that all of his partners and associates are authentic and the sources of their respective incomes are also genuine and justified as the amount of risk attached with public figures cannot be ignored in any form.
Nature of Business
The automated confirmation in Know Your Customerâ€™s Customer becomes a must when the clientâ€™s business is age-specific or the main target of money launderers and terrorist units. It includes organizations producing products like alcohol, tobacco, depressant medicines, cannabis, and businesses like the lottery, gaming, and gambling platforms that always become a bridge between terrorist organizations and illegal funds.
The solution for Know Your Customerâ€™s Customer performs processes like age verification as the cases of minors abusing controlled medications and being scammed by fraudsters on online gaming and gambling platforms are not getting under control. A business performing validation scan of Know Your Customerâ€™s customer protects their business client and itself from non-compliance and its brutal consequences.
Blacklisted Customer or Firm
The solution for Know Your Customerâ€™s customer confirms the address location of individuals as well to ensure that the local or non-resident customer is genuine and not included in a prohibited catalog by the concerned government. The verification system authenticates all mandatory data in seconds with optical screening and supporting information of updated and international data records in seconds.
Features of solutions for Know Your Customerâ€™s Customer
The automatic validation systems are designed in such a way that the issue of version compatibility or program not running does not occur. To Know Your Customerâ€™s Customer, a business can frictionless incorporate the IDV solutions in the working systems of the firm or financial institute. There is no need for any side app or a different file for enabling it to run.
No Privacy Invasion
The solutions for the process of Know Your Customerâ€™s Customer ensure the privacy of business clients and their additional partners and associates. The system post after customer KYC verification provides concluded results with evidentiary proofs of absolute results in the form of scanned pictures of submitted ID proofs and its video recording to the business client and erases the substantial data from its data house to maintain the security of data.
AI-driven verification procedure of Know Your Customerâ€™s customer creates another shield for companies and financial entities where a firm can secure not only itself but their valuable clients as well from financial violations and false IDs of illegitimate customers. The extra run by a business for customer identification of their clients is in favor of both parties as any misfortune can victimize all alliances despite the other one following all compliance laws and regulations, to save the enormous efforts of a lawful business, Know Your Customerâ€™s customer is a trustworthy option.