{"id":89123,"date":"2025-02-28T21:58:05","date_gmt":"2025-02-28T21:58:05","guid":{"rendered":"https:\/\/veridas.com\/?p=89123"},"modified":"2025-05-26T14:09:14","modified_gmt":"2025-05-26T14:09:14","slug":"what-is-kyc","status":"publish","type":"post","link":"https:\/\/veridas.com\/en\/what-is-kyc\/","title":{"rendered":"What is KYC (Know your customer) and what does it mean?"},"content":{"rendered":"\t\t
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KYC or Know Your Customer<\/strong> is a fundamental and mandatory practice for companies that need to know the identity of their users<\/strong>.<\/p>\n

Given the extensive and increasing use of the internet and new technologies, companies increasingly need measures to combat and prevent fraud<\/b>, as well as to establish a reliable and secure relationship between company and customer.<\/p>\n

KYC comprises a series of methods focused on getting to know the end customer as deeply as possible<\/b>, in order to offer a much more personalized and valuable service to each user.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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What is KYC about?<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n
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It is often said that being able to trust the other party in a relationship is the cornerstone of business relationships.<\/p>\n

KYC, broadly speaking, refers to the checking procedure that companies carry out to get to know their users before entering into a relationship with them<\/b> and thus mitigate the possibility of building relationships with users who engage in illegitimate activities.<\/p>\n

The first key step, which underpins the rest of the relationship, is the identity verification<\/a> process. It is necessary to know with certainty the identity of the person behind the screen.<\/p>\n

For this, automated digital onboarding<\/a> processes based on Artificial Intelligence provide us the needed confidence to establish the complete KYC cycle.<\/p>\n<\/div>\n<\/div>\n

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Customer onboarding requires a scan of the identity document<\/a> to check its authenticity and validity, followed by a biometric comparison between the photo of the document and a selfie of the user performing the process. In this way, in less than 1 minute, the customer is registered securely and easily from anywhere and at any time, without the need to visit a branch or office in person.<\/p>\n

Once this first layer of trust is established, KYC includes other methods such as checking documents or invoices, analyzing information and other processes that allow companies to know whether the operation they are going to carry out with their users involves a greater or lesser risk, or simply to determine whether or not it is possible to carry out that operation, thus establishing a security framework.<\/p>\n

KYC, as a tool, not only serves to protect companies from potential criminal actions that could jeopardize their business, but also protects customers from identity theft or the use of personal data.<\/p>\n

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How to do KYC verification<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n
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KYC verification involves several steps to ensure the authenticity of a customer\u2019s identity and to comply with regulatory requirements. Let\u2019s illustrate this process with a simple example:<\/p>\n

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  1. Collection of Information<\/strong>: The first step is to gather information about the customer. Suppose a person, John Smith, wants to open a bank account. John provides his personal details such as name, address, date of birth, and occupation to the bank.<\/li>\n
  2. Document Verification<\/strong>: John submits identity documents like his driver\u2019s license and proof of address, such as a utility bill. The bank verifies these documents to ensure they are legitimate and match the information provided.<\/li>\n
  3. Biometric Verification<\/strong>: Some institutions may require biometric verification for added security. In this step, John\u2019s biometric data, such as facial recognition<\/a>, is captured and compared with the documents provided to confirm his identity.<\/li>\n
  4. Risk Assessment<\/strong>: The bank assesses John\u2019s risk profile based on his occupation, transaction history, and other factors. This helps the bank determine the level of scrutiny needed for his account.<\/li>\n
  5. Continuous Monitoring<\/strong>: After the account is opened, the bank continuously monitors John\u2019s transactions for any suspicious activity, such as large cash deposits or frequent international transfers.<\/li>\n<\/ol>\n

    By following these steps, the bank ensures compliance with KYC regulations and reduces the risk of financial crimes like money laundering or terrorist financing. This example demonstrates how KYC verification safeguards both financial institutions and their customers.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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    What are KYC documents for a bank?<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n
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    KYC documents required by banks are essential for verifying the identity and personal details of customers. Let\u2019s break down the typical KYC documents with an example:<\/p>\n

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    1. Proof of Identity (PoI)<\/strong>: This includes government-issued documents that confirm the customer\u2019s identity. Examples are a passport, driver\u2019s license, or national identity card. Suppose Sarah, a new customer, wants to open a bank account. She presents her driver\u2019s license as proof of identity<\/u><\/a>.<\/li>\n
    2. Proof of Address (PoA)<\/strong>: These documents confirm the customer\u2019s residential address. Utility bills, rental agreements, or bank statements are commonly accepted. In Sarah\u2019s case, she provides a recent utility bill showing her address.<\/li>\n
    3. Photograph<\/strong>: A recent photograph of the customer is often required for identification purposes. Sarah submits a passport-sized photograph as part of her application.<\/li>\n
    4. Permanent Account Number (PAN) card<\/strong>: In some countries, like India, customers may need to provide their PAN card, which is a unique identification number issued by the government for taxation purposes.<\/li>\n
    5. Additional Documents<\/strong>: Depending on regulatory requirements or the bank\u2019s policies, additional documents may be requested. These could include proof of income or occupation, such as pay stubs or tax returns.<\/li>\n<\/ol>\n

      By collecting and verifying these KYC documents, banks can ensure the legitimacy of their customers and comply with regulatory standards, reducing the risk of fraudulent activities and enhancing trust in the banking system.<\/p>\n<\/div>\n<\/div>\n

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      Is KYC required for every bank account?<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n
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      KYC (Know Your Customer) is typically required for every bank account<\/b>, regardless of the type of account or the financial institution. This process ensures that banks have verified the identity and legitimacy of their customers, helping to prevent financial crimes like money laundering and terrorist financing.<\/p>\n

      For example, let\u2019s consider Maria, who wants to open a basic savings account at a bank. Even though it\u2019s a simple account with limited features, the bank still requires Maria to undergo KYC procedures. She needs to provide documents such as her government-issued ID and proof of address.<\/p>\n

      By completing the KYC process, Maria establishes her identity to the bank\u2019s satisfaction, allowing her to open the account and conduct financial transactions securely. This illustrates how KYC is a standard procedure applied uniformly across all types of bank accounts.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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      KYC regulations and compliance<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n
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      Today, the market is governed by all kinds of regulations to which companies must submit. But in this case, what is the reason or the objective?<\/p>\n

      KYC, or Know your customer, emerged with the aim of complying with the requirements and regulations in force in relation to the fight against fraud, established mainly to avoid practices such as money laundering<\/b> (AML<\/a>) or the financing of terrorism.<\/p>\n

      This has been a reality for some years now, especially in the banking sector, which is obliged to carry out exhaustive analyses when incorporating new clients, given their propensity to be the focus of fraudulent conducts.<\/p>\n

      However, it is also applicable to other industries, such as fintechs or insurance companies, as they are all susceptible to criminal actions.<\/p>\n

      However, it is important to note that the KYC procedure does not refer and should not be considered as a simple collection of information, but refers to the assessment of a customer\u2019s risk profile, that are obliged to comply in the financial sector, by obligation of the worldwide reference regulations; GDPR (General Data Protection Regulation), AML5 (Fifth European Anti-Money Laundering Directive) and eIDAS (EU Regulation N\u00ba 910\/2014 on electronic identification and trust services for electronic transactions in the internal market).<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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      Not all KYC providers are the same<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n
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      The solutions developed by Veridas include fraud prevention techniques, anti-spoofing, guaranteeing a totally reliable and secure KYC process with the best user experience, while complying with current regulations.<\/b><\/p>\n

      Furthermore, it is worth noting that during our fully automated verification process, not only basic identity information is checked, but it is also possible to check the presence on international PEP (Politically Exposed Person<\/a>) lists, adverse media watch lists and government databases.<\/p>\n

      And What do we mean when we say that our processes are fully automated?<\/p>\n

      We refer to the fact that all those customer onboardings that were previously done manually and were so time consuming, are now done in an optimized way, reducing time, costs and increasing satisfaction, as well as user experience.<\/p>\n

      In short, KYC automation is an advantage in many ways and aspects and is linked to the rise of technology, which is no longer a novelty but a necessity.<\/p>\n

      In conclusion, we can say that Know Your Customer, whether to secure information exchanges and enable trusting relationships between actors in all types of business sectors, to fight against fraud or to comply with regulations, is a necessity for all companies today.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

      KYC or Know Your Customer is a fundamental and mandatory practice for companies that need to know the identity of their users. Given the extensive and increasing use of the internet and new technologies, companies increasingly need measures to combat and prevent fraud, as well as to establish a reliable and secure relationship between company and customer. KYC […]<\/p>\n","protected":false},"author":47,"featured_media":53318,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":[252],"meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"country":[301],"resource":[293],"topic":[251],"industry":[238,239,240],"solution":[232],"class_list":["post-89123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-veridas","country-global","resource-yes","format-article","topic-identity","industry-financial-services","industry-insurance","industry-telcos-utilities","solution-identity-verification"],"acf":[],"yoast_head":"\nWhat is KYC (Know your customer) and what does it mean? • Veridas<\/title>\n<meta name=\"description\" content=\"Learn what KYC (Know Your Customer) means, its definition, and verification process. 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