In today’s world, an increasingly crucial aspect of Customer Due Diligence for both B2B and B2C companies is Identity verification. More specifically, the ability to scan and verify the identities of customers through an id checking system or other tailor-made ID scanning solutions is becoming an increasingly important part of various compliance standards.
This is where a global solution to the problem of customer identity verification and aspect of Customer Due Diligence come into play. There are experts in the APC region, who comprises over 62% of the world’s population, our solutions consist of multiple databases which provide Know Your Customer (KYC), Anti-Money Laundering (AML), Age and Identity Verification, and Counter-Terrorism solutions to the businesses that require those most.
This article will outline how you too can experience tailor-made ID Scanner Solutions for your industry so that you can be one step ahead of the came with regards to your customer due diligence.
Know Your Customer (KYC Remediation)
There are many industries that require a multi-layered approach to KYC remediation. Financial institutions, for example, need to implement a due diligence program that takes place throughout the life cycle of the customer.
Once a customer is brought on board, financial institutions must conduct period remediation checks to make more accurate assessments that analyse risk based on customer data. KYC Remediation Program conducts periodic customer screening and optimises the relevant data to ensure enhanced precision and standardisation.
The KYC remediation program is coupled with Anti-Money Laundering and Counter-Terrorism screenings and age and identity verification programs that help reduce customer friction. The database comprises the entire APAC region, allowing experts to verify your customers electronically and provide industry-leading standards in fraud prevention.
E-commerce businesses, for example, that require identity verification to sell certain products, like tobacco-based products, could potentially reduce a lot of customer friction by implementing an ID checking system that verifies the customer meets the requirements to buy your product.
Employment and Student Screening
Verifying the identity of your customer is all about the safety and protection of your organisation from fraudulent activities. Employment and student screening programs can be particularly helpful for academic institutions that receive applications from potential overseas students. This can help them verify government, identity, residency, and visa-related documents.
IDU solution allows for individual screening across thousands of watch lists across the APAC region to help ensure that they are not indulging in fraudulent behaviour or posing a risk to your organisation.
Possibly the most pertinent reason for any business to invest in customer due diligence is to detect and prevent fraudulent behaviour. Fraud detection also happens to be one of the most necessary aspects of customer due diligence across most industries and businesses.
The fraud detection program is based on improving and, more importantly, automating the due diligence and screening processes of your company.
Mobile number and email address screening are automated to catch red flags for frauds early and perform what is known in the due diligence industry as soft verifications of your customer.
In today’s world, data is fast becoming one of the most important commodities for businesses. Customers are now putting their data out there, and businesses are quickly capitalising on all this data to improve marketing, product placement, and, most importantly, customer due diligence.
The Dos and Don’ts of Real Estate Photos
Did you know that 90% of homebuyers spend some part of the process shopping online? It’s incredibly easy to get…
A Guide on the Best Time of Year to Buy a Car
Buying a car can seem like an exciting task. However, with vehicles at all price points, coming in all the…