What is KYC? Know Your Customer Compliance Guide for Banks

KYC compliance for banks is always a tricky field to navigate especially for an ID verification software that wants to perform in multiple markets and territories. A highly customizable KYC service provider with a customer base located outside the banking industry as well might find KYC for Banks a bit hard to deal with. But Shufti Pro is surely a KYC verification software that is cut entirely from a different cloth. It not only understands the importance of Know Your Customer compliance for banks but it has already furnished a playbook to efficiently roll out KYC for banks solution as part of its identity verification services.

 ID verification software

Curated Know Your Customer Checklist

Shufti Pro not only offers a wide range of identity verification services but also understands the importance of KYC requirements for corporates and banks. Banks are always more interested in ID verification software that can perform very specific tasks that are made mandatory by their financial regulators to perform a KYC verification. Instead of designing hard and fast KYC for banks solutions, Shufti Pro has offered its entire suite of identity verification services to its customer allowing them to pick and pay for only those KYC process flow, that they are required to integrate. Shufti Pro offers

  • Facial Verification
  • Document Verification
  • Address Verification
  • 2 Factor Authentication
  • AML Background Checks
  • Handwritten Note Verification
  • Customized Document Verification

Automated KYC process flow

Automation in KYC process steps is not only necessary but helps enhances the overall effectiveness of a KYC service provider. Shufti Pro uses artificial intelligence to provide verification results to its customers. With Machine learning algorithms, Shufti Pro is trained to perform quicker verification than the previous one, thus not only enhancing the overall ability of the KYC system to perform fraud prevention and online identity theft protection but also reducing overall turnaround time required for identity verification.

AML Checks

Many ID verification software are only limited to provide verification statuses on official identity documents but surely, Shufti Pro goes one step ahead to provide full proof financial risk security to its customers. This is made possible by integrating AML Compliance into KYC compliance for banks. Shufti Pro performs AML background checks along with each KYC check to ensure that the incoming user is not blacklisted or red flagged by any national or international law enforcement agency or financial regulator.

Shufti Pro has compiled a large databank containing financial risk information from 3000 databases, 1000 sanction lists and Politically Exposed Persons (PEPs) as per FATF defined risk statuses. This databank is updated every 14 minutes so that every AML background check performed by Shufti Pro is against the most recent financial risk data. Shufti Pro offers following AML compliance options to its customers:

  • On-Time check
  • Batch Check
  • Ongoing Monitoring

Shufti Pro has designed its KYC for Banks services by keeping in mind its KYC compliance for banks. There is hardly any other ID verification software that can match the advantages of KYC performed by Shufti Pro.

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