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KYC Success: Overcoming Common Verification Failures

Implementing robust Know Your Customer (KYC) procedures can be a significant challenge for many organisations. This challenge arises from the inherently labour-intensive and manual nature of the process. Complicating matters further is the dynamic Anti-Money Laundering (AML) regulatory landscape, where financial institutions encounter difficulties in aligning KYC regulatory compliance with the goals of enhancing the customer experience and optimising operational efficiency.

Financial institutions, including multinational banks, online casinos, and various other industries, encounter similar obstacles when integrating KYC practices into their daily operations. These challenges frequently arise during the initial stages of the customer journey, particularly during identity verification. According to a global survey identity fraud incidents have significantly impacted the banking sector, with a staggering 94% of banks experiencing such incidents.

A primary obstacle within the realm of KYC is the continued reliance on outdated and manual onboarding processes by many financial institutions. This reliance hinders their ability to gather the comprehensive client information necessary to fulfil their regulatory obligations. Consequently, these institutions struggle to implement robust Customer Due Diligence (CDD), crucial for preventing or detecting money laundering activities. Currently, 80% of finance and technology businesses are dealing with an increasing number of foreign document verification cases, and 62% are manually processing them.

Introducing WiseBOS eCV – Electronic Customer Verification, a revolutionary solution to streamline the identity verification process for customers. WiseBOS eCV simplifies the KYC compliance challenges by utilising advanced features such as eIDV – Electronic ID Verification, a solution that Verifies the Authenticity of Government issued ID Documents, from 240+ Countries and Territories, with over 13,000+ document templates and with 138 languages supported. This solution allows businesses to autonomously verify their customers’ identities in real-time, ensuring a swift and secure identity verification process.

Furthermore, WiseBOS eCV utilises Biometric Technologies, Artificial Intelligence and Machine Learning and through eFACEv – Electronic Face Verification, which requires the user to take a selfie and it confirms that the ID holder is the same person as the photograph on the document. This enhances security while improving the customer experience.

eBOS can assist with mapping out a coherent KYC strategy. You can rely on identity verification solutions backed by years of experience and an in-house research and development team. This assures that the software is consistently enhanced and any issues are promptly addressed.

At eBOS, our team has extensive experience in managing KYC matters. Our subject-matter experts are due diligence specialists who provide tailored solutions that will enhance your customers’ experiences while maintaining a robust risk-based approach to compliance.

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