Achieve KYC Compliance with Shufti Pro

leaCompliance is a complicated process of interlinked procedures and adherence to guidelines and regulations that seem daunting for most companies to go ahead with. However, in the case of KYC compliance that seems a little more different. With the changing regulatory landscape, tightening regulations and the simultaneous rise of fraud. The requirement for KYC based compliance is the need of the hour.

Many companies either find it too difficult to establish an in-house KYC program or know how to go ahead with an external KYC set-up. That’s why we’ve made things a little simpler for all those companies and let you know how you can achieve kyc compliance with Shufti Pro.

aml-kyc-complianceNearing Your KYC Ambitions with Providers that Deliver

Yes, there are plenty of those stale KYC services and knock off KYC providers, claiming to be the next best variant in the market. However, decisions are not made on chest-thumping assumptions, rather ground level realities. Before you begin shopping out for your next best KYC service provider for Identity Verification. It’s important to assess your options on the points mentioned below.

Identity Verification

How does identity verification work for your provider? The process of identity verification might be straight forward but varies from company to company. See, each company goes about differently in approaching identity verification, whether that be external processes or internal ones. Some might be in-depth, through a verification based on database comparisons. While others might go for a more traditional template-matching technique. Each technique represents a significant edge over the other and defines the resources required to build and maintain the KYC processes and hence affect your requirements.

Face Verification

After fingerprints, the most widespread application of biometrics is through facial verification. Though not new, but fairly trendy. Facial Verification is vital for an effective KYC service. In order to vet your provider, facial verification services should be optimal and industry best. Ensure, they have 3D depth analysis, facial biometric mapping, and many more features that help it from spoofing elements.

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Document Verification

Most KYC processes require an official identification document for proof, what if that turned out to be forged? Or your provider couldn’t spot it out, who’s to blame? Document fraud is one of the biggest concerns in the identity market and faced by all sorts of businesses. Ensure the provider has up to date checks on document forgery, form-related features, MRZ, doctored elements, Kinematic holographic overlay, and others. This shall ensure, even the trickiest of documents are sniffed out by an efficient AI-based KYC system.

KYC compliance is an area of grey, to which companies either respond slowly or in a manner that is not the ideal KYC attitude. Companies can achieve kyc compliance with Shufti Pro or any other 3rd party KYC service provider. A provider that is built on the elements listed above, while ideally keeping customer requirements in mind. Diligence requirements can be met quickly through simple and integrate-able solutions. The provider aids global companies through a versatile and globally compliant solution that serves document and language coverage spanning 200+ countries and associated jurisdictions.

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