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KYC Based Registration
PROMLM ICON offers Cloud-Based Secured Advanced Software with KYC-based Registration with SUITE, SUPREME & LIBERTY Licenses. KNOW YOUR CUSTOMER (KYC) procedures are a critical function to assess customer risk and a legal requirement to comply with Anti-Money Laundering (AML) laws. Effective KYC involves knowing a customers identity, their financial activities, and the risk they pose.
KYC compliance responsibility rests with the banks. Banks must comply with KYC regulations and anti-money laundering regulations to limit fraud.
KYC Registration process includes ID, Identity & Document Verification.
ID Verification will determine if an ID is authentic and actually belongs to the User who is enrolled in the Network.
Identity/ Face Verification will ensure the person or user behind that transaction trying to enroll into the Network is who they say they are.
Document Verification will easily scan the available documents for their authentic nature such as utility bills as proof of address, and biometric verification.
KYC-based Registration is to prevent businesses from being used by criminal elements for money laundering, better understand customers along with their financial dealings & managing their risks in a well-judged manner. Another Benefit of a paperless form of KYC is the decreased costs. Business dealing can be done with more confidence knowing that it would be more protected & secured.