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KYC Compliance

Boost account opening conversions and speed onboarding while meeting stringent AML and KYC compliance obligations.

What is KYC?

Who is Impacted?

Learn About KYC Compliance

KYC Compliance and Your Customer Identification Program (CIP)

How do you know someone is who they say they are? How do you answer this question when your customers aren’t sitting across the desk from you? According to ConsumerAffairs, cases of identity theft have soared by 584% over the last 20 years, demonstrating how critical KYC checks are in customer relationships.

For financial services companies in particular, KYC compliance has a huge impact on how they enable customers to open accounts and perform financial transactions on their preferred device. Customers want to bank online, but banks must contend with AML and KYC requirements while also fighting fraud, financial crimes, terrorism financing and other criminal activities.

At minimum financial institutions must collect the following information for identity verification:

  • Name
  • Date of birth
  • Address
  • Identification number

Proof of identity can be verified by documents like passports, driver’s licenses, or public utility bills. The customer onboarding process in high-risk industries such as gambling or cryptocurrency may trigger enhanced customer due diligence checks on public databases, consumer reporting agencies, and watchlists.

Embracing eKYC Verification

To help meet your KYC regulatory obligations and build a comprehensive risk assessment profile, you need an identity verification solution that can deliver convenience to your customers and protection for your business. Electronic Know Your Customer (eKYC) is simply using online processes to verify customer identity and customer transactions. More and more financial services companies are using eKYC to onboard and monitor their clients.

They are looking to mobile and web-enabled solutions that leverage on-device technology, frictionless risk signals, biometric authentication (such as facial recognition with liveness detection), compliant machine learning and identity experts to achieve accurate identity results within a seamless digital environment your customers want. eKYC is quickly becoming recognized as a legally valid form of identification, and is widely used by companies to verify customer identity and comply with AML regulations. For example, the Reserve Bank of India has allowed the use of eKYC for opening bank accounts and investing in mutual funds, and several Indian crypto exchanges use eKYC to onboard customers.

 

How Jumio Can Help

Jumio enables financial institutions to fulfill KYC requirements with accurate, real-time online ID and digital identity verification. Our solutions have helped banks and other financial institutions replace slow, ineffective and manual KYC processes with more automated solutions that can be embedded within the online account setup and onboarding experience.

Jumio's AI-powered end-to-end identity verification and authentication solutions deliver key benefits to organizations striving to maximize onboarding and meet KYC and AML regulations.

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Verify customers across the globe

Easily service your global client base and meet compliance mandates in multiple jurisdictions. Jumio supports over 5,000 identity document types in over 200 countries and territories.

Verify customers across devices

With a cross-device verification process, you can easily verify your customer’s identity across platforms including mobile, web and API.

Fast and easy customer experience and onboarding process

Streamline the customer experience and save time and money with a simple onboarding process for new customers.

Instant feedback to improve conversions and reduce drop-offs

Instant feedback helps users take a high-quality scan and selfie on the first try, minimizing frustration and abandonment.

KYC Compliance Frequently Asked Questions

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Let a Jumio expert show you how easy it can be to integrate our automated identity proofing solutions into your existing processes.
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