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KYC Compliance

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

What is KYC?

Know Your Customer (KYC) refers to the process of verifying the identity of your customers, either before or during the time that they start doing business with you. The term “KYC” also references the regulated bank customer identity verification practices to assess and monitor customer risk. The KYC process is also a legal requirement intended as an anti-money laundering (AML) measure.

Who is Impacted?

Regulations are becoming increasingly strict for financial institutions to better verify customer identities during the opening and maintaining of accounts. KYC policies require “reasonable due diligence” to know (and retain) the essential facts concerning every customer. Whether you are technically subject to KYC regulations or not, companies of all sizes are embracing KYC procedures to protect themselves and their customers.

Learn About KYC Compliance

KYC Compliance and Your Customer Identity Program

How do you know someone is who they say they are? How do you answer this question when your customers aren’t sitting face to face across the desk from you?

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 and mitigating high-risk transactions.

To help meet your KYC obligations, you need an identity verification solution that can deliver both convenience to your customers and protection for your business. To do so, look for mobile and web-enabled solutions that leverage on-device technology, 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.

How Jumio Can Help

Jumio enables financial institutions to fulfill KYC compliance requirements with accurate, real-time online ID and 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.

Verify customers across the globe: countries, languages, ID types

Verify customers across devices: Native mobile, web, mobile web, API

Fast and easy customer experience and onboarding process

Instant feedback to improve conversions and reduce drop-offs

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Let a Jumio expert show you how easy it can be to integrate our automated identity verification and AML solutions into your existing processes.
Before you go, may we suggest...
The "X" Factor: Why KYC Isn't Enough
A Guide to Leverage the KYX Platform