The goal is to prevent fraud, tax evasion, terrorism financing, and other financial crimes. With a proper understanding of customers and their financial dealings, service providers can reject applicants with questionable or shady profiles. From there, they can more easily monitor their clients’ activities and manage risk. KYC is an important tool as it looks after the financial bodies and keeps illegal activities in check. Many non-individual customers use financial services like trading and mutual fund investments. With KYC, banks have the right to verify that entity’s legal status, including cross-checking customers’ operating addresses and verifying the identities of their beneficial owners and authorized signatories.
Additionally, the KYC process also requires the nature of employment as well as the business carried out by the customer, which is useful in verifying the authenticity of an individual and/or company. The KYC process is important to prevent fraud and other illegal financial activities. KYC helps financial institutions avoid being used in money laundering activities without their knowledge. The KYC process also helps companies that offer services such as stock brokerage, mutual fund investments, etc. KYC allows banks and financial institutions to verify the legal status of a company, its owners, and its authorized signatories. It also helps verify the authenticity of individuals and financial companies.
As the KYC solution is flooded with numerous solution providers offering cutting-edge and innovative solutions, businesses are finding it difficult to find the right solution that precisely meets their needs. That’s why we’ve developed this special edition for KYC solution providers. The companies listed below were selected by our team of industry veterans, including CEOs and CTOs, and our editorial panel, which includes our editors and researchers.