KYC compliance for banks is under major transformation especially when we put the large-scale adoption of cryptocurrencies such as bitcoin in perspective. All over the world, banks want a piece of the action with bitcoin challenging the overall monopoly of conventional financial systems. The inclination of banks towards cryptocurrencies is the reason why KYC is important. Moreover, crypto exchanges handling bitcoin transactions are also found to be in practice of using conventional banking services for their in-house transactions thus increase the need and advantages of KYC for banking organizations. After all, it can risk practices and policies adopted for KYC compliance by banks.
Why KYC for Banks matters?
KYC process steps are a regulatory necessity for banks as financial regulators and watchdogs require these banks to collect personal information of their customers before any service is offered to them. KYC verification and a swift ID Verification service is the best way in which personal information of end-users can be verified. Shufti Pro is such a KYC service provider that has specifically designed KYC for Banks solution for its banking customers. They can perform real-time identity verification for services such as facial verification, document verification, ID verification, handwritten note verification, 2-factor authentication, and AML background checks.
KYC Compliance for Bitcoin Exchanges
KYC requirements for corporates are being broadened by financial regulators to include a larger number of bitcoin exchanges that are contributing to the frenzy of cryptocurrency. Governments want to ensure that not only the financial assets of a common user are secure on such crypto exchanges but they also want to clamp down on cybercriminals and other digital pirates who use crypto exchanges to make monetary transactions. Identity verification services have been devised as the favored medium by regulators and crypto exchanges to validate the identities of the user that want to register and perform transactions using these exchanges.
Advantages of Banking KYC services
KYC for banks is the best and most advantageous method to safeguard KYC and AML fines for banks. Although many KYC solutions for banks are used as risk control verification solution it can help better customer relations with banking customer by building trust among the bank and its customers. Identity risk is substantially lowered with the help of banking AML compliance. But in order for that to happen, it is highly important that banking organizations fully understand the value of know your customer requirements for banks.
Official Identity documents are the most important ingredients for KYC bank account. So it is important to use KYC for bank solutions that not only support official ID cards for ID verification but also driving licenses and passports as well. An automated banking KYC software can help bring down compliance costs for banks as well. Shufti Pro is the ideal bank account KYC service, that not only offers large-scale document support for bank KYC documents but also performs bank KYC online in a swift way.
There are many services for banks available online but hardly any can meet the advantages offered by KYC solutions for Banks designed by Shufti Pro.