The headline of the article is pretty much self-explanatory. In the digital era when more and more businesses are moving online - a very important question arises: how can we verify our customers' identities in the world where we no longer see them face-to-face?
Leaving this question open for discussion - gave a great landscape for entrepreneurial mindsets. Today, as opposed to running a know your customer process in a traditional way, there are quite a few options to verify your customers online using KYC vendors. But, if you have never dealt with it before - choosing the right one can be very intimidating as not all of them are equal quality.
As technologies evolve, fraudulent activity becomes more sophisticated. Regulatory bodies and authorities see the solution in implementing and imposing a number of liabilities and limitations on businesses, which lead to higher security standards and stricter regulations. One that we want discuss in this topic is KYC & AML requirements.
To find out the aspects that you should be looking for when choosing a KYC vendor click here more!