Financial institutions and Designated Non-Financial Institutions mostly rely on the system of controls aimed at collecting knowledge about customers also known as ‘Know YourCustomer (KYC)’.
Online businesses are required to perform KYC for each customer during the onboarding process to prevent fraudulent activities and meet the regulatory obligations of KYC compliance.
1. Ensures compliance with AML/CFT regulations
2. Prevents and Minimizes incidence of Fraud on the platform
3. Helps to Gain trust of your customers