The banking industry is under strict scrutiny by financial regulators not only for frequent cases of data breaches regarding financial information but because of banking services being used for financial crimes such as money laundering. KYC compliance guidelines are being modified by watchdogs and regulators to ensure that banks adopt vigilant practices to curb money laundering, credit card fraud and account takeover by scammers even if they have legitimate identity details.
AML fines alone are touching multi million dollars and the banks are made to pay those regulatory penalties in the absence of AML KYC compliance. This can only be avoided by installation of BestKYC software for banks. There are many ID verification solution available with properly devised know your customer checklist, that banks can integrate with both their branch networks as well as online banking channels as well.

What does Know Your Customer Solutions Do?

Well, currently KYC compliance for banks only requires these banking organizations to collect personal information of their customers. Most of these banks collect personal information at the time of account registration but with the help of a tech-savvy KYC service provider, banks can not only collect verified personal information at the time of registration but can also make sure of the fact that everytime a transaction is performed or a digital channel is used to access bank account, the user has to perform KYC verification. Now if ID verification or any other form of identity verification has to be performed on a banking channel, it has to be done in a swift manner. This is where Shufti Pro comes in. This AI based identity verification service is perfect to perform real-time verification on behalf of banks. It offers the following identity verification services:
     Face Verification
     Document Verification
     ID Verification
     Consent Verification
     2-Factor Authentication
     Handwritten Note Verification

AML Checks for Banks

When it comes to AML checks, even the best KYC software for banks find it hard to provide comprehensive compliance to its customers. Typically, every ID verification solution tries to sort out a viable know your customer system that offers sufficient AML Compliance. But most have failed to protect their customers from engaging with end-users that pose a substantial financial risk. Until and unless AML checks are made a core part of KYC process flow by a KYC service provider, banks will be made liable to pay millions of dollars in regulatory fines.
Shufti Pro has effortlessly used its years of experience in FinTech and has integrated the most viable solution to AML fines. Shufti Pro performs real-time background checks for AML compliance with the help of a large databank that contains data from 1000+ watchlists and sanction lists. Apart from that, Shufti Pro also holds information from 3000+ databases published by financial watchdogs. Shufti Pro is a KYC service provider that even checks the credentials of its end-users against a comprehensive list of Politically Exposed Persons (PEPs). This entire databank is updated every 14 minutes for banks to have 100% genuine and reliable KYC results.

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