KYC & Authentication

With the recent amendment in the Prevention of Money Laundering Act, 2002 (PMLA), the Ministry of Finance now allows different ways to capture client’s details electronically; Digital KYC. We have tried to explain the amendment in our post here.

RBI recently released a new circular with respect to the use of Offline Aadhaar and Video-based KYC to verify the identity of the customer. AS per the new amendment regulated entities are now allowed to used Video-based KYC or Offline Aadhaar along with a recorded proof and location of the customer to complete KYC.

When you hear about “Digital identity” or KYC, you in all probability are thinking about banks and loans. KYC is something that you hear from banks or loan agents all the time and well, we do talk about these a lot!

If you are a part, have been a part of the banking and payments sector then you know what I mean when I say RBI and its regulations dictate everything that happens there. Right from how customers need to be acquired to how they should be interacted with and where or where not the money received should go.

Over the past year, we released Veri5KYC, a suite of products catering to KYC and verification needed by BFSI and Fintech industry. Companies in the transport, delivery, and ecommerce space also adopted Veri5KYC products to ascertain the safety of their customers and protect themselves from identity fraud.

According to a report by Securitas , identity theft accounts for 35% of all financial frauds in India. Combine this with the possibility of using this money for terrorist funding, the problem doesn’t just stop at losing money.