Know Your Customer (KYC) is a due diligence and compliance process used by investment firms, financial service providers, commercial and consumer investments in order to assess investors with whom they are conducting business with during the onboarding process. KYC is a standard requirement globally within the financial service industry.
Apart from being a legal and regulatory requirement, KYC is a good business practice as well to better understand investment objectives and reduce risk from fraudulent activities.
From a consumer perspective, KYC reduces the risk of identity fraud, identify the sources of client’s funds i.e. determine if the funds were from legitimate sources and acquiring anti money laundering (AML) from the clients using PIPS and PEPS solutions.
From a consumer perspective, KYC reduces the risk of identity fraud, identify the sources of client’s funds i.e. determine if the funds were from legitimate sources and acquiring anti money laundering (AML) from the clients using PIPS and PEPS solutions.
Inspirit Data Analytics Services (IDAS) offers seamless KYC workflows by providing customer due diligence solutions that provides insights into:
- Determining and verifying the identity and location of the customer
- Understanding the customer’s business activities
- Determining the potential risks associated with the customer e.g., adverse indicators and judgements.
The IDAS KYC solutions include:
- Consumer Trace
- Identity verification using name, surname and address
- Identity verification using Biometrics (fingerprint)
- Identity verification using Facial recognition and Liveness testing
- Company Trade references using PIPS and PEPS
- Bank account verification (AVS)
Call Inspirit Data Analytics Services (IDAS) for more information.
Mischa Naidoo
+27 31 584 7379 | +27 72 792 6612 | mischa.naidoo@inspirit.co.za
Brandfin House, 4 Holwood Crescent, La Lucia Ridge, Umhlanga
