Do you want to:
Minimise the risk of identity fraud?
Verify who exactly you are doing business with?
Increase efficiency and decrease human errors?
It is very likely that you have heard of KYC (Know Your Customer) or perhaps you know that KYC refers to a set of practices carried out by the banking and financial services industry to verify the identity of their customers or clients in compliance with legal requirements and current laws and regulations.
KYC processes can and should be used in any industry. It is especially relevant in the financial and banking industry as well as related sectors such as insurance, real estate, legal services and even trading.
For the banking and financial industry, KYC is key to customer onboarding as a deterrent to identity fraud and to facilitate AML controls and related regulatory standards.
Other industries and businesses have had to accelerate KYC processes digitally and remotely to be able to continue operating in a continually evolving global health crisis.
Around the world, KYC processes are carried out both remotely online and in-person at a commercial office or store. When it is done remotely and online, or the process has been digitalised, it is known as eKYC (electronic Know Your Customer) processes.
Often times, KYC regimes begin with authenticating and verifying customers against their identification documents. In Malaysia, the primary citizen identification document is the government issued MyKad.
Identity verification and authentication using national Identity documents can easily and reliably be done using smart card readers. Any business or organisation can quickly and conveniently kick-start or upgrade any digital or automated processes with the sleek SCR50U.
Check out IRIS Smart Cart Reader SCR50U video here: