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Anguilla Banks Enforce Stringent Know Your Customer (KYC) Requirements
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As part of its efforts to combat financial crime and maintain a secure banking environment, the Anguilla Financial Services Commission has mandated that all banks operating in the territory adhere to stringent Know Your Customer (KYC) requirements. This means that banks must verify the identity of their customers before providing them with any banking services.
Electronic Know Your Customer (eKYC)
To facilitate this process, many Anguillian banks have implemented electronic KYC (eKYC) systems, which allow customers to complete the KYC process online. This digital process is more convenient and secure than traditional methods, requiring customers to upload photos of their identification documents, proof of address, and evidence of income, as well as take a selfie for facial recognition.
ShareRing Me: A Self-Sovereign Digital Identity App
One such eKYC solution is the ShareRing Me app, which provides self-sovereign digital identity technology to its users. This app allows individuals to create a digital identity that can be verified by businesses that use ShareRing Link, facilitating secure and frictionless interactions between customers and financial institutions.
How to Complete the eKYC Process
To complete the eKYC process using the ShareRing Me app, customers need to:
- Download the app
- Create an account using a valid email address
- Add a valid ID (a valid passport is required for NCBA eKYC purposes)
- Upload documents such as proof of address and evidence of income
Security and Data Protection
ShareRing Me ensures that customer data is stored securely on their phone in an encrypted vault and only exchanges hands when customers complete the KYC process. Data collected during the eKYC process is transmitted, encrypted, and stored within secure databases at ShareRing’s data centers.
Who Can See Customer Data?
When submitting KYC data to NCBA, only authorized staff with permission to view customer information can see the data.
Restoring Data in Case of Device Loss or Damage
In the event of a device being stolen, lost, or damaged, customers can restore their data by following the restoration process after re-downloading the app. It is recommended that customers back up their data to the cloud and store their recovery phrase securely to facilitate easy restoration.
Getting Help with eKYC Self-Update
If customers require assistance with their eKYC self-update, they should provide details on the assistance needed as well as contact information for the bank or ShareRing Me customer support.