Language Support Crucial for Businesses with Global Onboarding Needs

As businesses expand their customer base across different regions, providing language support becomes a vital aspect of the onboarding process. According to experts, offering on-screen directions and in-person support in the right language can make all the difference.

Automated and Manual Verification: A Balance Act

Service providers are now offering automated onboarding and verification solutions, but it’s essential to choose a solution that also provides manual or hybrid video-based verification options. This is because not all jurisdictions permit the use of automated verification processes.

Expanding Services: A Key Consideration

Banks and fintechs may want to expand their services beyond standard customer onboarding. This could include new services like electronic signatures for transactions or PEP screening, as well as new verification technologies. Look for solutions that offer modular additions to make expansion simpler.

Audit Support and Data Security: Top Priority

Onboarding and verification processes come with several security, regulatory, and compliance issues. It’s crucial to ensure that your chosen provider offers the necessary support and data security measures required by different jurisdictions.

IDnow: Your Partner for KYC Processes

At IDnow, we understand the importance of language support and verification in onboarding customers from diverse regions. Our Proofing Platform enables you to get your KYC process up and running with ease. Contact us today to learn more about how we can assist you in finding the right solution for your institution.

AML and KYC FAQ

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What is AML, CDD, and KYC?

AML refers to all regulatory processes in place to control money laundering, fraud, and financial crime.
KYC is a risk-based approach to customer identification and verification that forms part of AML requirements.
CDD (Customer Due Diligence) establishes a customer’s risk level, while EDD (Enhanced Due Diligence) requires enhanced checks for higher-risk customers.

What is CFT under KYC and AML regulations?

CFT refers to combating the financing of terrorism, which involves all financing of terrorist organizations or acts.
AML focuses on funds of an illegal origin with attempts made to conceal the source.

What are the KYC and AML regulations?

Regulations stem back to early guidance from the FATF (Financial Action Task Force).
Each authority has its own regulations embedded into national law, but contents and concepts are intricately linked with FATF guidance.
In Europe, regulations are set by the European Parliament through the Anti-Money Laundering Directives (AMLD).

What is the outlook and future trends for AML and KYC?

The two basic mandatory KYC documents are proof of identity with a photograph and a proof of address.