KYC
Veros FP | KYC terms and policies
Last Updated: May 09, 2019
KYC – Know your customer, alternatively known
as know your client or simply KYC, is the process of a business
verifying the identity of its clients and assessing potential risks of
illegal intentions for the business relationship. The term is also
used to refer to the bank regulations and anti-money laundering
regulations which govern these activities. Know your customer
processes are also employed by companies of all sizes for the purpose
of ensuring their proposed agents, consultants, or distributors are
anti-bribery compliant. Banks, insurers and export creditors are
increasingly demanding that customers provide detailed anti-corruption
due diligence information.
The objectives of KYC guidelines is to prevent Organizations from
being used, intentionally or unintentionally, by criminal elements for
money laundering activities. Related procedures also enable
Organizations to better understand their customers and their financial
dealings. This helps them manage their risks prudently.
Documents:
Passports, ID card, driver license (not incl. American).
Country:
200+ country (country list…)
Functionalities of KYC:
1. Automation workflow on scanned documents on forgery, made in
graphicalsoftware (such as Photoshop and etc.) via API and Web
interface;
2. Check-up on the source of a passport scan creation (scanner or
special graphical software);
3. Biometrical verification of a client by comparing his/her photo or
with his/her photo in scanned passport;
4. Biometrical verification of a client by comparing his/her image
with image or photo data bases;
5. Text extraction from passport scans to customer`s card
forms.
6. MRZ and barcodes checks.
DATA bases:
Politically Exposed Persons:
World Presidents Database
CIA World Leaders
Every Politician
EU Members of Parliament
CoE Parliamentary Assembly
Crime:
GB Insolvency Disqualified Directors
INTERPOL Red Notices
Sanctions Lists:
UN Consolidated Sanctions
SDFM Blacklist
Swiss SECO Sanctions/Embargoes
OFAC Consolidated List
US Denied Persons List
GB Consolidated List of Targets
EEAS Consolidated List
Kyrgyz FIU National Li
