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