Most identity documents have a line of machine-readable code (MRZ). We extract the information and perform various tests in the ZMR itself. We then extract more information from the rest of the document, called the Visual Inspection Zone (VIZ). However, it is not enough to extract information from the document, we also want to make sure that we are dealing with a genuine identity document and not a fake one. To assess the authenticity of an identity document, we analyze hundreds of different key visual features and perform various security checks. If you`re doing a manual proxy check for your business, here are some tips for properly checking documents: KYC checks are performed through an independent and trusted source of documents, data or information. Each customer must provide credentials to prove their identity and address. The difference between AML (Anti-Money Laundering) and KYC (Know Your Customer) is that AML refers to the framework of legislation and regulation that financial institutions must follow to prevent money laundering. KYC is more specific and refers to verifying a customer`s identity, which is an important part of the overall anti-money laundering framework. Essentially, the importance of KYC is to establish a person`s identity and address through relevant evidence, including photo ID (e.g. PAN card, Aadhar card), personal verification (API), and proof of address. I. Identity cards or documents with an address issued to its members by the central or state government and its departments, legal or regulatory authorities, commercial banks, public sector companies, public financial institutions and universities affiliated with professional associations such as ICAI, ICWAI, the College Council and ICSI`s identity verification platform PXL Vision may implement one API of another.

service provider, to perform the verification of the power of attorney. In Switzerland, for example, where PXL has a large customer base, Swiss Post uses an API to check POA documents. It is important to note that the same document cannot be used to confirm both the identity (POI) and place of residence (POA) of the client. Thus, at least two documents are required for the KYC process. In order to comply with anti-money laundering regulations, a customer must prove their identity by providing KYC documents that provide proof of name and address. Similar rules also apply to companies and other legal forms. For individuals, proof of income may also be required when applying for certain products/services. The following examples of KYC documents show acceptable forms of proof and identification: Napier`s intelligent compliance platform includes the following products, which are also available as standalone solutions: The KYC documents considered acceptable vary depending on the jurisdiction in which the KYC process is conducted. Some of the generally accepted documents are listed below.

Most documents usually do not have to be more than three months old³ to show that the address is up to date. Here are some examples of powers of attorney commonly accepted around the world: The FATF identifies the following common examples of digital identity verification that can be used as part of the KYC process: FinTech applications (fintech applications), depending on the activities in which they are involved www.goodreturns.in/classroom/2016/01/what-is-kyc-what-are-the-documents-required-kyc/articlecontent-pf9460-422032.html A Know document Your Customer (KYC) refers to formal documents such as a passport or utility bill that can verify a customer`s identity and address. Applying for and verifying KYC documents is a mandatory part of customer due diligence for regulated firms. For B2B companies, KYC is also an acronym for Know Your Client. Obtaining the appropriate KYC documents from customers during onboarding is an important KYC procedure. The complete KYC form is “Know Your Customer”), which refers to the identity process and deals with the verification of all customers and customers by banks, insurance companies and other institutions before or during transactions with their customers. The Reserve Bank of India (RBI) has made KYC mandatory for all banks, financial institutions and other digital payment companies that conduct financial transactions. Let`s take a closer look at what KYC and essential KYC documents are. A digital identity verification process allows a bank to automatically capture customer demographics that can be integrated with enterprise systems such as CRM for: Identity theft: KYC helps financial institutions provide proof of a customer`s legal identity.