What is KYC?
KYC means „Know your Customer” and describes the process of verifying the identity of customers – either before or during the start of doing business with them. The KYC process is performed (like in AML-Screenings) to prevent illegal activities such as money laundering or fraud.
To learn more, see our glossary entry about the “KYC Check”.
How does digital KYC work?
Digital KYC is fast, easy and secure. It enables you to identify yourself anywhere, anytime.
A digital KYC offers a convenient onboarding process without compromising security.
At the heart of every KYC process stands the verification of the customer’s identity. IDnow offers various methods for verifying identity as part of the KYC process. The offering ranges from video chat-based to selfie-based to NFC-based solutions.
Why are there different identity verification methods?
There is no one KYC process. IDnow offers multiple products, so you can choose which one fits your use case, security needs and regulatory requirements best.
With our flexible IDnow identity verification platform, you can simply give your customers the option to choose which method is the most convenient for them.
Meet the IDnow identity verification platform
The highly flexible IDnow platform is the answer for meeting your KYC identity verification needs. Everything is available on a single platform, from automated and video-based identity verification to electronic signature solutions. You’ll love it!
AI- and machine-learning-based identity verification for users. Our fast and AML-compliant solution – available anytime and anywhere.
Digital verification via video-chat, backed by AI-technology. Our AML-compliant solution meets high security requirements.
NFC-based solution for the electronic German identification card. Our identity verification solution with easy data scanning via smartphone. AML-compliant.
AML-compliant and secure identity verification through a simple bank transfer. Automated and available 24/7.
How can I customise the IDnow KYC solutions?
Within the IDnow identity verification products, you can choose from different modules to tailor the solution to your onboarding process. You can customise the components from the design to document types, to regulatory requirements, to the number of security checks.
On top IDnow offers different add-ons, such as proof-of-address validation or digital signatures, to further tailor the solutions to fit your needs.
Are IDnow’s KYC solutions compliant with my regulation?
IDnow offers the right solution for many markets and use cases. In addition to the BaFin from Germany and the FMA from Austria, IDnow also provides compliant solutions for all other EU markets.
Check out our Country/Product-Matrix to get a comprehensive overview of the regulator approved digital KYC process in full compliance with the local AML-requirements.
Qualified Electronic Signature
|Country||Agent-based verification||AI-based verification||Qualified Electronic Signature|
|United Arab Emirates|
What are the new requirements for KYC in 2021?
With COVID-19, Brexit and rising fraud, 2020 turned many industries upside down. As a result, the requirements for the KYC process are constantly evolving.
Click here to download our “KYC Outlook 2021“.