Why Does Your Company Need to Comply with KYC Procedure?
Requiring and verifying KYC documents is becoming standard practice in many industries. This is unsurprising since KYC Verification is central to a global legislative effort to verify individuals to combat money laundering and terrorist financing. No matter what industry you're in, one thing is clear: the more hoops a customer jumps through to get your services, the more likely they will drop out. This is why companies do their best to remove barriers and friction through a seamless customer onboarding process. But what if the government imposes these barriers and punishes them harshly? If so, your goal is to thoroughly collect all your customers' KYC documents and provide a seamless onboarding experience. This post will show you how to request and verify your KYC Verification documents quickly, easily, and competently to protect your business from criminal activities or avoid massive fines and legal penalties. In the world of KYC and compliance, there are several definitions