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A Guide to OKYC – Offline Know Your Customer Verification

The Game-Changing Power of OKYC in Customer Verification The “Know Your Customer” (KYC) process is a cornerstone for establishing trust and ensuring regulatory compliance in financial services. In 2016, the Reserve Bank of India (RBI) implemented...

Embracing Open Banking: Easing Implementation with Digital KYC

Documents,eKYC,Video KYC

Introduction In an era marked by rapid technological advancements and evolving consumer expectations, the financial industry is undergoing a profound transformation through the concept of open banking. Open banking is essentially a framework that promotes...

A Comprehensive Guide to Aadhaar Masking

Aadhaar,API,eKYC

Aadhaar Masking – Introduction In the age of digital advancements and increasing concerns about privacy, the need to protect personal information has become paramount. Aadhaar, India’s unique identification system, provides demographic and...

Know Your Date – KYC For Dating Apps & Matrimonial Sites

eKYC

The Era of Online Dating Gone are the days when people would pursue romantic interests through social circles. Dating platforms have altered the mode of socialization and expanded the social arena in both virtual and real life. But the link between virtual...

How To Streamline KYC With Machine Readable Zone For Documents

eKYC,id verification

Introduction With the rapid growth in technology, the need for higher & more sophisticated security & safety protocols has become a high priority. One of the prime examples of this is the Machine Readable Zone or MRZ. MRZ has enabled machines...

Crypto KYC is now mandatory for intermediaries under PMLA

eKYC,Regulations

Introduction The central government has recently brought crypto exchanges, wallets & intermediaries under the purview of the Prevention of Money Laundering Act or PMLA 2002. Any entity involved in the transfer, exchange, conversion, safekeeping, administration,...

How To Identify & Combat Money Laundering In Insurance – AML Breakdown

eKYC,id verification

AML Insurance- Insurance Industry & Money Laundering Money laundering and fraud in the insurance sector costs businesses and customers anywhere between 40 billion and 300 billion dollars per year. This high risk of financial crime makes it imperative...

DigiLocker KYC – How Insurers Can Onboard Using DigiLocker

eKYC,Video KYC

DigiLocker KYC: An Overview DigiLocker is a Ministry of Electronics and Information Technology (MeitY) flagship initiative launched as part of the Digital India Programme. DigiLocker is a secure document repository created for the use of Indian citizens...

PAN As Common ID- How To Streamline KYC Verification Across BFSI

eKYC,id verification,Regulations

PAN As Common ID Document – Union Budget FY23 With the recent developments in digitizing processes, the government proposed the use of the Permanent Account Number or PAN as common ID. This move aims to assist regulators in data collection &...

Customer Due Diligence – What Is It & Why It’s Essential For Banks

eKYC

What Is Customer Due Diligence or CDD? Financial institutions (FIs) are required to verify their customers’ identities & the nature of the businesses they are engaged with. Customer Due Diligence (CDD) is the comprehensive act of performing background...

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