Need to know About Online KYC Management Tool and Services | KPMG PREVA




Everything you need to know about KYC

KYC stands for "Know Your Customer". It's the process of identity verification of the customer. It is conducted to verify the identity of clients and examine their course of any illicit activities. For online kyc management tool and services visit https://kpmg-preva.com/

 

The reason because of which almost all major companies and organizations are carrying out KYC is to make sure that their distributors,  consultants, and agents are bribery-free and are not involved in any unlawful activities.

How does it ensure protection from fraudulent activities?

Cash is an anonymous medium of exchange, However, this changes when cash is deposited into a bank and is moved electronically.

Money Laundering means to move money in a way that you can so turn money earned from illegal or undeclared means into legal (or 'white') money. 

There are many ways of doing this, and equally many ways of getting caught.

When Anti-Money Laundering software is used for profiling people and detecting patterns or finding linkages between transactions, identity is one of the most important aspects. Hence Knowing Your Customer is extremely crucial.

  • Is the Customer genuine?

  • Has the Customer's identity been stolen?

  • Does the Customer know (willingly) that their ID has been stolen and is being used for money laundering?

  • Is the Customer a victim in money laundering?

  • Is the Customer a willful player in laundering money?

  • Is the Customer oblivious to the transactions that are involved in laundering of money?

  • Do the Customer credentials match with records elsewhere?

  • How confident is the on-boarding FI/Bank on the KYC of the Customer?

  • How confident is the off-boarding FI/Bank on the KYC of the Customer that initiated the transaction?

  • What are the KYC of the people(s) who transacted with the suspected KYC customer?

In other words, it ensures that the information provided is real and authentic.



What are the benefits of KYC?

Even though the KYC process has received mixed reactions, there is no denying the fact that it has several benefits.

The benefits are as follows:

  • It ensures that all monetary transactions are legitimate and transparent.

  • It is liable for fighting against any kind of criminal activities, such as money laundering, bribery, fraud, black money etc.

  • It has a  very transparent working structure which helps in avoiding reputational, tax and legal discrepancies or problems.

  • It aims towards catching con artists and scammers from stealing money.

 

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