Each time when financial institutions on-board new customers, there is always immense paper work involved for verification and documentation process. Be it, opening a new bank account, Demat account or buying insurance, filling Know Your Customer (KYC) documents have become mandatory. KYC is a client identification program that verifies and maintains records of the identity and address of the investors.
The regulatory authorities directed all banks and financial institutions to put in place a policy framework to know their clients before opening an account. The purpose was to prevent money laundering, terrorist financing, theft and other similar happenings.
With KGiSL’s digital KYC process, clients (Banks, Brokers, Mutual Fund or Insurance Providers) can be confident in the accurate assessment, management and storage of documents of identification.
The web-based solution provides users the flexibility to customize the e-KYC requirements as suited and required by the respective regulatory authority.
e-KYC allows organizations to ensure that they have maintained a high level of consistency in due diligence standards by pre-defining the type of identification documents required for every onboarding client.
The e-KYC cuts out on the expense of storage and maintenance as the program stores the documents as images avoiding wear and tear. The automation of the verification procedure by e-KYC will increase the overall staff productivity and efficiency of the organization.
Easy maintenance of client data
Workflow, tasks, checklists, triggered alerts for compliance checking
Secure web-based multi-office access from across countries
Easy integration with back-office solutions
Define the type of identification documents required
100% transparent with reports to provide visibility into the process