AML
Money laundering is the process criminals use to make “dirty” money (proceeds of illegal activity) appear legitimate. Without checks, illicit cash can flow through everyday financial products—loans, investments, trading—funding terrorism, drug cartels, fraud, and corruption.
AML
KYC vs. AML, although they work hand-in-hand, each has its own scope, timing, and technical requirements. This article focuses on a concise breakdown to help businesses assess solutions against both requirements while remaining compliant.
The biggest game-changer for the growth of Indian NBFCs is the speed of onboarding and digital journeys and the use of latest technologies such as CKYC registry, automated Bank Account Verification, bank statements via Account Aggregator, Video based Know Your Customer engagement and UPI mandates.
Digital KYC is an enabler for operational efficiency and regulatory compliance which allows businesses to transform their paper-based verification processes. This represents a paradigm shift in how customer identities are verified & financial crimes are mitigated in a completely electronic manner.
Piramal Capital & Housing Finance Limited (referred to as Piramal Finance), achieved best-in-class eMandate success rate of 93%, and reinforced its position as a customer-focused leader in India’s NBFC-HFC segment.
Insurance
To ensure that insurers accurately verify the true identity of their customers, IRDAI has allowed insurers to use a wide range of Know Your Customer (KYC) methods.
NACH
The transition from the ECS to the NACH system resulted in a variety of positives for recurring payments in India. Mutual Fund SIPs, Loan EMIs, Insurance Premium payments became much simpler and less time-consuming.
Digital Signatures
The Indian Information Technology (IT) Act (passed in 2000) holds electronic signatures as legally valid as wet ink signatures. The impact of moving from physical to digital or electronic signatures has been immense, both from a business and from a consumer-standpoint
Document Automation
We've covered how to digitalize KYC, mandates, and signatures. Today, we're looking at the most fundamental way a business can go paperless by digitalizing its documentation.
KYC
Perhaps the most important aspect of the RBI’s changed guidelines is the explicit approval of video authentication in place of physical In-Person Verification (IPV). The Video Customer Identification Process (or V-CIP), is a consent-based alternative method of identity verification
Identity Verification
s much as gaining customer's confidence and trust is imperative, it is equally important for businesses to verify the information that their customer's provide.
Identity Verification
With increased demand for remote customer onboarding, there is also a rise in the risk of fraud and identity theft. Technology has addressed it to a great extent and in some cases it is claimed to be better than human decision making
