Identity Verification is to check the accuracy of the information provided by a public or private. The process of verifying information is very important. Because if the information is wrong, the information we receive from the other party is of no importance. The first step starts with verifying the identity of the user. Once the business has verified the customer's identity, they will check to see if it poses a threat to them. In this way, companies can prevent money laundering, bribery and terrorist financing.
In the world where technology is so developed, manual authentication is very dangerous. Furthermore, the fact that companies continue with manual methods makes them lose time. Unfortunately, people who commit financial crimes are developing new methods using technology. Total money from financial crimes is close to 5% of global GDP. The biggest reason for this high rate is that companies do not use electronic identity verification software.
Identity Verification Services help companies achieve AML-KYC compliance. With this software, companies become compatible with regulations AML and KYC regulations. And they also protect their firms from financial crimes.
There are many local and global regulators in the world. The purpose of these regulators is to prevent financial crimes. A large majority of financial crimes carried out through the financial system. Therefore, regulators must proceed with financial institutions to prevent financial crimes. Regulators periodically publish and announce regulations. These regulations are rules for financial institutions. Large sanctions and fines are imposed on companies that do not comply with these regulations. No financial institution would like to face these penalties. That's why companies have compliance officers. Compliance officers follow regulations to protect firms from financial crimes and penalties. Identify Verification software, anti-money laundering software and know your customer software help compliance department of firms. These softwares enable companies to take safer and faster measures to prevent financial crimes.