A primer on identification documents for KYC and AML
Identification Documents are the backbone of most KYC and AML procedures. Here we explain this increasingly complex topic and show you how best to tackle it.
Industry leaders around the world trust KYC-Chain because of our bank-grade compliance toolkit, user experience, scalability and reliability. We have supported more than 40 companies onboard up to one million users globally.
The fight against money laundering and terrorist financing is more important than ever. Regulators are handing out huge fines to banks and other financial institutions on an almost daily basis. Since 2009, regulators in Europe and the US have imposed over $342,000,000,000 in fines on banks for misconduct including AML violations.
KYC-Chain began working with Standard Chartered Bank in 2017, with the aim of significantly reducing customer on-boarding time and cost, as well as improving KYC quality.
Standard Chartered operates a network of over 1,200 branches and employs around 87,000 people. Generating over $14 billion in revenue per year, the British multinational was struggling to provide a smooth on-boarding experience to both retail and institutional customers.
To bring its on-boarding experience into the 21st century, Standard Chartered Bank partnered with KYC-Chain.
Together we created an innovative solution which cut customer on-boarding times in half through the use of automated identity verification methods.
We have a project with fintech firm KYC-Chain, to improve our client on-boarding process. The project, which uses blockchain (...) can recognise and verify identities of clients in a reliable and fuss-free way.