All major industries now have a Know Your Customer (KYC) mandate. For financial institutiions in the US, it’s not just about managing risk, but compliance with Anti-Money Laundering Laws (AML) and the US Patriot Act’s Customer Identification Program (CIP) provision. Similar practices for preventing money laundering, terroist financing and theft are followed worldwide.
Identity verification is a critically important component of KYC and the process of digital onboarding.