![]() For example, a bank may insist on a passport or driver’s license, rather than a university or education card, as these documents are issued by the government. The document you can provide will depend on the service you’re attempting to access. Letter from a recognized public authority or servant.Generally speaking, an original of one of these ten documents is considered an OVD for proof of identity purposes: Identity proof documents are used to confirm that the individual is real and is legally allowed to access a service. These are identity proof documents, address proof documents, and income proof documents. However, generally speaking, there are three different types of KYC documents. Types of KYC documentsĮach government and regulatory body has its own list of OVDs for KYC. In this guide, we’ll cover 23 acceptable types of KYC documents that customers can provide when businesses follow KYC best practices. They are also run past an intelligent predictive system to rank the client’s risk profile. ![]() The document’s details are checked against government databases for validity and accuracy. With online KYC, the user is asked to upload a picture of an officially valid document (OVD), which a piece of software scans. This means that many KYC challenges associated with the process have largely been overcome. Now, the process is fast, smooth, and cost-effective for businesses. Plus, the introduction of eKYC (also known as online/digital KYC) has made the KYC process much simpler and convenient for customers. KYC processes have helped companies and service providers reduce instances of fraud and money laundering. For this reason, KYC in banking is slightly different to KYC in estate agency or gaming. However, KYC onboarding processes can differ between industries. The KYC process is mandatory in certain industries, including the financial services sector.
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