KYC and AML
Eliminate the risk of interacting with untrustworthy customers thanks to KYC verification!
Wallester up-to-date solutions will enable you to perform identification of individuals and businesses in accordance with international AML regulations for secure registration of new users in your card program system.
What is AML and KYC?
Anti-Money Laundering (AML)
Anti-Money Laundering (AML) is a set of measures implemented in the framework of international policy against money laundering, terrorist financing and other illegal activities. AML standards are set by an independent intergovernmental organization The Financial Action Task Force and are regularly updated to keep up with technological developments and current trends in the financial sector.
AML includes a number of procedures that are aimed at preventing money laundering. One of AML tools is Know Your Client verification (KYC), which is a comprehensive verification of customer data before providing financial services.
Know Your Client (KYC)
KYC includes verification of customer identity, documents and sources of income analysis, as well as risk assessment of potential cooperation. A comprehensive check of data according to AML standards allows financial institutions to eliminate the possibility of illegal activities within the services they provide.
How does KYC verification work?
Carrying out the KYC procedure demonstrates the company’s compliance with international legal norms. To enable the information check, customers provide a list of identity documents, biometric data, residence, income and occupation information, as well as additional documents (e.g., a utility bill to confirm the address, etc.).
KYC-verification allows obtaining a sufficient amount of information about the client for making a decision about the safety of cooperation. In addition, based on the data provided, the company can form an optimal offer, which, on the one hand, best meets the needs of the client and, on the other hand, allows the company to exclude possible risks.
Wallester innovative platform contains a built-in KYC-verification system, which allows you to optimize the customer identification process. An automated data verification will allow you to save considerable time and money while processing information and provide reliable business protection in strict compliance with current AML requirements.
With Wallester, user verification will be as fast, accurate and efficient as possible!