5 Reasons to Stop Using Traditional Surveillance and Monitoring Methods

Traditional Surveillance

Though banking institutions want to assume the best about every customer that transacts with them, bank staff have to watch out for some bad apples. Like money launderers and financiers of illegal activities, Malicious agents can take on the guises of honest customers when they avail of your bank’s services. That’s why a bank like yours must have some form of customer surveillance and transaction monitoring system in place. This kind of system is meant to assess customer activities for … Read more

How KYC for Banks reduces Risk of Anti-Money Laundering?

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KYC guidelines for banks detail a thorough mechanism to check the identity credentials of incoming customers but most of them do not have a setout procedure to utilize the services of a KYC service provider. But using an automated KYC software to perform document verification or any other form of identity verification can help reduce the cost as well as time duration spent on the authentication process. Safeguarding customers from identity frauds and users with fake credentials are not the … Read more

KYC for Banks: Know Your Customer will be a Great Thing when it Works

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There are several KYC service providers out there that are offering KYC for banks but most of them fail on several avenues, thus the title of the blog: Know Your Customer will be “Great” thing when it works. ID verification performed by these identity verification services are haunted by issues such as faulty verification compliance, lack of understanding regarding financial compliance governing banking operations, inability to handle large verification volumes, and most importantly, the fact that it takes forever to … Read more