3 KYC Management

Financial institutions collect Party KYC information to fulfill their Know Your Customer (KYC) obligations. Businesses, particularly those in the financial industry, are required by regulatory requirement KYC to verify and understand the identities of their customers.

Financial institutions ensure accurate and up-to-date information about individuals or entities to prevent fraud, money laundering, and other illicit activities during their dealings. Financial institutions must periodically update and verify this information to ensure its accuracy. The overall security of the financial system is enhanced, and regulatory compliance is met through the implementation of KYC processes. They mitigate the risks associated with financial crimes.

• Create KYC
  Create KYC process allows user to create a KYC record for the party.
• Update KYC
  Update KYC process allows user to update or amend a KYC record for the party.
• View KYC
  View KYC process allows user to View or amend a KYC record for the party.