KYC documents with the customer’s
photograph have been made compulsory only in the recent past where false
transactions, false accounts and money false had become trendy. Thus, only to
decrease as much cheating possible, these documents have been made compulsory.
Know Your Customer (KYC) method
is an important function to examine customer risk and a legal need. Effective
KYC includes knowing customer’s recognition, their financial activities and the
danger they activate.
List of documents usually
accepted as a Standard Identity Proof:
1. Passport
2. PAN Card
3. Voter’s Identity Card
4. Driving License
5. Photo identity proof.
6. Bank Pass Book with photograph
7. Employee identity card of a
marked company
There would be many different
identity and address proofs which are also accepted by variety of companies,
asset management industry and as standard, but the list variety from different
industry.
Why KYC is popular?
Know Your Customer (KYC) is a
popular term for the customer identification method. It is a method by which a
financial institution or a company verifies the recognition of its clients. The
company insists on documents for customer recognition and his address proof. It
is an obligation on the institution by head to have all the information regarding
the employee identity, source of funds, character of customer’s business, and
right of operations in the company to the risk associated with its customer
efficiently.
In present era, E-commerce
platforms such are earning fame for online payments of goods and services. To
distribute money from the wallet to the user bank account, it is mandatory to
do KYC mentioned in bank guidelines. For KYC, the documents consists photo id
proofs, proof of residence, and proof for signature which is found in Aadhar
card. Hence through Aadhar card one can examine his details E – KYC method of
these payment platforms through their apps is very simple.
Platforms were KYC is important
Businesses, essential the
financial sector have adopted KYC way before other sections due to high
financial danger associated with their functions. In the past, KYC regulations
were only implemented on the financial sector but with the development of the
financial sector and the advancement of company expanded the type of KYC
regulations.
With an advent with cheaters with
money and terrorist financing, the regulatory authorities are always in a bid
to increase the regulatory framework. The KYC regulations were globally earned fame
and many states worked those regulations or created their own regulations
accordingly.
Know Your Customer (KYC) is the
key of the processes by which e-commerce institutions examine clients before
doing business with them. Rules are enhancing focusing on KYC to guide and
prevent the risk of money laundering. But right assessing of business accounts
with KYC is important task.
KYC is the popular kind of
verification which would not involve any human interaction. The popularity of
the internet has developed our world more linked than ever. This, however, has
developed our information more Flexible to fraud. The increasing fraud
statistics continue to affect consumers and businesses as well as rules across
the globe. Yet old practices for Know Your Customer seem no longer popular so
adopt modern method KYC
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