Know Your Customer (KYC) is a regulatory process that requires businesses to verify the identities of their customers before doing business with them. KYC processes include collecting and validating information such as IDs, biometric information, and addresses, and confirming that the customers aren't on sanctions lists or potentially involved in illegal activities.
Use case/ examples of Know Your Customer (KYC)
Account opening: Verifying a customer's identity and their source of funds before establishing a new banking relationship.
Crypto compliance: Confirming user identities with automated eKYC processes on cryptocurrency exchanges to secure onboarding, prevent the use of cryptocurrency for money laundering, and meet regulatory requirements.
Digital platform onboarding: Authenticating users during onboarding on financial platforms by verifying user identity and conducting CDD using Mitek's document and biometric tools.
