Know Your Customer, in short, knowing who you are doing business with, is becoming increasingly important in today's digital society. Unfortunately, the current working process of sending and handling copies of passports and ID cards involves significant risks. The process is not safe and often unreliable and should therefore be avoided.
Do you also spend a lot of time on a Know Your Customer and Customer Due Diligence policy to comply with legal obligations? Despite the frustrations they evoke, the KYC principles are becoming increasingly important.
To combat money laundering, fraud and terrorism, every European financial institution is obliged to screen its customer before purchasing a product or service from him. This means, among other things, that ID documents must be carefully checked.
Currently, this KYC process often involves laborious and manual work. CheckedID proves that this can be done more easily, without errors and safely. The tool to professionally determine identities.
The photos of the ID are often not deleted (in time). They are then automatically copied to the (personal) cloud storage.
Photos are often stored on the PC to be e-mailed or uploaded via a website. These then remain in the mailbox and are not (timely) removed from the PC or mailbox.
Most copiers do not erase memories regularly.
In the context of the GDPR, these are undesirable situations: as a controller you have no insight into and control over where personal data are located. Another disadvantage of the current working method is that you are often not sure whether the person who sends you an ID document, for example via e-mail, is the owner of the document. CheckedID does offer you this certainty.
Finally, you will receive a secure report with CheckedID. This allows you to demonstrate at all times that the identity verification has been carried out carefully. The report is tailor-made. Based on the guidelines of your organization and legislation, certain data of an ID document may or may not be shown. Whether or not a social security number, country of origin or photo: in a secure report you will only receive those data that are relevant and mandatory.