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Let’s Dig Out The Importance of KYC in The Remittance World!

 

A trustworthy remittance company does not overlook the importance of a strong KYC process regarding money transactions. This process, which involves verifying the customer's identity, is critical in ensuring secure and hassle-free money transfers. It's a mutual benefit for both the company and the customer, demonstrating that their interests are being considered and protected.

 

Innovative remittance companies constantly strive to keep their KYC process customer-friendly and amenable to all required legalities. Furthermore, when evaluating this particular verification method, you explore three significant components: the customer Identification Program (CIP), customer due diligence (CDD), and enhanced due diligence (EDD). Without further ado, let’s explore all these three components of KYC below, as it is the beginning of understanding KYC’s mechanism.

 

  • Customer Identification Program

 

It is the first significant component of KYC, asking a remittance company to obtain four pieces of identifying details: name, address, date of birth, and identification number. It is the first set of details for hassle-free customer verification, ensuring legal and encrypted fund transfers and innovative fund transfer companies keeping their systems highly operational to acquire such information.


  • Customer Due Diligence


CDD is a proactive process used to collect all a customer's credentials only for verification purposes. It helps an organization catch any suspicious activity by an account holder, ensuring the security and protection of every valued customer.


  • Enhanced Due Diligence


This particular KYC step is taken mainly for customers who are highly suspected of any infiltration. In this process, additional information is taken to keep the KYC process of such customers safe. It helps maximum to describe any suspicious act of a customer, and cutting-edge companies utilize this step of KYC to keep their routine operation smooth. 

Want to Know KYC Compliance Precisely? Here It is


 

Exploring KYC Compliance involves learning two significant rules: Finra Rule 2090 (Know Your Customer) and Finra Rule 2111 (Suitability). To gain an in-depth understanding of both, you need to gauge them separately, so let’s do it below.


  • Finra Rule 2090

 

This specific rule asks each broker-dealer to utilize sensible diligence when opening and maintaining the accounts of its customers, keeping a record of every profile. This act dampens the chances of any suspicious activity on an organization's platform by any profile.


  • Finra Rule 2111

 

This particular rule asks the broker-dealer to have a reasonable reason to understand that the recommendation is sensible for a customer based on the customer’s financial needs and situation. This specific rule assumes that the organization has accomplished a detailed review of the available facts of a profile prior to applying further recommendations. 

Let’s Hunt out AI Integration into KYC


 

True, the tremendously cutting-edge company keeps up with the latest tech practices to keep every operation smooth and super encrypted. KYC is one of the operations that has been highly influenced by AI in recent times, particularly in the remittance world.

 

Since the financial sector has grappled with the dual hurdles of complying with the KYC regulations & fraud risks, it has given rise to AI Integration into the KYC process to stay protected from suspicious online fraud. Below are the areas where AI and machine learning are evolving KYC processes, and intelligent financial companies have already taken measures to capitalize on them.

 

  • Automated Data & Fraud Detection

 

Yes! Discussing this area first is a must because AI has tremendous capability to tackle it despite having a massive chunk of data; hence, a large number of remittance companies are tilting towards it to ensure that every transaction is non-suspicious.

 

  • Streamlined Customer Onboarding

 

By automating the document analysis and verification processes, AI ideally reduces the time and cost linked with customer onboarding, and it is helping remittance companies. Furthermore, technologies like facial recognition & optical character recognition ensure quick identity verification.


  • Improved Due Diligence & Risk Assessment

 

AI also assists in creating comprehensive risk profiles by gathering data from different sources. This particular step is perfect for due diligence; thus, organizations comply with international regulations.

 

  • Continuous Monitoring & Re-KYC

 

AI systems are also capable of facilitating real-time monitoring of customer transactions and behaviors to identify suspicious acts; hence, companies integrating AI into different KYC areas also value this integration.

 

Insight of Recent KYC Automation

 

The discussion of KYC Automation kicked off in 2023, and since then, many financial companies have adopted this vision by capitalizing on AI. One of the significant benefits of this is that companies won’t need to go through the manual, painstaking process of completing KYC. While evaluating the financial sector from this particular angle, we can say that automated KYC processes will lead the industry priorities. Furthermore, according to the survey of Axiad, businesses are all set to adapt to passwordless technology & phishing-resistant authentication, depicting the surge of KYC automation in the upcoming years.

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Compliance

Speed Remit works diligently to prevent its systems from being used to perpetrate any unlawful activity. We protect our customers and prevent the use of our products or services by anyone for money laundering, terrorist financing, sanctions violations, scams, and fraudulent intentions. As necessitated, we work with law enforcement to apprehend and impeach offenders.

Speed Remit collect different types of personal information for legal and compliance purposes relating to you that may be Compliance information, including fraud prevention, identity verification, and sanction checks. This may further include using your personal information to validate and authenticate your identity, and utilising third parties to help us do so, using personal information needed to comply with legal and regulatory duties related to anti-money laundering and counter-terrorist financing; detection, prevention and prosecution of fraud and theft as well as preventing illegitimate or prohibited use of our services or other illegal or wrongful activity.

Onboarding customer Identity Verification

Speed Remit is a financially regulated company and required by laws to verify the information prior to onboarding customers. Below are the more information on our verification processes and policies for our onboarding customers.

1. Why does Speed Remit need to verify me?

1.1 Normally, we will only need to check/Screen your name, address date of birth and country of origin.
1.2 We may also do enhance due diligence (EDD) that will be depend on amount to comply with the sending country regulations.
1.3 We will contact you if we need anything from you, so please ensure you check your emails regularly after you’ve made your transfer. In very rare cases the funds remain undelivered in absence of any additional information required under the prevalent laws of the territories.

2. What ID is required for the country I’m registered in?

2.1As a financially regulated company we are required by laws to verify all of our customers. Part of this process is 'identity verification'. Usually this involves collecting a copy of Government issued Valid ID from you and you can upload your ID securely at any time for our screening / verification during registration process.
2.2 Please upload your ID front side and back side to complete your verification process.

3. .Is there anything I need to know before I upload my ID?

3.1 When submitting your ID, please make sure that it's a high quality photo or scan of a valid original government-issued ID card, and the image should be clearly displaying the below information:

- ID Number
- Your Photo
- Your Complete name
- Your Date of Birth
- ID’s expiry date
- The full machine readable zone (the two lines of letters and numbers at the bottom of the document) if present
- Resident Address

3.2 The complete name and date of birth must match with your details on your Speed Remit account.

3.2 If any details do not match, please contact the Speed Remit Customer Support team ([email protected]) to have your details amended. For more information on this click "My Account" option

4. What types of ID can I use?

4.1 In case the Government issued ID card is not available incidentally at the time of registration / transaction, we may alternatively accept below ID's in case it is allowed your local central bank / financial regulator. At the end of the day, you must be holder of a valid ID even if you are unable to present it at the time of transaction.

- Driving License
- National ID
- Passport - All four corners of the document must be visible and it should visibly display the vital information.

4.2 Always upload the front and back of the ID or any alternate document (if any). The document number must be visible and there should be no glare or defocused image.
* Must match the details in your Speed Remit account

5. What is address verification?

Address verification is part of our customer verification.

5.1 If we need to verify your resident address we will contact you by email. You’ll need to reply to the email with your address and any proof of Address document as an attachment e.g. Last Utility Bill etc.

5.2 When submitting your proof of address, please ensure that it is a high quality photo or scan of a valid document showing:

- Your full name
o This must match what appears on your Speed Remit account
- Your full Resident address
o This must match what appears on your Speed Remit account

5.3 The name and address on the document must match the details on your Speed Remit account.

5.4 If any detail does not match, you can update them on our app or website by visiting the My Account Option of the Speed Remit.

6. What types of document you required to accept for address verification?

6.1 ID documents we can usually accept include:

- Utility Bill
o This can be a gas, electricity, water or insurance bills.
o We can’t accept mobile phone bills
o The bill must be no older than 3 months
- Driving Licence
o This must show your address
o This must be in date – we cannot accept expired documents
- Bank / Credit card statement
o This must be no older than 3 months

6.2 If your document is not accepted, it could be for a number of reasons. Some of the reasons documents cannot be accepted are:

- The date on document
o If the document is older than 3 months, we cannot accept it
- The details on your document
o The details (including name and address) on the document are not matched with information on your Speed Remit account
o The details must be for your home residence, not a PO Box or workplace
- The document type
o The type of document may not be one we can accept (for example a mobile phone bill)

7. What happens to my personal information after I upload it?

7.1 We only use these when we are completing Know Your Customer (KYC) checks, which is an essential process.

7.2 You can read more about our privacy policy and how we use your information here.

8. Need to send us your documents?

8.1 TIf we've emailed you and asked you to send us some documents, use the link in our email to upload your photo ID or selfie, and provide your proof of address by attaching it and replying to our email.

- To provide your photo ID or selfie: use the shared link in the email, or upload them here:
o Photo ID
o Selfie
- To provide your proof of address or any other document, reply to our email with your document as an attachment

Be our Agent

Speed Remit is expanding and intend to widen our presence in order to provide our customers with remarkable services across the world. We offer a great opportunity for worldwide regulated money transfer companies/ Banks to join speed remit Network as send and receive agent, simply fill in the form below. We’ll get back to you as soon as possible.