Where do you need an digital identity authentication solution?
The movement in cryptocurrencies is showing popularity among investors. As the interest in cryptocurrency increases, governments around various nations are taking action. One of the actions is applying compliances that can verify identities.
Due to the nature of the cryptocurrency, it is hard to regulate - a decentralized form of finance and an anonymous form of currency. The unique trait of the cryptocurrency industry includes the potential of financing terrorism and money laundering. It's understandable that governments are requiring firms that are in cryptocurrency-related services to register and demonstrate KYC checks.
To combat the fraudulent transactions that may have the possibility of money laundering or financing terrorism, the ID verification system is highly requested by numerous governments. Know Your Customer(KYC) is an ideal system to verify identities. KYC checks include submitting ID cards with real-time personal face photos.
The ID verification system for KYC checks is a simple and hassle-free process. The process verifies two main important values: ID cards and a selfie photo. ARGOS KYC believes that the KYC process and verifying identities can provide a safer environment in the current rise of interest in cryptocurrency.
eKYC solutions - Is It By Mandatory or By Choice?
There are several industries that need to do KYC by law, and some that can selectively choose to do KYC. Financial services, majorly banks and VASPs, are the ones that need to meet compliance by law. And others can freely choose whether to introduce KYC to the company. The others industries are but are not limited to, sharing economy, gaming and entertainment, e-commerce, telemedicine, and trading.
Financial Services
Financial services such as banks and virtual asset service providers(VASPs) need to meet the compliance set by the government. The law is enforced on financial industries in order to provide a safer environment for people locally and globally. In order to limit frauds that may be caused by anonymity, KYC whether face to face or online remains a mandatory factor.
With online KYC solutions, financial companies not only can identify identities but also keep track of the information regarding fraud checks and AML (Anti-Money Laundering) screening.
Sharing Economy
The major industry that selectively chose to do online KYC would be a sharing economy. As the sharing economy is a community-based platform, where they provide a platform for 'the users' to interact, trust becomes an important factor.
Sharing economy where the community shares rides, homes, and working space, knowing who they say they are provides a safer environment by verifying identities.
Businesses operating online marketplaces also can ensure a credible reselling environment among buyers and sellers by online KYC. Crowdfunding and screening freelancers are also a part where trusted users can provide a trustworthy business relationship with potential users and clients.
Online Gaming and Casinos
Players need to get their identity verified in order to participate in online gaming and casinos. It is by obligation from the gaming operators to verify user identity, age(birth of date), location, and source of funds. In this way, the platform can give a space that is free from any online fraud and identity theft.
Safe Environment for the Business and the Customer
Whether your business stays in the compulsory or optional category of online KYC, being able to remain a trustworthy business relationship is crucial.
Stay safe from any possibilities such as fraud, identity theft, or anonymity by verifying your users and customers by online KYC.
ARGOS KYC can help your business to start building a strong and reliable relationship with verified and reliable users. Verifying over 210 countries and more than 1,600 ID types by AI, we ensure global service coverage. So no matter where you are, and where your customers are in the world, ARGOS KYC got you covered. Identify anyone at any time anywhere.