There is no escaping the paperwork while investing in financial products. Be it, opening a new bank account, demat account or buying insurance, filling the Know Your Client (KYC) documents is a mandatory procedure today. KYC is a client identification program that verifies and maintains records of the identity and address of investors.
KYC norms were introduced in 2002 by the Reserve Bank of India (RBI). It directed all banks and financial institutions to put in place a policy framework to know their clients before opening any account. The purpose was to prevent money laundering, terrorist financing, theft and so on.
With KGISL’s e-KYC solution, clients (Banks, Brokers, Mutual fund or Insurance Providers) can be confident on the accurate management and storing of documents of identification. The web based solution provides users the flexibility to customize the e-KYC requirements as suited and required by the respective regulatory authority.
e-KYC allows organizations to ensure that there is maintained a high level of consistency in due diligence standards by pre-defining the type of identification documents required for every onboard client. The e-KYC cuts out on the expense of storage and maintenance as the program safeguards documentation as images avoiding wear and tear. The automation of the verification procedure by e-KYC has increased overall staff productivity and efficiency of an organization.