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KYC or Know Your Customer  

28 April 2020

This is not a new magical marketing formula; you are not about to discover America. However, it is a solution for many of the problems that companies have, especially financial ones, such as with internet payments and the frauds they can lead to.

Know your Customer (KYC), is a key tool that helps you to verify the identity of your customer preventing them from carrying out illegal transactions, whether national or international. It was implemented in Europe in 2017, with the Fourth Anti-Money Laundering Directive (AML4). It serves to control the identity of current and future customers, collecting their data and sharing it with the central administration.

It arose from the global and legal requirements of online business, when, due to its increase in volume, it became necessary to impose some rules.

How does KYC work?

The procedure consists of two elements:

  • Formal identification: the customer must register by presenting his or her ID or passport. In the case of foreigners, they must present either the NIE or NIF number.
  • Real identification: to confirm that the online user is really the client.

It is implemented during the first contact with the new customer, when collecting his or her data and checking that the person is who they say they are. Some companies do this in person and others do it through a complete digital process (eKYC) using third party sources. For example, the customer can enter their fingerprint (a function available in most smartphones), facial recognition checks can be carried out with the help of biometrics, or security checks can be used, such as entering passwords or sending an SMS with a code to the phone.

By gathering all the data, you can create a theoretical plan for the customer’s account and then view their movements to make sure there is nothing suspicious or out of place.

This process is applied worldwide, has proven to be very useful in preventing fraud, meeting companies’ need to know who is buying from them and who they are selling to, protecting themselves and others who could be affected by financial crimes and making it much easier to set up an account: less paperwork, faster; overall, it provides better service to customers.

At LINK Mobility we use these principles in our Digital Certification solutions with the main objective of authenticating the holder. In addition, our system safeguards all your certificates for at least 5 years from the date of shipment and has legal validity as evidence in court.

If you need more information about our Digital Certification solutions, do not hesitate to contact us at our email or by phone at (+34) 912 160 100.

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