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Know Your Customer

What is KYC

  • KYC or Know Your Customer is the policy followed by banks and financial institutions to determine the identity of their customers
  • It is a risk management tool that allows financial institutions to take informed decisions in their lending and investment policies.
  • KYC includes multiple segments, which is elucidated in the picture.
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iCrederity’s KYC Verification Offering

  • iCrederity helps financial institution in “Customer Identification procedure(CIP)”
  • Customer can be “Natural Persons” or “Legal Entities”.
  • CIP includes 3 different steps/checks. Each one of them is essential in completing the cycle for properly identifying the customer.
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Identity Check

Natural Person

        Identity can be confirmed by verifying any 2 of the following         documents.
  • Pan Card
  • Passport
  • Aadhar Card-UID
  • Driving License
Legal Entity

        Identity of a legal entity can be confirmed by verifying the         following documents:
  • CPublic/Private Limited-Certificate of Incorporation & AOA & MOA
  • Partnership Firm-Partnership deed along with identity proofs of the partners.
  • Proprietorship Firm- Identity proof of the proprietor.

Address Check

  • Natural Persons-Physical Verification of both permanent address and present address.
  • Legal Entities- Physical verification of office address and Present and Permanent addresses of Directors/Partners/Proprietors.
  • As part of the continuous monitoring process, it is recommended that the present company address and present address of all key people of the company be verified once a year.

Integrity Check

  • Integrity check includes search in the following databases:
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  • This check would be done on all Natural Persons and in case of Legal entities on the Company Name as well as the directors/partners/Proprietors of these entities
  • As part of the continuous monitoring process, it is recommended that the Integrity Check for the company and all key people of the company be conducted once a year.

Process Flow for KYC

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iCrederity’s Value Proposition

  • iCrederity has feet on street across all locations in India. Client will save on logistics and manpower deployment costs.
  • iCrederity has licensed access to multiple global, criminal and Anti Money Laundering databases.
  • iCrederity uses its proprietary methodology to accurately verify identity documents like PAN card, Passport , Aadhar card and driving license.
  • PMLA Act 2002 also recommends use of external agencies like iCrederity to avoid subjectivity in verifications.