Learn why KYC software is important and how it’s especially useful for product managers.
Product development isn’t easy. Product managers need to mediate between business owners, customers, and design teams, while constantly keeping compliance with local regulations in mind (especially if we are talking about fintech and crypto products).
In this article, we explore how reliable KYC solutions can make life easier for product managers, and what to look for when choosing one.
KYC stands for “Know Your Customer” and refers to the verification procedures businesses must conduct before transacting with a new customer. KYC is especially important for firms that need to comply with anti-money laundering (AML) regulations, such as the banking, fintech, crypto, and real estate industries.
KYC procedures include collecting and verifying certain information about customers. The minimum data businesses need for this process includes:
The personal data required may vary by country, so always check the AML regulations and guidelines of your jurisdiction.
To verify customer data, businesses need to obtain authentic and valid documentary evidence from the customer. This can be an ID card (or any other valid identity document) or a utility bill (or some other proof of address document like a tax bill, voter roll, or bank statement).
A proper KYC solution can assist in the product development process in several ways. These include: