KYC Use Case

In the digital world, it is easy to create anonymity and false identities. With each new customer, companies run the risk of entering into a potentially dangerous situation if the customer turns out to be deceptive and criminal. Identity fraud, money laundering, and terrorist financing are the enemies of the ever-growing digitalization.

Know Your Customer

Know Your Customer (KYC) is a set of identification procedures to guide and assist you in verifying the identities of new and existing customers. As part of Due Diligence, KYC serves to prevent criminal activity.

People don’t always turn out to be who they claim to be. In order to check the legitimacy of new customers and ensure the security of existing customers, KYC must be fully integrated into every company.

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The legal basis for these guidelines includes

Article 8 of 3. EU Money Laundering Directive;
4. EU Money Laundering Directive;
5. EU Directive in combination with eIDAS;
6. EU Money Laundering Directive;
The German Money Laundering Act (GwG) of 2008;
UK Bribery Act;
UK Modern Slavery Act;
Financial Action Task Force (FATF).

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Anti-corruption regulations demand the appropriate verification and monitoring of business partners. If KYC guidelines are violated, consequences include fines, imprisonment of senior staff, damage to the company's reputation, and in especially severe cases, even the revocation of a business license.

If your company fell victim to money laundering and identity fraud, this would significantly impact the trust of existing customers. Serious consequences could lead to unsustainable losses for your company.

Legal Compliance

The requirements for KYC processes vary based on the industry and may be updated on a regular basis. PXL Vision's auto-ID procedures are continually adapted to the most recent KYC guidelines to ensure and enable reliable fraud prevention.

Simple and Fast – Anytime and Anywhere

Regardless of location or time zone, you can verify identities without restrictions in under 30 seconds, cutting down the entire KYC process to just a few minutes.

High Customizability

We offer configurations uniquely tailored to your specific business needs.

Standardized APIs can easily be integrated into existing IT systems and business workflows.

Benefit from our platform-independent solution, which can be effortlessly implemented within a few days.

Top Security for Customer Data

If customers entrust their personal data to your company, it must always be stored and managed securely. Our KYC solution is a great platform to transfer customer data simply and securely.

Enhance your customers' trust by keeping their data safe, and benefit from improved quality, seamless transfer, and easy management of this sensitive information.