International Journal of Science and Research (IJSR)

International Journal of Science and Research (IJSR)
Call for Papers | Fully Refereed | Open Access | Double Blind Peer Reviewed

ISSN: 2319-7064

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Informative Article | Finance | India | Volume 12 Issue 10, October 2023 | Rating: 4.1 / 10

KYC (Know Your Customer) in Fintech Industry

Goutham Sabbani [5]

Abstract: KYC is a crucial regulatory and compliance element in the creation of fintech products, serving as a gauge for the prevention of fraud and financial crimes. Typically, it entails confirming and authenticating the identity of the customer, learning about the activi-ties they engage in and where their funds originate, and evaluating the possibility of money laundering and terrorist funding. [1] Customer identification and verification are essential components of the customer due diligence process in digital financial services. [3] While it is evident that fintech companies, akin to other financial establishments, are obligated to conform to KYC and AML rules, it is equally critical to acknowledge that accomplishing so poses certain obstacles. [2] Here, we examine some of the major obstacles that the digital banking sector faces while completing KYC, which if resolved might greatly expand the sector's potential.

Keywords: customer due diligence, anti - money laundering, enhanced due diligence, identity fraud, biometrics

Edition: Volume 12 Issue 10, October 2023,

Pages: 2143 - 2146

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