We enable digital verification of your customers to open bank account an effortless, harmless and flawless process
Enhance your bank's customer retention strategies with Auth N Tick Know Your Customer registration
Auth N Tick will safeguard your customers' digital identity using online biometrics platform
Protect your customer's financial future and realise many millions of dollars in economic value simply by offering online verification of identities
In a major crackdown for KYC lapses, the Reserve bank of India has imposed $54 million penalties on 13 public and private sector banks, including PNB and HDFC Bank, while asking eight others including SBI and ICICI Bank to ensure strict compliance with guidelines.
Reserve Bank had undertaken scrutiny on advance import remittances from 21 banks in October and November 2015. RBI said it had imposed a monetary penalty on 13 banks for "violation of regulatory directions/instructions/guidelines, among other things, on KYC norms".
The fined banks could have put in place appropriate measures and review KYC controls from time to time to ensure strict compliance with KYC requirements on an ongoing basis by verifying their customer and government-issued documents. The banks did not have controls in place to ensure strict adherence to KYC/AML requirements, By utilising Auth N Tick digital platform all verification and documents could be verified using biometric technology.
We have replaced the old 100 point identity verifications with AI, and you no longer need certified copies of identity documentation.