Fintech Services

Automate your onboarding and risk management processes. Boost your business through reducing the cost of clients manual review.

QOOBISS automated procedure for AML/KYC in a Fintech Company

QOOBISS is a real-time AML/ KYC software that helps Financial Companies comply with thestandard domain regulation and also take advantage of reducing the overall cost of those procedures while increasing the user experience in the process.

The benefits of automated AML/KYC procedures for Fintech Companies

Traditionally, AML procedures (including KYC) are performed manually by the financial companies’ employees. But that comes at a very high cost for the companies and is generating a lot of frustration for the end user also, taking into consideration the delays involved in the process. The need of dealing with a high number of requests in a very short time has created the ground for an automated mechanism for AML/KYC procedures, hence the rise of dedicated software solutions. The idea of a real time validation of a customer is actually one of the reasons a financial company can become a fintech company, as it reduces friction between the customer and the employees. This leads to a scalable system where sign-up rates and transactions increase while reducing the cost of those actions

How does QOOBISS AML/KYC software work?

Step 1
ID Documents Verification

Verify and authenticate ID documents at scale and in real time:

Document authenticity check

Automatic Data Extraction

Fast and accurate results in real time

Step 2
Take a picture

Qoobiss uses cutting-edge passive liveness detection technology to ensure that the person making selfie is physically present human being and not an inanimate spoof artifact, picture or injected video.

Step 3
Face Matching

QOOBISS utilizing AI technology to verify a customer’s identity. An algorithm compares a portrait from the ID document photo with a selfie-picture and makes surethat they both belong to the same person.

Step 4
AML Watchlists

QOOBISS checks your customers’ data globally against internationally risk databases

KYC stands for “Know Your Customer” and AML for “Anti-Money Laundering”.

Both KYC and AML practices are mandatory and required by law in almost all jurisdictions. The purpose of these requirement is to prevent fraud and ensure that clients of financial services are not using such services to commit crimes or hide the origin of their funds.In essence, the KYC and AML practices entail carrying out verification, monitoring of potential fraud and cross-checking information in relation to the customer onboarding. Failure to ensure adequate policies and procedures to run the KYC and AML triggers significant legal risks from supervisory authorities and financial regulators as well as criminal exposure for the players in thefinancial services industry.

Why do Fintech companies need AML/KYC procedures?

The extensive use of new technologies and the increased need for digital onboarding makes it necessary to define standards that help fight online fraud. AML/KYC practices reacts to a legal and global imperative for the entire financial industry.

Common KYC and AML procedures consist of verifying the ID of the client against a large database to identify the background and profile of the client. The ID verification mechanism is thefirst test to flag the individuals and entities involved in money laundering operations or under sanctions. The KYC and AML procedures are continuous and do not stop at opening an account with a service provider – they have to be carried out in relation to processing large transactions, in providing a secure authentication system for users when they log in, and also in maintaining up-to-date information of the users (such as update of a new ID).

What has initially started as a mandatory obligation for banks, it has been extended to other industries (gambling and financial services provided by fintech companies).

With careful consideration being given to privacy data regulations as well, the KYC and AML procedures involve collecting and analyzing information specific to customers (Personally Identifiable Information or PII). There is no general adopted standard in collecting and reviewing the PII. Different companies can request different types of PII, from a scanned copy of the ID to recent utility bills, which include the name and domicile of the client. Typically, the common requests include the customer’s full name, address, date of birth, and so on. Customersmust also submit supporting government identification to help verify this information, such as a passport, ID, driver’s license, and proof of address. The KYC and AML practices vary even withinthe same industry as a client may need to provide different sets of documents when opening a bank account or when trying to confirm a money transfer operation.

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