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The real money gaming industry is at an important junction. With markets expanding and regulatory frameworks tightening, the operational complexities of managing compliance have multiplied. While Know Your Customer (KYC) guidelines are well-established to verify individual players, businesses in this sector are now facing equal pressure for Know Your Business
What Is Bank Account Verification? Every time a payment is made or received, there’s a silent but important step happening in the background: Verifying the Bank Account. This process, known as Bank Account Verification, ensures that the account exists, belongs to the right person or business, and is active for
Significant Beneficial Ownership (SBO) has gained considerable attention in India, especially following the updates in November 2023 to the Companies Act, 2013 and the Limited Liability Partnership (LLP) Act, 2008. Recognised globally as a measure to increase transparency and accountability, SBO requirements in India aim to unveil the individuals who
What Is Ultimate Beneficial Owner/Ownership (UBO)? Ultimate Beneficial Ownership (UBO) refers to identifying the individual(s) who hold significant ownership or control over a business entity, directly or indirectly. This concept has gained traction globally, particularly as countries ramp up anti-money laundering (AML) and counter-terrorism financing (CTF) efforts. In India, identifying
What Is KYC And Its Importance? Know Your Customer (KYC) is a due diligence process that financial institutions undertake to verify the identity and background of their customers. This verification helps to ensure that the services provided by banks and other financial institutions are not misused for illegal activities such
Ensuring the authenticity of bank account details is crucial for businesses, especially in preventing fraud and failed payments. Penny Drop Verification, a widely adopted method in India, provides a simple yet effective solution. It allows businesses to confirm that the bank account details provided by a customer, vendor, or partner
Enhanced Due Diligence (EDD) is a key process in today’s regulation-laden environment, especially in countries like India, where financial institutions need robust measures to mitigate risks related to money laundering (AML) and counter-terrorism financing (CTF). EDD is an advanced form of Know Your Customer (KYC) and Customer Due Diligence (CDD),
Ensuring the accuracy and authenticity of information provided by vendors, suppliers, and other third parties is essential for mitigating risks and ensuring compliance. Third-party verification (TPV) serves as a crucial process, allowing companies to validate the credentials, claims, and transactions of external entities. By utilising independent verification from a neutral
Introduction Linking your PAN (Permanent Account Number) with Aadhaar has become a crucial requirement for tax-related processes in India. This linkage aims to simplify and streamline the taxpayer’s identification process, making it easier for the Income Tax Department to detect and prevent tax evasion. It ensures that each individual has
As businesses become more and more interconnected, effectively managing third-party risks has become extremely important to protecting operations and ensuring compliance with various regulations. Third-party risk management (TPRM) software is an important tool in this effort, enabling organisations to assess, monitor, and mitigate the risks associated with their vendors, suppliers,
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The most noteworthy aspects of our collaboration has been the ability to seamlessly onboard partners from all corners of India, for which our TAT has been reduced from multiple weeks to a few hours now.
