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With digital transactions increasing in India, businesses must prioritize KYC compliance to verify their customer’s identities and prevent financial crime. One crucial aspect of KYC compliance is proof of identity (POI), which involves obtaining valid documents from customers to confirm their identity. This article explains why POI is crucial
The objective of due diligence is to gather all relevant information to make informed decisions that minimize risk and maximize returns. However, traditional due diligence can be a lengthy, costly, and complicated process. That’s where simplified due diligence comes into play. Simplified due diligence is a streamlined version of
What is Due Diligence? According to Investopedia, the term due diligence refers to an investigation, audit, or review performed to confirm facts or details of a matter under consideration. In the context of a business, due diligence means employing KYC/KYB procedures to ensure compliance, prevent fraud, and minimize risk exposure
Business verification is a 360-degree audit or investigation to evaluate any risk from a financial, legal, operational, or regulatory perspective. It is done before onboarding any business or forming any deal/relationship with the third parties to have prior knowledge of the risks involved. For example, when considering to take business services
What is client onboarding and due diligence? Client onboarding is the process of onboarding new clients into your business while ensuring due diligence. A seamless client onboarding process enables businesses to build the initial rapport with prospective clients, prevent impediments, and deliver an outstanding experience. Needless to say, a great
Supplier onboarding and due diligence is the process of gathering important information on prospective suppliers, vendors, distributors, or other third parties for identity validation and risk assessment. After 360-degree due diligence, businesses can onboard them into their platform for the smooth functioning of supply chain operations. The entire process of
Businesses rely on numerous third parties for the smooth running of key operations, increase profitability, and go to market faster. Third-party stakeholders such as suppliers, vendors, dealers, distributors, vendors, and merchants play an integral part in managing different functions of the supply chain. With the help of third parties, businesses
Digitization has brought a paradigm shift in the Indian business landscape by making critical business processes more efficient and easier. From leading businesses to SMEs, everyone is leveraging digital solutions to run operations 10x faster and keep their business safe and compliant. Talking about digital solutions, ‘e-signature’ is becoming one
Ever experienced difficulties evaluating an onboarding solution for individuals, agencies, or third-party businesses? Do they all look the same, making it difficult for you to identify the best? If the answer to all the questions is yes, you have landed in the right place. We have collated a step by
Insurance companies rely heavily on their agents as a sales channel. But this channel has it’s own share of problems. Mis-selling and frauds by agents has been a big problem for insurance companies and IRDA for a long time now. The insurance penetration in India is less than 4% which
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