Onboarding made easy with AI-powered video KYC

FAQs for the ever curious

• Can I do video identity verification of my customers?

  Yes. As per RBI’s latest guidelines, RBI Regulated Entities (REs) can do video verification of their customers with their consent.

• Is it compliant to conduct a video identity verification?

  Video Identity Verification or Video KYC is compliant with RBI’s latest guidelines only when it is facilitated by RBI Regulated Entities (REs) in consent with the customer. For other non-regulated /semi-regulated industries we can help to conduct assisted and nonassisted Video KYC processes to help mitigate risks of identity and location spoofing along with liveness detection tests of the individua

• How can I store the videos recorded for my customers during identification processes?

  As per RBI guidelines, the videos are to be stored on the REs servers. For certain industries like gaming, aggregators, logistics, etc., there are no such guidelines and hence AuthBridge can help to eliminate storage issues by providing the storage facilities on our server.

• Is KYC a part of AML compliance?

  Yes, KYC is a small measure in the entire AML (Anti-Money Laundering) effort of the regulatory authorities. It reduces the risk of harm from fraudulent or high-risk individuals/ businesses by identifying and verifying them at the time/before onboarding.

• What is the cost of non-compliance to AML?

  Non-compliance with AML guidelines can cost heavily in terms of penalties from regulatory authorities to the cancellation of licenses in the worst case. As per certain estimates, the monetary cost of non-AML compliance can be up to .83 as a percent their total of assets for smaller firms and up to .08 percent of total assets for large firms.

• Is video KYC considered valid in AML compliance?

  Video Identity Verification or Video KYC is compliant with RBI’s latest guidelines only when it is facilitated by RBI Regulated Entities (REs) in consent with the customer

• What are the OVD documents? How is it different from OSV?

  OVD are the Officially Valid Documents or the identities that are considered valid proof for PoI and PoA as per the list of documents shared by RBI. Original Seen & Verified (OSV) means the original copy of the document should be seen and verified by the respective individual who is sourcing the case/file, in the case the agents appointed by the RBI RE (Regulated entity). At AuthBridge, we can help to verify the OVD with our instant verification APIS to help in the realtime, compliant, and seamless onboarding of customers. Through our V-CIP solution, we can help bank agents to conduct OCR, enabled with document classification, document tampering and conducting instant identity verification and face match, thus simplifying OSV processes for the Banking and financial service entities.

• Which IDs are supported for OCR for Identity verification?

  All National IDs including Aadhaar, PAN, Passport, can be used for identity verification using OCR.

• What happens to the ID data of the customer OCRed for identity verification?

  We extract details and conduct verification of the OCRed ID and do not store any data as per privacy guidelines.

• Why is it important to verify customers?

  It is important to verify customers to establish that the customer is who they say they are. Customer verification is also important to protect from crimes such as fraud, identity theft and money laundering in compliance with the guidelines of regulatory authorities. Failure to identify fraudulent customers and curb the illegal use of a financial service by such a customer can also attract hefty penalties and punishment from regulatory authorities.