Top 5 Aspects to Verify Before Hiring Your Senior Level Hire

Why is Background Verification Service Vital for Small Businesses?

Due to the limited size of the workforce, small businesses operate on an intimate level. They do not hire as many employees as your typically large corporations and therefore are much more dependent on each individual employee. Employees often need to take on multiple responsibilities and interact with each other in a close-knit fashion. Due to the increased importance of an individual employee, small businesses are heavily dependent on background verifications.

Along with work safety issues, hiring managers need to vet the applicants rigorously on the basis of their skills, educational background, criminal records and other similar details. They also need to assess the personality of the applicants to check if they will be a proper fit for their close-knit teams. Despite the criticality of strict background verification, a lot of companies often skip this step. The reason- lack of proper budget and screening tools. This is where professional background screening services come into picture.

By outsourcing the process of background screening, small businesses can save capital (which would otherwise be invested in infrastructure for in-house screening) and can ensure high efficiency in the screening process. Choosing the correct background verification service can be a difficult task. With the constant shift in laws and regulations and applicants misjudging themselves, choosing the right service provider is of critical importance.

There are various factors that must be taken into consideration while selecting a background screening service. The first and foremost is their level of compliance with regulations of not just the region but also of the company. Added to this are factors like turnaround time, technological considerations and cost.

Also read: Top 5 Checks to Consider for Conducting Background Verification

How to Choose Your Background Verification Partner?

In the face of technology disruption and initiatives such as “Make in India” and StartUpIndia, there is a focus on job creation. With multiple avenues opening up, recruiting managers are pressurised to make the right hiring decisions in quick time while ensuring the organisational goals for hiring and retaining are met.

 

The importance of background verification – Risk mitigation and building trust

Given the time and resource crunch in HR teams, many resort to shortcuts in the hiring process. Bad hires have been proven to cost up to five times the annual salary of an employee besides denting the image and reputation of the company. Resume frauds are also common with a 15.21% discrepancy rates in 2017.

One in six candidates lie on their resume with a majority of them misrepresenting their employment tenure during background verification. HR companies rely on a background verification partner to conduct due diligence on behalf of the company. Since critical hiring decisions are made based on the information provided by the background verification partner, it is important to select the right background screening company.

 

Things to consider while selecting a background verification partner

1. Licensed provider

In the U.S., background verification companies need to obtain accreditation from the National Association of Professional Background Screeners. Independent audits are conducted to ensure the background verification partner is following the best practices. However, in India, while there is no regulatory body, the background verification partner has to be registered and have the required licenses to conduct background verification. This ensures employers of quality results from approved, genuine provider.  Employers can refer to the list of ‘empanelled background screening agencies’ with National Skills Registry (NSR).

2. Up-to-date with legislation

While you enlist a background verification partner, check if they are aware of the prevailing laws and regulations with respect to employee background verification in the geography under consideration. This is particularly true if your business operates overseas and hires people from across the globe. Different regional and Federal laws govern background verification across countries and a professional background verification partner needs to be aware of such relevant laws. For instance, it is illegal to conduct criminal records check in the U.S. without the consent of the employee. In India, the consent of employee for drug screening and criminal records check is required.

 

Background verification partners have to be compliant with:

  • The Indian Penal Code
  • The Indian Contract Act
  • Information technology Acts of 2000 and 2005 which prohibits unauthorized usage of employee data
  • The Right to Privacy
  • ISO standards for information security

3. Time taken for conducting verification

Ensure the background verification partner have a proven track record of completing the verification processes in defined and efficient turnaround time.

4. Technology-savvy

Check if the background verification partner is using sophisticated technology to ensure reliability and accuracy of data. Smart platforms such as WorkAttest™, API integrated technologies, Aadhaar-based eKYC and access to national and international databases are some of the factors that work in favour of a background verification partner. These technologies not only cut down the time required to conduct background screening but provide accurate data as well.

 5. Protocols in place

A professional background verification partner has to follow best practices while having clear protocols in place.

6. Experience and reputation

As is the norm in selecting any vendor or partner, checking the industry experience and reputation of the background verification partner is critical. A reliable background verification partner has to be open to feedback while being approachable.

Also Read: Top 7 Tips to Get Your Employment Background Verification Right

Look for online reviews or if not available, request the background verification company to provide some references. Also, check if the company has been top-rated in surveys or opinion polls in independent surveys.  Review also if the company has published whitepapers, case studies and surveys on relevant issues that add to the credibility.

Litigation Database Checks and Their Increased Use

Three out of ten business failures are the result of thefts at workplace carried out by employees while at least 30% of resumes are falsified. A recent Times of India data analysis based on the report by RBI shows that in public sector banks, one bank personnel is caught for fraud per four hours in India. More than five thousand bank officials have been charged with fraud in the two-year period from 2015 to 2017.

In a majority of cases, employees collaborated with external entities to carry out the crime. More than Rs.66,066 crores reportedly have been lost due to frauds in banks. In another recent survey pertaining to frauds in the corporate sector, 80% of participants said junior employees, mid-level management and freelancers were involved in most frauds.

 

Civil Litigation database checks the need of the hour

These facts are behind the increasing applications of litigation database checks for day-to-day business. With the trend favouring short-term or temporary hires, freelancers and shared economy models, there is a need for exhaustive background and litigation checks for credit and reputational risk of an individual employee, vendor, and partner or contract worker.

Litigation database checks provided by the District Civil Courts & Tribunals, Supreme Court, High Courts and Magistrate Courts reveal information on the criminal history of the candidate.

Civil litigation check reveals information related to credit score, bankruptcy, real estate, bank defaulters, media searches, tribunals data and so on. Obtaining relevant information regarding the potential candidate’s involvement in either criminal or civil litigations is critical to making the right hiring decision.

 

Use of technology speeding up litigation database checks

Traditionally, while information had to be manually processed, conducting litigation database checks was a nightmare for employers. Given the pressures of hiring quickly and making the best decisions, the HR team more often than not resorted to shortcuts in conducting litigation checks. The long processing time of obtaining records from various agencies is also an impeding factor as far as operational efficiency is concerned.

The digitization of court records and public access to such records are facilitating informed decision making by running through these records to understand the individual’s character. Both national and international databases that are accessible on the public domain are digitized, making litigation checks faster, efficient and accurate. Many countries make available the details of arrests or convictions on international databases that can be accessed for litigation checks. In India, the CBI, NIA and the National Crime Records Bureau also put up digital lists of most wanted criminals. SEBI, RBI, BSE, MCA, NSE, and the Registrar of companies also maintain digital records that can be used for litigation checks.  Furthermore, INTERPOL also publishes the list of wanted criminals at International level.

 

APIs and TrustOnDemand™

Professional background verification companies leverage digital databases using cutting-edge technology solutions, including API integration and ‘TrustOnDemand™’ to conduct comprehensive litigation checks. The use of online repositories such as the digital records maintained by several national and international courts, police records, SEBI and RBI records delivers instant verification results. Technology streamlines the process of litigation database checks while providing the most cost-effective solutions for organisations in the gig economy.

 

Litigation database checks beyond employment screening

While litigation database checks are increasingly being used in India to conduct background screening of employees and partners, their use can extend to other areas of life as well just as it has in China. Being a totalitarian society, China is proposing using a ‘score’ that is based on inputs from all digital databases including police records, court information, tax, banking and employment history.  Companies and individuals will be given a score based on these inputs which will determine their credibility, professionalism or loan worthiness. Eventually, with the expansion of gig and shared economy models of business, litigation database checks may well dictate every area of life.

Drug Abuse Testing Policy at Workplace

More than 7 crore Indians are believed to be addicted to drugs. The most recent report that was presented in the Rajya Sabha shows ten suicides occur in a day in India due to drug abuse. In 2014, according to the National Crime Records Bureau, 3,647 suicide cases occurred due to drug abuse with states including Maharashtra, Tamil Nadu and Kerala recording the highest number of drug-related suicides. The government released data related to drug seizures which had increased by 455% between 2011 and 2013.

Some of the illegal drugs seized include cannabis, heroin, amphetamine, cocaine, hashish, ephedrine, heroin, methamphetamine, opium, morphine and methaqualone (mandrax) among others. Of these, ganja or cannabis, opium, brown sugar heroin and hashish are the most commonly used illicit drugs in India. More than 10 million people are estimated to be addicted to cannabis or ganja while heroin users are more than one million as per one estimate.

A majority of drug users are in the age group of 25 to 35 years which is the prime productive years in life. These years are also the make and break years as far as professions are concerned. Studies conducted in the state of Punjab found that 89% of drug addicts were educated and employed.

 

Ill effects of drug abuse

The annual healthcare expenses for dealing with consequences of drug abuse are as high as eleven billion dollars. Apart from the financial repercussions, drugs cause mental and physical health issues including:

  •  Insomnia
  •  Poor concentration and memory
  •  Violence or aggression
  •  Paranoia
  •  Suicidal tendencies
  •  Depression
  •  Brain and other organ damage
  •  Skin infections
  •  Weight loss
  •  Respiratory and digestive system disorders

 

How drug abuse is impacting the work atmosphere

Some of the risks at the workplace with drug abuse include a high risk of thefts, violence, drug pedalling, absenteeism, injuries and low morale of employees, all of which have a significant impact on productivity. Studies show that employees who are addicted to drugs:

· are late for work at least thrice as many times as others

· avail sick leave thrice as much as others

· have a fourfold increased risk of workplace accidents

One out of five employees who are non-addicts, state they had to cover for the employee who was an addict or that they have been injured because of the co-worker’s addiction. Substance abuse has also been known to be the major cause of violence at the workplace.

Corrective action: Drug abuse tests and counselling

Employers need to be aware of the legislation related to drug misuse and illegal possession at the workplace. According to the Narcotic Drugs & Psychotropic Substances Act, the possession, consumption and sale of any type and amount of illicit drugs are punishable. The punishment can vary depending on the seriousness or extent of the crime. First-time offenders may not attract punishment. For these, counselling and rehabilitation services can help address the problem.

A workplace policy should be developed with regard to drug testing, background verification and criminal history prior to employment and during employment. Random drug abuse tests can reveal any previously unknown drug abuse among employees.

The drug testing protocols can relate to:

  • Pre-employment drug abuse test
  • Reasonable suspicion-based drug abuse test
  • Follow up drug abuse testing for confirmation or post rehabilitation
  • Routine test for fitness
  • Random substance abuse test
  • Disciplinary consequences for repeat offenders post drug abuse test

Several drug testing panels are available in standard formats ranging from five to thirteen-panel drug testing with the number correlating with the number of drugs being tested. Of these, the five-panel drug testing is more commonly used.

Also Read: Drug Abuse Tests: A Beginner’s Guide to What & How?

Exit Employee Analytics’-A Powerhouse of Culture & Retention Strategies

Attrition can cost up to 2.5 times the salary of an employee and is a major pain point for HR.

One of the most critical issues that companies face relates to the retention of valued employees. Given the market competition in terms of talent acquisition, there is a high rate of attrition across industries. Yet, while 87% of HR teams are aware that employee retention is critical for organisational success, very few companies have a scientific strategy in place for exit employee analytics. One of the smart retention strategies is to invest in exit employee analytics.

 

Exit Employee Analytics: The star of Attrition Management strategies

A study from Owl Labs found providing remote and flexible work opportunities resulted in 25% reduction in attrition. A Glassdoor study found that 35% of employees wanted to quit because of poor pay package and would stay back if offered a 20% raise in salary.  Companies that invest in high levels of engagement and fostering a great workplace culture are likely to experience greater retention rates.

Conventional retention strategies include an improvement in pay and benefits, investment in training and flexible work hours. However, exit interviews and data insights from exit employee analytics can help shape retention strategies in a better way.

Using smart exit employee analytics to devise attrition management strategies helps in developing an engaged workforce that is flexible and agile with the help of precious insights. HR teams in India manage a diverse group of employees and have an acute need for data analytics to gather meaningful data insights. Exit employee analytics yield benefits that include enhanced productivity and greater synergy among the workforce.

 

Exit employee analytics that is data-driven can answer the following key questions:

  • The key reasons and trends with respect to attrition
  • How effective the preventive intervention strategies were to control attrition
  • Predictive models to identify attrition rates in the coming six or twelve months
  • Productivity and engagement levels of employees and whether there is a correlation between the two
  • Data of employees who quit within six months from joining date

 

Key insights from Exit Employee analytics

Exit employee data can reveal important insights on how effective the management and retention strategies are. While a steady stream of voluntary resignations despite salary improvements can clearly indicate poor quality of management, the kind of employers or industries these employees are joining can indicate the trend. The following are some of the other key actionable insights that HR can derive from exit data.

  • Which Employers are your ex-employees joining
  • Which Industries are your ex-employees joining
  • Gender-wise attrition
  • Level/Designation/Band wise attrition
  • Age group wise attrition
  • Department wise attrition
  • The manager who has the maximum attrition
  • Possible reasons for exit
  • The most often quoted reason for exit

 

Using WorkAttest™ to derive meaningful data

HR professionals need to store and manage exit employee analytics in a systematic manner in order to derive meaningful strategies for retention. Manual entries are time-consuming and error-prone; they can also result in the loss of data. In a highly connected world, HR professionals not only need to provide verification of ex-employees but also verify future employees in an efficient way.

WorkAttest™ from AuthBridge is an online repository for exit employee analytics as well as breathing productivity into HR using automation and sophisticated technology. WorkAttest™ takes away the hassle and pain of maintaining elaborate records and retrieving them. With just a few clicks, the data on each employee can be uploaded onto the WorkAttest™ platform. The third-party background verification provider has to just log in to the platform to search for the relevant data.The automated platform makes the analysis of any number of data a breeze which means devising retention strategies can be evidence-based and scientific.

Employers can be relieved on handling incoming requests while they get useful data on exit employee movement like never before. And it all starts with sharing!

Best Practices in Credit Check: What you should look out for?

Credit check ensures the prospective employee is stable financially and is responsible for managing his/her own finances. Employers are increasingly employing credit checks as part of employee screening services to protect the company from financial mismanagement. Credit check provides an insight into the likelihood of the candidate indulging in fraud or crime such as misappropriation of funds. According to a survey by the Society of Human Resources Management (SHRM), 60% of employers obtain credit reports on applicants for some or all positions. Job roles such as banking, accounting, and senior executive positions where financial transactions are involved are highly vulnerable to fraud. A credit check is a brilliant tool that can assess how reliable the candidate is.

 

Credit check: What does it verify?

 Credit check as part of employee screening services includes checking the debts of the candidate with respect to debit or credit cards, loans such as for a car or home, payment history, default history, or delayed payment details. Credit check also involves checking the identity of the candidate including address, name, Aadhaar number, and eKYC. According to the fair credit reporting act in India, the Credit Information Companies (Regulation) Act of 2005 lays down regulations on the use of credit-related information and imposes penalties for alteration or leakage of credit data. In the U.S. the Fair Credit Reporting Act (FCRA) regulates the use of information related to consumer credit cards including the collection and dissemination of the information.

 

Best practices in credit check:

Proceed with Caution: In India, the credit score can be checked through validated credit scores from CIBIL, Experian, Equifax, and other companies that maintain credit databases. The RBI has set up guidelines with respect to conducting employee verification and background check for banks and avoiding employing those with criminal records. Companies in India that have ISO 27001 certification are also required to carry out employee verification checks before employing. Yet, Article 21 guarantees the right to privacy and there are penalties for misusing credit scores or data of employees. Employers need to ensure the policies of credit check is fair and relevant while also specifying the valid reason for conducting credit check for employment.

Follow employer responsibilities: In the U.S. the FCRA imposes stringent regulations and penalties related to misuse of credit data. Employers are required to give in writing that they will not misuse the credit data and that it has been collected only for employment purposes. It is also mandatory to obtain written consent from the employee for conducting the credit check.

Being ready with adverse action processes: Specific rules have to be followed by the employer if an employer rejects a candidate based on the credit reports. The employer has to provide an explanation for rejection to the employee as well as disclose the credit score obtained.

Giving a pre-adverse action notice: Employers who decide to not employ the candidate based on the credit report have to give pre-adverse notification. Reasonable time has to be given to the employee to respond to the notice. After this time, the adverse action notice has to be given giving the details of the credit checking company that gave the report, the rights of the candidate to dispute the findings, and to ask for a free report from the agency.

Make the right decision: While credit checks can be conducted to see if the candidate is financially stable and does not employ the candidate based on the credit history, firing an employee based on a delinquency report is not permitted under law. In India as well, employers have to tread carefully on using credit information as it may infringe on privacy rights.

Ensure that you conduct credit checks before handing over your company’s financial responsibility to any individual.

Also Read: You cannot Ignore Background Checks- Here’s Why

Background Verification: Why Companies Need Greater Vigilance?

Even as unemployment reached an eleven-year high figure that runs into millions, the economic downturn is leading to a financial crisis. Companies resort to budget cuts on many aspects including background verification, security, and labor to save on expenditure. These short cuts, however, do not lead to success as wrong hires and lack of security can backfire in many ways. Negligent hiring leads to exacerbation of the existing financial downturn due to the high costs of replacing the wrong hire, damage to reputation, irreversible errors and customer complaints. HR professionals are pressurized to hire on a large scale in a short span of time and this is particularly true in large industrial sectors and for those looking at expansion.

The pressures of hiring can laead to making wrong hiring decisions with many companies not adopting a robust background verification process.

A recent incident is a case in point where an IT company’s HR head interviewed a candidate who had presented a strong resume. It was noticed that the claims made in the resume were not matched by the candidate during the interview. When the company investigated further, they found the candidate had copied a senior leader’s resume.

 

Negligence in hiring & background verification can lead to major financial losses

Maintaining a good reputation and brand in the marketplace is of utmost importance to companies. Lying on the resume is a very common occurrence and a recent survey found that 41% of background verifications conducted found discrepancies.

Wrong hires can damage carefully built image and reputation of companies while they can also lead to negative branding. The loss in reputation goes hand in hand with financial losses that can run into billions. According to a survey by CareerBuilder, one bad hire can cost Indian businesses up to 20 lakhs. India also figures among the Top 4 countries that are most likely to make wrong hiring decisions according to the survey. The same study found that 84% of companies in India were impacted by wrong hiring decisions. The impact of wrong hire without background verification can be much more than financial losses with employee relations, client satisfaction and morale within the company also taking a huge hit.

 

Precaution is better than cure

As with everything else, prevention is better than cure when it comes to hiring right. The following factors can help avoid negligent hiring.

–     Conduct background verification
Taking the help of a third party professional background verification services provider can help companies streamline their time and costs while obtaining accurate results. Expert agencies use cutting edge technology and provide access to countrywide database for conducting comprehensive criminal records check, background verification such as identity, eKYC, addresses, credit check, employment history and qualification. Not only are these results obtained in quick time but are completely reliable and accurate.

–     Do the required homework with Reference Checks
It is advisable to not take short cuts when checking the references the candidate has provided. Although reference checking consumes time and energy, it can save up huge amounts of time and money that would have to be spent in replacing the wrong hire. Verify with the references if the dates, salary and skills that the candidate has mentioned in his or her resume are accurate. Also ask the references if they would be willing to rehire the candidate given the opportunity. A negative answer is a red flag although not conclusive. Further action in terms of employee screening and professional background verification can confirm if the candidate is reliable or not.

–     Have a policy in place
If the company does not have a recruitment policy that details the background verification and screening processes, it is time to formulate one. Consult senior management and HR department to draw up a recruitment, interview, background verification and onboarding policy that is structured and objective.

Also Read: The Periodic Table for Background Verification

Bad hires can cost your organisation a fortune. Do not run into employee related risks. Get vigilant and proactive and adopt background verification policies and structured programs today!

Essential Factors to consider in ‘Criminal Record Verification’

Hiring the right candidate is critical for the growth and development of a company. Bad hires cost companies millions of dollars as a result of precious time being lost in rectifying errors, re-engaging the customers and looking for replacements. Businesses have to ensure the right candidate with the right qualifications and integrity is hired and that there is no criminal history attached to the candidate.

 

Fast-paced frauds

Resume frauds are very common and as per a recent survey, three in ten resumes were found to contain a discrepancy. These lies are related to not only professional or educational qualifications but to criminal history as well. When an employee is hired without conducting a criminal record verification, there are huge risks of damage to reputation as well as legal risks. Misusing confidential information and assets can impact the business’s financial health, not to mention the dent in the image. A study by the Society for Human Resource Management (SHRM) showed that 69% of organisations are conducting criminal record verification of their candidates. Half of those surveyed said they resorted to criminal record verification to avoid negligent hiring.

 

What is criminal record verification?

Criminal record verification deals with a criminal background check to analyse the criminal charges, convictions, arrests or warrants issued for the potential candidate by checking the database maintained by courts including:

• District Civil Courts & Tribunals

• Supreme Court

• High Court

• District and Magistrate Court

• State Courts • Criminal Suit – District Court

• Criminal Suit Magistrate Court

• Criminal Suit State Court

Some countries put up in the public domain the details of international convictions or arrests and these databases can also be included in the criminal record verification. Other than the above databases, criminal record verification can also be done in India by accessing the National Crime Research Bureau and CBI’s Most Wanted Lists. The list of corrupt officials maintained by SEBI, Registrar of companies and RBI are other databases that are useful for a criminal background check.

Also Read: 7 Questions Related to ‘Criminal Records Check’

 

Essential aspects to consider while conducting criminal record verification

For an employer, it can be a challenge to go through each and every public database in detail to do the criminal record verification. Consulting a professional criminal record verification services provider, such as AuthBridge, can help streamline the process. There are some essential factors to be considered while conducting a criminal background check.

These include The courts covered in the criminal record verification process and whether all levels are covered including District, State, High court, Supreme Court and so on It is also critical to ensure that the right information related to a candidate’s date of birth, identity, father’s name, address were used to conduct the criminal record verification It is important to check if your search results are robust and corrections are made for wrong spellings, acronyms etc. It is important to check whether the candidate was the petitioner or the defendant in the criminal case.

Many false positives can turn up even when the candidate was only the petitioner which can lead to wrong decisions The exact nature of the crime and whether the case files contain a description of the charges or crime committed by the candidate It is necessary to check if the charges against the candidate were proven and whether the case is now closed or ongoing.

If the candidate was found guilty, the employer should also consider if he or she should be given a chance to justify or explain the circumstances According to a recent survey, discrepancies in resumes were the highest in the 50’s age bracket candidates across industries including Pharma and Healthcare, IT and BPO and Travel & Hospitality. It is important to not make any assumptions regarding age or seniority while conducting criminal verification. Consulting a professional criminal record verification services provider is the best way to ensure that the right candidate is hired.

KYC Solutions & Its Merits

Whether recruiting an individual or setting up a partnership or alliance with a vendor or another business, it is crucial to know who you are dealing with. Instant KYC or Know Your Customer is designed to prevent misrepresentation and identity fraud. KYC verifies data related to individuals, businesses, vendors, or other third parties to root out impersonation, forgery, and other forms of identity theft.

 

Increased relevance of KYC in the digital economy

The technology disruption has kept pace with the fast growth of start-ups, shared economies, and larger businesses. As boundaries merge and businesses are increasingly going global, new customer bases are acquired. These necessitate faster and hassle-free recruiting, onboarding, and partnering processes. Manually conducted Know Your Customer checks to defeat the purpose of a fast and efficient business image, while also being low on accuracy. Paper-based proofs are, at times, forged or manipulated, resulting in false information. Multiple manual documents such as ID proofs, address proofs, licenses, and so on need to be checked as part of KYC, which can be time-consuming and laborious.

Given the rate of growth of digital economies, the inherent risks of identity theft and frauds are also on the rise. Information is shared on public domains across multiple platforms. This makes sensitive data vulnerable to theft and manipulation. Fake identities, digital forging, embezzlement, and misrepresentation are some of the dangers of a digital economy.

According to a recent estimate, 77% of frauds in India relate to identity theft. Close to 85% of fraud cases were related to identity thefts in the banking, credit cards, and mortgage loans sectors in 2017. In the U.S., 15 million consumers were targeted by identity thieves to the extent of $16 billion in 2016 alone. KYC is the crucial link that connects businesses to a safe and risk-free digital economy.

 

Usefulness of KYC

Thanks to e-KYC, a number of services can be availed in a hassle-free manner. It is possible to open a bank account in a matter of seconds with e-KYC. Aadhaar-based Know Your Customer can help get new mobile connections in a quick timeframe. KYC is also useful for setting up a new trading account. Establishing identity through KYC also enables a host of other services to be done in half the time it used to take with manual processes. These include health insurance, life insurance, and mutual fund investments. Businesses seeking a financial product or entering into a partnership can speed up the process with KYC.

Also Read: Smart KYC Solutions: The Need of the Hour for Employers

 

Tackling the challenges of onboarding

Businesses in expansion mode need to onboard employees in multiple locations as needed. Since employees represent the business and interact with customers, it is critical to ensure the right person is employed. In this scenario, it is essential to ensure smooth KYC and onboarding experience while ensuring adherence to strict Know Your Customer norms and filtering any fake applications out efficiently. KYC verifications are best entrusted to a third-party professional agency that specializes in identity verification and background verificatione-KYC is fast and discrete and provides a smooth onboarding experience for employees by cutting down on time. At the same time, the results of identity verification using e-KYC are accurate and prevent any fake applications.

 

Aadhaar-based e-KYC and its merits

Aadhaar-based e-KYC helps deliver enhanced customer experience while mitigating risks. Being an entirely paperless process, the results are instant, accurate, and reliable. With Aadhaar-based e-KYC, businesses can effectively identify employees, agents, clients, and vendors and check their compliance with Anti-Money Laundering (AML) laws. The validity of e-KYC is recognized by the Ministry of Finance for all financial services under the PML (Prevention of Money Laundering) regulations.

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