KYC Automation

KYC stands for “Know Your Customer.” KYC Onboarding refers to the steps a business or bank or financial institution must take to verify the identity and risk levels of (new) customers or entities such as vendors. The KYC process is performed by businesses to prevent illegal activities such as money laundering or fraud, in return protecting the best interests of both the company and the client.

In India, guidelines have been issued by the central authority - the Reserve Bank of India (RBI) - on Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards, that businesses need to comply with.

Ever changing AML regulations & Sanctions requirements makes institutional KYC a critical process in the customer or vendor onboarding lifecycle. Adverse news monitoring cannot be relied upon as a manual subjective process. The number of databases and sources to be tracked is a continuously growing large list, with its compliance process is getting complex. Unstructured documents involved makes it as a subject matter expert (SME) heavy process with lots of checks & balances and huge cycle-time for every customer or vendor onboarding. Penalties for any misses running into millions to serious business implications and further reputation challenges, AML is a key process that needs augmentation by AI to bring in reliability in confidence as well as standardization of the process.

AI-powered discovery of data from documents and web, auto-classification and analysis greatly reduce subjectivity and time involved in manually verifying multiple KYC documents per application. The automated KYC process is remote and paperless process that saves costs, increases efficiency, and tackles challenges that traditional KYC processes pose such as delays in customer or vendor onboarding, misses and errors etc.

Botminds KYC process automation solution can be leveraged by the onboarding teams across industries – Government, Banking, financial services, E-commerce, Insurance, Hospitality, Marketplaces, Logistics, etc. The workflows can be customized as per specific regulations in the industry and as per the needs of the entity.

Botminds KYC Process Automation works seamlessly with documents of varied formats and types. It also supports scanned documents, native PDFs and web sources.

Botminds AI ensures 100% data security. Botminds is ISO 27001:2013 and SOC2 Type II certified.

Botminds AI can be deployed in two modes – both of which are completely secure. 1) SaaS mode – in a multi-tenant model 2) Private Cloud deployment – data does not leave the business’s secure environment