How KYC Portal helps businesses meet their compliance obligations during COVID-19

From: RegTech Analyst

The coronavirus has changed the entire dynamic for how businesses stay compliant with people working remotely more than ever.

KYC Portal is no different, but the company is taking the changes in its stride and offers the tools for other ventures to do the same.

“Although COVID-19 has put the world on lockdown and everyone has shifted to remote working, it is still business as usual for the KYC Portal team,” KYC Portal said in a statement. “Our priority as always, is towards the well-being and support to our customers, therefore we have taken certain measures to continue to serve our clients and partners during this unprecedented period.

“Since all teams are working from home, our KYC Portal training materials are now easily available to all our clients, via our Online Cabinet EDMS. Our team of Business Analysts are continuously working and connecting online with clients to configure and digitise their due diligence processes within KYC Portal.”

The company also noted that its services can particularly useful for businesses with a remote workforce. For instance, KYC Portal’s embedded video conferencing module empowers businesses to streamline and simplify the onboarding process of new clients by using a combination of biometrics and automatic recordings, without needing to use face-to-face meetings.

All recorded interactions on the platforms are included in the company’s end-of-process audit trail, stored behind a secure layer of encryption, meaning proving compliance has become easier. The biometrics enables the company to compare photographs from a variety of identity documents submitted as part of the onboraing process with footage recorded during the video.

“Going above and beyond the existing regulatory requirements, this feature provides the ulterior security against potentially fraudulent applicants, and further allowing additional discovery through the overview dashboard, in cases of multiple application attempts, even across geographically remote offices, or when utilising aliases or variants of the official identity,” KYC Portal stated.

Moreover, the company’s Customer Outreach Tool (COT) enables subjects outside of a company to essentially onboard themselves. “The system presents the user with a guided three-step approach, all the information is presented to the user in a neat and simple form, which is dynamically maintained by the organisation itself,” KYC Portal explained in a blog.

“Another very important feature within this module is the ability to remove the dependence on email as a form of communication, allowing the end user to chat, conduct audio calls and face-to-face calls through the system itself, in case they encounter any problems during the on-boarding process or have any queries regarding their application.”

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