How does KYC work?
KYC (Know Your Contact in PRIV.DRM) is a significant element in establishing customers’ identities and understanding the nature of their activities.
Completing KYC validation incorporates a few key elements:
- Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) via information collection.
- Document verification with adaptable security levels.
- Customer risk assessment through the review of watchlists.
What is a kyc summary?
KYC summary is a PDF document that is generated immediately whenever a client’s KYC is validated, the document is found under the documents section and contains:
- Document Set that the client has provided to confirm their identity.
- Matrics containing all the client’s details that have been logged.
- Signature verification and identification of the user who validated KYC.
- Timestamp indicating when the summary was generated.
Why is kyc summary indispensable?
KYC summary improves traceability and transparency, prevents liability, and makes keeping track of key information, on Priv.DRM, simple and efficient.
For every KYC validation, you’ll have a file containing a copy of the documents and descriptors associated with the client on that date.