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Address Verification

Implement AML And KYC Regulations Becomes Much Easier Using Automated Address Verification Integrated With ID Document Authentication

August 16, 2018

Implement AML And KYC Regulations Becomes Much Easier Using Automated Address Verification Integrated With ID Document Authentication

ID authentication is a very important aspect which should be performed to make sure that the best and the most advanced outcome is generated for both business and user. There are many ways which can be used to make sure the Proof of Address is also attached to the ID authentication. This is very important as it allows the businesses to Implementing Using Is Now complete. Such verification will also allow the businesses to enjoy more control over the transactions especially if the customer is related to banking services and the ID authentication is required. It is very important for the businesses to develop tools or the SDKs which will get the work done with care and perfection. It will make sure that that the businesses have the systems which are associated with the government based databases. It will allow the businesses to validate the proof of address with the document which is presented for verification. 

 

 

Address Verification Third Parties

There are companies which are hired by the banks and large business organizations to make sure that the address is verified. Such companies are also known as address verification service or the AVS. If such third party is hired then they should have the ability to overcome the problem of attachment of proof of address with the ID authentication. It is very important that the address verification is done by physically visiting the location. As the hiring companies have a lot to do other than the address verification so the third parties are hired to perform the function.

 

Automated Process For AML And KYC Regulations

The processes which are related to the proof of address should be automated in such a manner that they get the ID authentication details from the customer and vice versa. If such policy is made in this regard then the customers should always be informed so that they know which info is being verified. For the application of AML or Anti Money Laundering laws, such verification is very important. It is also very important for the application of the Know Your Customer or KYC regulations to make sure that the business never indulges in any sort of illegal activity at all.

 

The International Use

There are some businesses and banks which work internationally. Such businesses are protected by the international laws. For instance, the fraudulent activity in this regard is catered by the Interpol and therefore such businesses are highly safe to work with. In such cases, the ID authentication is done which automatically covers the proof of address as well. It will make sure that the customers are validated completely and their addresses become a part of the record along with the ID document they present.

 

The bottom-line

Such verification is highly in demand and the systems which are developed in this regard are the ones which are being improved further. It will make sure that the ID authentication is always completed with the help of the address verification or else it is considered to be incomplete. In such cases, the systems will never proceed forward to perform the next step.