20 KYC Fundamentals

Every stakeholder in the card-not-present ecosystem has Know Your Customer (KYC) compliance requirements. Depending on the kind of business, where it is located in the world and under what regulatory authority it falls, compliance reaches varying levels of complexity and non-compliance can be costly or can even threaten a company’s existence.

Recently, Palo Alto, Calif.-based identity and risk-management solution provider IdentityMind Global assembled a panel of KYC experts to talk about the challenges and responsibilities of different members of the CNP value chain. While the panel had specific recommendations depending on the role a company plays in the ecosystem, a list of fundamentals emerged that pertain to anyone trying to establish the identity of a new or current customer for KYC purposes. Some are tips that will help your company meet regulatory guidelines, stay out of trouble and avoid fines. Others are benefits that accrue to companies that exhibit exemplary KYC programs.

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