Know Your Customer, commonly referred to as ‘KYC’, is an identity verification process that plays a critical role in preventing services of low quality (e.g cases non qualified doctors etc.)  within the medical sector. It spans a wide variety of means to check the legitimacy of users, such as mail/phone verification, face verification, document verification, address verification, two factor authentication, facial biometric authentication and video KYC. All of this enables us to conduct proper screenings when onboarding customers, ensuring minimal exposure to high-risk customers and entities, whilst adhering to KYC regulations.

So, what exactly happens in the KYC process? How does KYC work?
This is what Shufti Pro’s digital KYC verification process entails:

KYC Step 1 | Customers provide data Firstly, customers are required to add their personally identifiable information (PII) for account registration. PII spans numerous types of information like:

Mail, Phone Number
Name (for Doctors)
Date of birth
Email address
Social security number
Passport number
Medical license
Financial information (e.g. credit/debit card details)

KYC Step 2 | Doctors upload their ID documents

Next up, Doctors upload clear scanned copies or images of their identity documents. At DOCTORSHELLO, we cover a vast range of over documents. Our pioneering optical character recognition (OCR) technology then extracts all the required information from the scan or image of the document that has been uploaded and further processing continues.

KYC Step 3 | Verification of the customer’s identity

The OCR extracted data is then matched against manually added data, alongside checking the originality of the uploaded documents to verify the authenticity of the customer’s personal details. The document images are then checked against the default document format for validation.

KYC Step 4 | The final results

The final verification results are delivered and the complete proof of verification is uploaded in the client back office. IF the customer successfully passes all of the verification steps, onboarding is completed.

It’s important to note that the KYC verification process may differ depending on your industry and whereabouts in the world you are based – this is due to KYC compliance regulations.

What is KYC Compliance?

KYC compliance is a critical component in the formulation of KYC verification processes; it offers guidelines and obligatory practices that need to be implemented when conducting this process. The policies vary across industries and jurisdictions, and are exceptionally important to those operating within the industries of finance, banking and online payments. These requirements effectively deter money laundering, fraud, terrorist financing and an array of other financial crimes.

KYC compliance is a legal requirement and can incur legal and financial consequences if organisations fail to comply. The regulatory landscape is tumultuous and ever-changing in order to keep up with growing threats so be sure to stay up-to-date.

For more information or assistance on KYC regulations and compliance, talk to one of our compliance specialists now.