Video KYC is now an allowed method of identity verification in India. RBI (the Reserve Bank of India) has now permitted fintechs, banks, and other financial institutions to use new customer onboarding methods. The focus is predominantly on video based solutions as these provide the most security. Video Based Customer Identification Process (V-CIP), as the RBI refers to video KYC, is introduced to capitalise on the growth of digital channels. It’s goal is to make it easy for end users to verify themselves. The new legislation aims to encourage online customer onboarding as opposed to requiring users to…
Compliance
The development of new technologies and emergence of FinTechs changed customer expectations of financial services. However, along with FinTech growth, there has been growth in money laundering and terrorist financing. To limit financial institutions vulnerability to such crimes, they are required to have AML and KYC programs in place…