Is your Canadian business able to combat money laundering and identify identity fraud? According to the report of the Canadian Anti-Fraud Centre, 30% of financial fraud increased in the past two years. With the increasing challenges of digital business transactions and regulatory requirements, it is essential to have a robust identity verification system to mitigate risk and fraud. It is the area where KYC providers are stepping up for comprehensive identity verification solutions that assist Canadian businesses in protecting against financial fraud crime and ensuring regulatory requirements.
The Growing Significance of KYC in Canada:
With the rise in digital transactions within the country and cross-border business transactions, KYC regulations are more vital than ever in the Canadian landscape. As per the report by TransUnion, nearly 57% of Canadian businesses have experienced increased fraud attempts pre-pandemic. Retail, logistics, financial services, travel, and leisure are the sectors that are targeted by fraudsters. This is an eye-opening stat for small, medium, and large size Canadian businesses to understand the importance of KYC solutions. KYC plays a significant role in identifying the real identities for safe and secure business.
KYC solutions assist financial and non-financial businesses in various ways, as they are:
Ensure Compliance:
Canadian laws and regulatory compliance are strict, against money laundering, terrorist financing, tax evasion, illicit financing, and illegal activities. KYC solutions ensure Canadian regulations and Allow for smooth business operations. It prevents hefty fines for non-compliance and legal procedures.
Identification:
Along with the compliance need, it helps to identify and verify the identity of the new client during the onboarding process and ensure whether the particular identity is genuine or not.
Identity Fraud Recognition:
KYC API identifies the fraud ID document during the client onboarding process and helps to recognize the fraudsters. Fake identity is the most common fraud in today’s time and KYC providers in Canada assist in identifying quickly and securely.
Secure Business:
KYC software assists Banks, financial institutes, fintech, insurance, Forex, cryptocurrency, and other financial sectors for quick identity verification and ensure genuine identities for secure and safe business transactions.
Prevent Fraud:
KYC service providers assist in identifying the identities that are related to money laundering, terrorist financing, and other illegal activities background. It helps to detect fraudsters and money launderers, and as a result, it helps to take action against them at the right time and prevent financial fraud.
Seamless Client Onboarding:
Automated KYC solutions give surety of the real identities and help in quick identity verification. It assists in quick client onboarding and allows financial and non-financial businesses for seamless client onboarding.
Reduce Time & Cost:
Digital KYC solutions help to authenticate identities within seconds as compared with the traditional KYC verification method which is time taking and requires in-person verification. Therefore, digital KYC reduces the time and operational costs for all types of businesses.
How is KYC Canada Contributing to Shaping Canadian Businesses?
KYC Canada is a pioneer in the Canadian identity verification market and works proactively to help financial and non-financial industries authenticate business identities quickly and securely. They provide comprehensive identity verification solutions including ID verification, age verification, document verification, KYC verification, Video KYC, AML Verification, business verification, social verification, PEP, and sanction list verification. It depends on the business needs and what type of identity verification suits to match their requirement.
- Their KYC API is up to date with the latest regulations and authenticates identities accordingly.
- Provides customized solutions according to the client’s business needs.
- Well-versed with Canadian regulations and helped to prevent regulatory penalties.
- Their API is fully artificial intelligence and machine learning algorithm powered that assists in recognizing the unnatural pattern related to money laundering and preventing financial fraud.
Conclusion:
Trust and security are paramount for financial and non-financial businesses in Canada. KYC solutions assist in building trust by ensuring fraud-free business for new clients, vendors, and investors. KYC API ensures Canadian compliance, helps to combat identity fraud and theft, recognizes fraudsters and money launderers, and mitigates risk and fraud for small, medium, and large size enterprises. Therefore, choose a trusted and reliable KYC provider that is well versed with Canadian regulations and their API authenticate identities accordingly to stay compliant. Advanced KYC solutions help to stay ahead of the curve in the competitive market and business growth for the long term.