The essentials for consistent and compliant KYC

As the risk around financial crimes, fraud, and identity theft grows, regulations aimed at countering them are becoming increasingly rigorous, creating complex compliance requirements. Given the evolving risks, stricter Know Your Customer (KYC) requirements are constantly being implemented, which businesses must adapt to in order to protect both their operations and customers.

Thankfully, a number of different software solutions are available to ensure that the customer experience isn’t affected by increasingly stringent regulations. Solutions such as electronic signatures, identity verification, and automated data lookups are designed to enhance the customer journey by simplifying the KYC process.

E-signatures are foundational in securely capturing customer consent and creating an efficient, reliable onboarding process. Today’s digitally native customers expect the convenience of digital interactions, and e-signatures enable companies to fulfil this demand by eliminating paperwork and allowing remote completion of agreements. A compliant e-signature provider, like Scrive—which meets high regulatory standards in Europe under eIDAS as well as more specific AML and KYC regulations—ensures that digital signatures are legally binding. This simplifies the onboarding process and protects the business, by creating secure, traceable records of each agreement.

One of the many things that sets e-signature solutions like Scrive’s apart from basic ones is our evidence package. Built to make documents tamper proof and compliant with even the strictest regulations, it captures the intent and identity of the signing parties while maintaining the integrity of the document. This gives all parties involved peace of mind and means the documents will hold up in court should a dispute arise.

Identity verification is equally critical, using identity checks via physical IDs like passports, drivers licences and ID cards but also eIDs and biometric data to confirm that customers are who they claim to be. Scrive offers flexible verification options that enable businesses to choose the approach that best meets their regulatory and security requirements. Whether by using physical ID documents, eIDs, biometrics, or facial recognition, companies can verify customers in real-time, reducing the risk of fraud. High-profile companies like Binance have relied on Scrive’s expertise to maintain secure and compliant identity verification, particularly in regions with strict KYC & AML demands.

Another vital element in KYC is data lookups and watchlist screening, which allows companies to cross-reference applicants with regulatory databases. Automated data lookups are invaluable for ensuring businesses comply with Anti-Money Laundering (AML) and Customer Due Diligence (CDD) requirements by flagging individuals or entities who pose a potential risk. Scrive’s partnerships, such as with Finshark or Roaring, make it possible to conduct these lookups without manual input, ensuring ongoing risk monitoring that protects companies and customers alike.

All in all, a suite of digital tools that makes KYC & AML compliance simpler, more secure, and tailored for evolving regulatory demands is what most companies are after. By providing a secure, trustworthy experience for customers, these tools help manage risk and enhance compliance—building a foundation for strong, lasting customer relationships.