Zyphe Product:
Stay KYC Compliant Effortlessly with Zyphe
Zyphe Verify - Decentralized KYC Solution:
The Frictionless Onboarding Solution
Zyphe has built the ultimate KYC platform, helping organisations get and stay compliant with CDD & Know your customer regulation. Grow Your Customer Base and Block Fraudsters with our next-generation decentralized solution.
What is KYC, and why is it so important?
KYC stands for Know Your Customer. The regulation is essentially a very important set of rules and procedures that financial institutions (such as government entities, banks, investment firms, and exchange companies) must follow to verify the identity of their customers. The regulations are designed to help prevent financial crimes such as money laundering, terrorist financing, and fraud, but they also help the organisation assess their risk levels.
Why is KYC regulation important?
The regulation is necessary because it helps to protect financial institutions and their customers from financial crimes that can have serious consequences, including loss of money, damage to reputations, and even harm to national/international security. The regulation helps to promote transparency and accountability in financial transactions, which helps to build trust in the financial system. It also helps to ensure that financial institutions comply with other regulations, such as anti-money laundering laws (AML) and tax laws.
Who does KYC regulation impact?
It also impacts individuals and businesses that use financial services provided by these institutions. It is especially important for high-risk customers, such as those who are politically exposed, those who live in high-risk countries, or those who have unusual financial activities. KYC regulation is a set of rules and procedures that financial institutions must follow to verify the identity of their customers and assess their risk levels. It's important because it helps to prevent financial crimes and promotes transparency and accountability in financial transactions. It impacts financial institutions, individuals, and businesses that use financial services. Know your customer regulation impacts financial institutions such as banks, investment firms, and insurance companies.
Zyphe provides decentralized identity verification solutions specifically for global KYC-regulation compliance. We help businesses prevent, detect and resolve customer-related issues.
Solutions:
Seamless Identity Verification Solutions:
We’re using similar technology to blockchain to decentralize the storage of personal data and design a tailored decentralized KYC solution for you and your business. We offer the following solutions to anyone wanting to get started in SSI:
Liveness Check
Face Match
ID Document Verification
AML Check
Zyphe Verify:
Start securely onboarding new clients with our automated KYC verification.
How It Works:
Step-by-Step Verification Process:
Designed to both protect against cybercrime and satisfy regulators, Zyphe Verify enables any business to meet identity requirements (such as KYC and AML) without developing their own KYC system or Data Storage.
KYC Laws:
KYC laws, regulations and guidelines
KYC laws are often a part of AML (anti-money laundering) regimes and are influenced by the recommendations of FATF. Here are some of the laws, regulations and guidelines you need to know:
USA, the Banking Secrecy Act (BSA)
requires reporting entities to take necessary measures for customer verification and to report suspicious activities to FinCEN. Banks are also required to adopt customer identification programs according to the provisions of the US Patriot Act.
Switzerland's Anti-money laundering Act (AMLA)
specifies the customer identity verification laws for financial businesses. The Money Laundering Act – 2017 (MLA) of the UK defines customer verification regulations for reporting entities.
Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)
sets the KYC requirements and processes for reporting entities.
Australia's AML/CTF Act
implemented by AUSTRAC, defines the KYC and AML compliance guidelines for the verification of individual and corporate customers.
Zyphe Verify:
Zyphe Empowers Governments, Organisations & Enterprises to:
Achieve & Maintain Global KYC, CDD & AML Compliance.
With Zyphe, you can rest assured that your business is always up-to-date with the latest compliance requirements.
Avoid any kind of fraudulent activity.
With Zyphe, you can have peace of mind knowing that your business is protected against even the most sophisticated fraud schemes.
Scale customer onboarding globally.
Whether you're a small startup or a multinational corporation, Togggle can help you scale your customer onboarding process globally.
FAQs:
Frequently Asked Questions
Zyphe is built to meet the latest privacy regulations, giving you peace of mind.
We offer comprehensive customer support to ensure a smooth user experience.
Our fee structure is transparent and affordable. Check our plans on the website!
Zyphe utilises cutting-edge blockchain technology for maximum security and privacy.
Yes, Zyphe offers seamless integration with various business platforms.
Still have questions?
ContactBook a Demo
Decentralized Storage is the Future of Data Security and Accessibility
Stop ID Fraud & Build Trust
Zyphe is redefining what it means to share trusted identity information between financial service providers and the millions of people who count on them. Our advanced algorithms protect user privacy and personal information while delivering authorisation across all institutions.
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