The challenge

Banks and other highly regulated organizations are required, according to regulations such as AML5, to perform periodic procedures to ensure the timeliness, accuracy and completeness of the information they have about their Customer-base, namely their identification documents, proof of address and other related documents.

If it is quite challenging for banks to get their Customers go to a branch in the physical world, and take their updated documents, a digital approach makes it much more convenient for Customers and easier for organizations to keep compliant.

The solution

LOQR’s platform provides organizations with the ability to keep their Customer’s information updated by providing features such as:

    • Automatic detection that the expiration date of an identity document is approaching;
    • Enabling communication mechanisms – like SMS, push notification or e-mail – with the Customer to trigger a call-to-action for update;
    • Allow call-to-action triggers to be automatic based on rules, or manual by an Operator;
    • Automatic document checks (e.g.: if ID card is legitimate; if proof of address is actual and belongs to the Customer, among several others).
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