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.