cKYC Compliance
cKYC, which stands for "Centralized Know Your Customer," is a compliance framework used in the financial industry, particularly in India🏴. It is designed to streamline and standardize the customer onboarding process and ensure the authenticity of customer identities for financial institutions. cKYC is a part of the broader Know Your Customer (KYC) regulations that are aimed at preventing money laundering, fraud, and terrorist financing.
cKYC has the potential to significantly improve the efficiency of the customer onboarding process for financial institutions🗄️, reduce redundancy, and enhance the security of customer data. It is an important component of the broader efforts to combat financial crimes and ensure the integrity of the financial system. However, it is crucial for institutions and regulators to ensure that customer data is handled securely and in compliance with data protection regulations to maintain customer trust and protect their privacy.
Please note
It is mandatory for users to complete their cKYC before proceeding to use the APIs.
Updated 9 months ago