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cindy published in Technology

Effective KYC Compliance: The Road to Glory for Your Business

How well do you know your customer? Well, this is what every enterprise should figure out before associating ties with business prospects. Know Your Customer (KYC) is not only a corporate responsibility but also a regulatory obligation for financial institutions. It plays a key role in identifying illicit criminals with fake identities when they try to onboard with a business. 

 

Lack of KYC verification measures allows fraudsters to carry out nefarious acts like money laundering to make black money which is later used in other criminal acts. To address prevalent problems faced by financial businesses, regulatory bodies ensure strict enforcement of KYC compliance.

What is meant by KYC Compliance?

 

KYC compliance is a mechanism to make sure financial entities keep intact secure customer onboarding and Anti Money Laundering (AML). When it comes to banks, they have to deal with a lot of monetary operations regularly. This makes it increasingly important for them to conduct KYC verification of every customer who opens an account or does transactions using their platform. 

KYC compliance is also applicable to financial entities not regulated by a central banking authority such as:

  • A Non-Banking Financial Institution (NBFI)

  • Virtual Asset Service Providers (VASPs)

  • Insurance Firms

  • Credit Unions 

  • Loan Association 

Since these entities fall under the legal financial system, they have to follow KYC regulations to meet compliance standards. 

KYC Compliance – What is Required?

 

For a bank or financial business, a KYC compliance policy should take into account certain due diligence procedures to identify who their customers are and what kind of risk they pose. Here are some measures/practices that businesses take to prepare for KYC compliance.

 

Customer Acceptance Policy

To ensure KYC/AML compliance, banks usually create a set of rules known as customer acceptance policy. It lists all the KYC due diligence requirements that a customer must fulfill to open an account and get onboard. Some of which are:

 

  • Customers with a fictitious name or unknown identity are unacceptable

  • The actual beneficiary’s identity must be verified 

  • Additional due diligence should be applied to beneficiaries associating frequent ties with new customers or transacting frequent large transactions

 

Risk Management 

Once a customer comes to a business to open an account, they undergo a series of checks for identity verification. Since KYC authentication is part of the financial institution’s larger AML program, it follows a risk-based approach towards customer identification. The risk model is based on KYC verification laws such as the US Patriot Act, and the UK Proceeds of Crimes Act. Once the customer is checked against all possible parameters, they are given a risk rating that is attached to their profile for future verifications.

Customer Identification Process

KYC compliance requires businesses to develop an identification process for their potential customers. One important requirement for a Customer Identification Program (CIP) is acquiring the identity information of the end-user. Details such as name, address, date of birth, and an identification number are the basic elements required to carry out a CIP. 

 

A CIP is not only limited to obtaining personally identifiable information of the customer but is concerned with verifying how accurate are the details provided. Financial businesses usually perform KYC verification in light of AML obligations that help address overall risk in verifying the customer identity. 

Extended Due Diligence

Last but not the least comes ongoing monitoring of customers. Under AML/KYC regulations, financial organizations first do a risk assessment of the customer, after which they decide whether there is a need to perform Enhanced Due Diligence (EDD) or not.  If the customer is a Politically Exposed Person (PEP) or has their name placed on a sanction list, they pose a greater threat of money laundering due to their past activity and the current position they hold. This makes it necessary for businesses to keep an eye on their transactional behavior using ongoing monitoring. 

 

KYC Verification – Is There a Quick Way?

Definitely. Since KYC verification plays a crucial part in making a business platform secure from financial crime, service providers are offering automated solutions to meet KYC compliance. These often come with state-of-the-art tools to identify users based on KYC laws to meet regulatory compliance. 

 

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hamza malik published in Business

5 Ways to Take Your Business to Another Level.

Business is the way of exchanging your ideas and money in different projects and gaining profit and loss. A good and successful business is an organized business. It will help to generate the revenue that will play a major role in uplifting the country’s economy. It will also create employment for the educated unemployed people. In business, ethics are very important for a good reputation. It will build trust in your regular customers and will give you an outcome in the form of business benefits. Dubai is a city of a wide range of businesses like Attestation Services In Dubai is becoming a popular business. It is mainly an online business.

   

Some Ways to Increase Sale:

 

There are certain ways to increase your sale and income in your business. They are the following:

 

  • You should increase the trust of your customers so that their number will increase.
  • Your average size of purchasing and dealing should increase.
  • The range of purchasing or transactions per customer or client should increase.
  • The prices of the goods and products should increase.
  • The prices can only increase if the quality of the product is unmatchable.
  • Your attitude of dealing with the customers should be positive.

 

4 Main Hurdles Facing in Business:

 

  • Only think about your good qualities and forget the bad ones because they will demotivate you and will not let you move towards success.
  • There are many depression and stress moments in business life, face them positively and with courage.
  • Right people in business will guide you and encourages you so, always choose the right person for the right job.
  • Do not lose hope and always remember the first stage when you started the business. It will boost your strength and helps you to fight obstacles.

 

Future Growth Strategies:

 

Doing your own business is a tough job. It is time-consuming but once it is established it will bring fruits of your hard work. A good business can only be established with good strategies and tactics. They will help in your future. Some of the tactics and strategies that will help in the future are:

 

  • Market Foresightedness:

It is an excellent strategy to build up the firm roots of your business. In this strategy, you have to think about the foresightedness of the market and have to decrease the prices of the products so that the customers will attract to your business. You do not need to change your product. You have to change the price of the product.

 

  • Growth of Goods:

In this strategy, you can make new products along with the existing product. The products or goods can sell in the same market and raise your standard or business. You have to increase your product, not the market.

 

  • Growth In the Market:

In this type, there is the introduction of products in the new markets and business world. You can do this by going into the new markets of the same city or markets of new cities or countries. You can manufacture your product, that it will sell in both the markets consumer as well as commercial markets.

 

  • Broadening and Variation:

It is an entirely new form of growth strategy in business. In this type, the entire new product is made and sold in the new market. It is the most uncertain and challenging form of growth strategy and tactics. This strategy should have opted after complete analysis and planning. There may be a chance and fear of failure. Once this strategy works, it will give huge potential and benefit.

 

5 Methods to Take Business To Another Level:

 

We can get success in business with hard work only. Business success will not happen accidentally, but you have to take several initiatives to make it successful. The five ways or methods that are adapted to take the business to another level.

 

  • Get Advantage of Technology:

Technology plays a role in taking the business to another level. You have to remain updated with the discoveries in technology. You have to be current and competitive in the business world. Availing the advantage of new technology will help you getting benefit from it and compete with your competitors.

 

  • Customers Service should be Preference:

The main success in your business is due to your customers. You respect them and should keep them as your priority. Their views and suggestions regarding your product should be preferred. By doing all this, you will gain the trust of your customers.

 

  • Never Stop Grasping:

Learning should never be stopped at any stage of life. There is always a way to improve and to grasp new ideas in the business world. Staying current and updated is the best way to increase your business.

 

  • Never Feel Afraid To Hire a Spokesperson:

By hiring a spokesperson who will look upon the external matters of your business is very helpful for you to concentrate on your business more. The spokesperson should be trustworthy and honest. By doing this, all your business yourself will give you stress so, a better option to hire a delegate or a spokesperson for your business.

 

  • Always Devise the Second Plan in Case of Emergency:

A good business will always require a safety plan which will work in case of an emergency. The thing in devising a safety plan is building trust in your customers. It guides you and helps you in crisis.

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Naveed published in Technology

Ideal Tablets you can buy on a Impressive Family budget

There are a whole lot of options when you are in the market for tablets purchase. Some won’t meet your demands or others may not fit in your budget. Affordable doesn’t always mean you have to buy low-quality products but little research and work help you to grab one of the best features tablet and phone delivery at quite reasonable prices. To share the research load, we bring you the list of some amazing tablets that you can buy on a shoestring budget without compromising on your desired features and specification.

Samsung Galaxy Tab A Tablet

Beauty with performance! This gorgeous tablet almost has everything that you’re looking for. With a sleek design, easy to hold and use, Samsung Galaxy Tab A features 8.0 inches display, 185.6 cm2, 800 * 1280 pixels, 16:10 ratio for optimum viewing both upright and horizontal. To give you the large home screen Samsung removed the home button and shift the logo to the back side of tablets. Invisible dual speakers fitted on the bottom gives a slim and sleek look while the rear side is designed with metal and the Samsung logo completes the look. The Android 7.1 (Nougat) operating system, with Qualcomm MS M8917 Snapdragon 425 chipset, Quad-core 1.4 GHz Cortex-A53 CPU. The 5100mAh Lion battery life gives you the freedom to enjoy unlimited entertainment for a longer time with a single charge. The tablet has 16GB storage, 2GB RAM, and 8 and 5 MP cameras.

Price: PKR 26,500

Huawei MediaPad M3 Lite

Huawei MediaPad M3 Lite is a true representation of a sleek design with intelligent performance. Features 8.0 inches display with a good resolution of 1920 * 1200 pixels. The big home screen is powered by an octa-core Qualcomm Snapdragon 435 processor and runs on Android 7.0. The 4800mAh non-removable battery allows you to enjoy long-duration use with a single charge. It features an accelerometer, ambient light sensor, gyroscope, and compass/ magnetometer sensors. The tablet comes with 8MP & 8MP front and back cameras. To store your photos, videos, and data Huawei offers you 3GB RAM, and 32GB built-in storage, and are available in 3 beautiful colors; space grey, white, and gold.

Price: PKR 27,500

Google Pixel C

A perfect tablet choice if you’re looking for something wonderful at a very reasonable price then go for the Google Pixel C tablet. Comes with large 10.20 inches display with a high resolution of 1800 * 2560 pixels – 308-pixel density pixels per inch (PPI). Its beautiful large screen displays every color perfectly as it runs on Marshmallow based on Android 6.0 and is powered by an octa-core Nvidia Tegra X1 processor. The tablet offers 32GB of built-in storage and has single SIM capability. Google Pixel C endeavors 8 MP and 2 MP cameras. Sensor availability includes an accelerometer, ambient light sensor, gyroscope, and compass/ magnetometer.

Price: PKR 29,900

Lenovo Tab 4 10

Powerful and seamless, Lenovo engineered a perfect tab that can be used by multiple users with distinctive needs. Lenovo Tab 4 10 comes with a vibrant 10.1 inches HD display that boosts 1280 * 800 resolution and delivers perfect wide-angle views. Now is the best time to enjoy your favorite TV shows and movies on Netflix, Hulu, or Amazon. This lightweight tablet is just 8.5mm thick and weighs only 506 grams. The powerful Qualcomm® Snapdragon™ 64-bit quad-core processor can store up to 16 GB of data. It has 2GB RAM, and 5 and 2 MP cameras. The powerful Lion 7000mAh non-removable battery gives 20 hours of non-stop entertainment.

Price: PKR 25,900

Lenovo Tab 4 10

Xiaomi Mi Pad 3

A feat of engineering, this power-packed tablet features one of the most powerful batteries with battery-saving software among tablets to date! It comes with a whopping 6600mAh battery that is paired with MIUI 8 power management tricks that allows squeezing out 12 hours of web browsing and video playing on 7.9 inches display with 1536 * 2048 pixels. The tablet runs on Android 7 nougat, MediaTek MT8176 chipset, and has 64 GB memory, 4 GB RAM, and 13 and 5 MP cameras.

Price: PKR 30,500

Samsung Galaxy Tab 47.0

If you’re looking for something exciting on a shoestring budget then Samsung Galaxy 47.0 Tablets is a perfect fit for you. The stylish design with 7.0 inches displays 800 * 1280 pixels, powered by a 1.2 GHz quad-core processor. The tablet offers you 16 GB of built-in memory that you can expand up to 64 GB via a microSD card. Launched in black and white color Samsung tablet has 3 and 13 MP cameras. The single SIM tablet comes with an accelerometer, ambient light sensor, gyroscope, and compass/ magnetometer sensors.

Price: PKR 15,500

LG G Pad 8.3

LG G Pad 8.3 offers an impressive 8.3 inches FHD IPS display with 1920 x 1200 pixels – 273 pixels per inch (PPI). The smart design is powered by Qualcomm® Snapdragon™ 600 1.7 GHz quad-core processor. LG gathers its best technology so you can enjoy multi-tasking more smoothly and efficiently than ever before. It comes with 2 GB RAM, 16 GB eMMC memory, and 1.3 and 5 MP cameras. The tablet supports the QSlide function that allows for overlays of two windows with adjustable sizing and transparency on the primary screen for easy multitasking. Features a whopping Li-Polymer 4600mAh battery that gives nonstop entertainment for hours.

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