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Know your customer (KYC) guidelines and regulations in financial services require professionals to verify the identity, suitability, and risks involved with maintaining a business relationship with a customer. The procedures fit within the broader scope of anti-money laundering (AML) and counter terrorism financing (CTF) regulations.
Maker-checker (or Maker and Checker or 4-Eyes) is one of the central principles of authorization in the information systems of financial organizations. The principle of maker and checker means that for each transaction, there must be at least two individuals necessary for its completion.
An identity verification service is used by businesses to ensure that users or customers provide information that is associated with the identity of a real person. The service may verify the authenticity of physical identity documents such as a driver's license, passport, or a nationally issued identity document through documentary verification.
There are a number of different methods that can be used to provide the service, these include checking different databases with negative or account history, checking that routing and account numbers are valid using algorithms, or contacting the bank that issued the check to get confirmation about the account status.
A Customer Identification Program (CIP) is a United States requirement, where financial institutions need to verify the identity of individuals wishing to conduct financial transactions with them and is a provision of the USA Patriot Act.
Static KBA, also referred to as "shared secrets" or "shared secret questions," is commonly used by banks, financial services companies and e-mail providers to prove the identity of the customer before allowing account access or, as a fall-back, if the user forgets their password.
Twitter verification is a system intended to communicate the authenticity of a Twitter account. [1] Since November 2022, Twitter users whose accounts are at least 90 days old and have a verified phone number receive verification upon subscribing to X Premium or Verified Organizations; this status persists as long as the subscription remains active.
The PCI DSS Self-Assessment Questionnaire (SAQ) is a validation tool intended for small to medium sized merchants and service providers to assess their own PCI DSS compliance status. There are multiple types of SAQ, each with a different length depending on the entity type and payment model used.
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