With more than 5.1 billion global mobile phone users accounting for some 70 percent of the world’s population, a number of governments have looked into implementing SIM card registration laws to prove identity and collect user data, writes Comparitech.
Banking KYC process includes ID card verification, face verification, document verification such as utility bills as proof of address, and biometric verification. In case of failure to comply, heavy penalties can be applied. e-KYC also refers to capturing information from IDs (OCR mode), the extraction of digital data from government-issued smart IDs (with a chip) with a physical presence, or the use of certified digital identities and facial recognition for online identity verification.
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