The paper also reaffirms the need for more information sharing using big data capabilities, biometrics and identity verification, and network and behavioral analysis. A paper by Juan Zarate and Chip Poncy (Financial Integrity Network and Center on Sanctions and Illicit Finance) identifies a need to move away from a reactive model of AML/CFT to a preventative risk-based approach. IDV mechanisms also have an unintended negative impact on financial inclusion.
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"Identity verification (IDV) is a particularly challenging aspect of the KYC process and the traditional way of verifying identities using passports, driving licenses and other documentary forms of identification are becoming a barrier. What Are The Experts Saying? In 2007, the Financial Action Task Force (FATF) published guidelines for the risk-based approach, with the intention to create a more pragmatic process that is, "workable… financial institutions grappling with a constantly increasing regulatory burden." FATF recommendations updated in 2016 state, "the risk-based approach allows countries…to adopt a more flexible set of measures, in order to target their resources more effectively and apply preventative measures that are commensurate to the nature of risks." Veridu (identity verification company) and Ramparts (European law firm) published a white paper in 2016 detailing how KYC practices need to move away from static data collection.
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Just like signing up for a bank account, you just need to confirm your identity to get full access to your account and send, receive and withdraw funds.
Confirm your identity (KYC).To make PayPal a safer place for you and your customers, we would like some more information to better understand your business.
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