As more and more services and subscriptions are bought online, it is becoming increasingly difficult for companies to comply with their legal obligation to check and verify the identity of their customers. This is called Know Your Customer (KYC).
Strict legislation is in place in order to prevent misuse, money laundering, fraud and gambling addiction. In addition to e.g. the Money Laundering and Terrorist Financing (Prevention) Act (Wwft), the General Data Protection Regulation (GDPR) and the Remote Gambling Act (RGA), various tax laws also apply.
In short, providers of online services are required by law to know exactly whether a customer actually is who they claim to be. CDDN has myriad automated ways to perform essential checks. Furthermore, the company is a reliable Dutch party with in-depth knowledge of Dutch laws and regulations.
To further simplify this process for online service providers, CDDN has developed VerifyMe, an easy-to-implement electronic KYC module that allows e.g. insurance companies, telecom organisations and even (online) gambling companies to quickly and securely check and verify relevant customer data. It is also possible to quickly determine whether customers have moved or passed away.
With VerifyMe, ID documents such as passports, ID cards and driver’s licences are successfully scanned on the first attempt 98% of the time. Additionally, the module makes it very easy to quickly check the scanned information and make any necessary manual amendments.
If an online provider’s customer has a computer or laptop without a camera, they can also easily scan their ID document with a smartphone and a QR code. During this process, their social security (BSN) number and photo are automatically blurred.
After the ID check, the customer can enter their bank information in VerifyMe, which can be fully integrated to suit the online provider’s look and feel. CDDN will perform an IBAN check behind the scenes. This check has a success rate of 97%, which can save a provider tens of thousands of euros per year by eliminating the need to perform costly iDIN checks. Furthermore, this check is 100% Wwft proof. In the end, a customer only has to perform two manual actions: enter their postcode and house number and their IBAN number. Meanwhile, CDDN will perform all legally required checks and verifications behind the scenes. In just two minutes, a customer can register in a manner that is fully compliant with all applicable laws and regulations and have their information be checked and verified.
If a customer happens to close their browser window in the middle of the registration process, they can easily pick up where they left off. VerifyMe will remember what steps a customer has already completed.
Another step – which, although not legally required, represents a crucial aspect of an online provider’s due diligence – is the automatic insolvency check built into VerifyMe. To date, it has enabled CDDN to filter more than 10,000 people from the databases and save them from making purchases they actually cannot afford.
Recently, CDDN introduced a way for insurance companies to have customers scan their identity documents with their smartphone and extract all information needed to be compliant with applicable legislation.
Besides onboarding using the special VerifyMe platform, CDDN also offers ongoing monitoring. This allows companies to monitor – with no additional effort on their part – whether their registered customers are still compliant with the strict laws and regulations, whether they are solvent and whether they have moved or passed away.
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