Audit Trail and Data Security

Maintain a detailed audit trail of user activities within the KYC system. This is essential for compliance, transparency, and accountability. Implement strong encryption methods to protect user data and documents from unauthorized access and store KYC data securely, following best practices for data protection.

Risk Assessment

Evaluate the risk associated with each user or transaction based on various factors, such as transaction history, location and user behaviour. Use of automated algorithms to assign risk scores to users, helping to prioritize further scrutiny.

Reporting and Analytics

Allow users to generate custom reports on their KYC activities and compliance status. Also, provide an analytics dashboard that summarizes key metrics, trends, and potential issues.

Compliance Checks

Ensure that the DIY KYC system is compliant with relevant regulations and can adapt to changes in the regulatory environment. Screen users against national and international watchlists to identify individuals or entities with known links to illicit activities.