basisid from BASIS ID
20 Jun 2019

One of the leading KYC service providers in Asia and Europe - BASIS ID is now offering their clients a KYC & AML workflow management platform for free - stated the CEO BASIS ID Akim Arhipov.

Lots of companies on the KYC market offer solutions that are compliant with the existing regulations. BASIS ID offers more than just outsourcing the verification of personal data. The company provides the infrastructure & knowledge that will allow the client company's employees to take the procedure of the Customer Due Diligence under their full control.

The approach of BASIS ID to organizing KYC is bringing the competence of KYC specialists, customer support, compliance specialists and even C-level managers to a new level, because compliance with regulations is the most important thread of the activities of any enterprise.

“We believe that a good understanding of regulations is the key to efficient compliance with them. We recognise that there will be situations when employees, utilizing their knowledge, shall take control of the on-boarding process and competently practice customer support which can be the most valuable aspect in the company's operation! Therefore, we, at BASIS ID, have made every effort to deliver compliance tools to the financial institutions, offering the KYC procedure which you can take under your control. Just like a jet pilot that can easily take over controls from an autopilot with the right set of tools and knowledge.”
- commented Akim Arhipov, CEO of BASIS ID

In the beginning, the legal team of BASIS ID determines the optimal CDD process, which ensures full compliance with the regulations at minimal technical complexity. Then, an special training course is carried out, which covers regulation, methods of verification, onboarding decision-making and discusses real examples, all giving the client's team necessary knowledge and competence. Afterwards, technical specialists of  BASIS ID proceed with the integration of the system via a web-ready widget or API in close collaboration with the developers from the client side. The finalised onboarding workflow is going through testing by the third-party AML and UX specialists, who make an advisory on customer journey optimisations. Therefore, the client receives everything necessary to operate the free of charge KYC workflow management platform from BASIS ID to start running it live.

Apart from that, BASIS ID certifies the operational processes with personal data and confirms their compliance with the existing standards and regulations. The solution by BASIS ID enables to establish a comprehensive verification procedure, as well as receive an extensive set of knowledge, training, compliance & legal advising and state-of-the-art fraud detection technology, whereas the KYC processing stays without any pay-per-verification fee throughout the relationship with the BASIS ID. The only spendings are connected with the onboarding knowledge base course and system maintenance fees.

The solution by BASIS ID is the most beneficial offer for a starting company, especially if the company cannot predict the number of verifications or their influx has a tendency to fluctuate, as well as for the companies aiming at reducing the costs connected with the KYC and improve the level of compliance in their team. 

About BASIS ID - BASIS ID provides a KYC/AML workflow management platform that ensures full legal compliance with banking and financial regulations laid upon customer verification. The enterprise was established in 2017 in Singapore. 
BASIS ID is working with trusted partners such as Experian, BitFury, Thomson Reuters, MSIG and PwC, which enables top-level performance and regulatory compliance. 

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Category: KYC and AML
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