DIGI KYC is an inhouse tool catering to digital onboarding. It is an AI driven KYC solution fully compliant with guidelines issued in latest FATF guidance on digital identity. Digital KYC process is also included in joint guidance from the local regulators issued on 5thMay 2020 on the treatment of financial crime risks and obligations in the UAE in the context of the covid-19 crisis. DIGI-KYC helps to automate, streamline, and standardize Know Your Customer (KYC) processes. The solution leverages AI, Robotics Process Automation (RPA) and integrations to solve various operational challenges.

Key capabilities of Digital KYC include:

Automated Registration & Document Collection

Local ID Verification from
approved authorities

Facial biometric authentication
(liveness check)

Platform Agnostic
Deployment

Compliant with Regulatory
Requirements

DIGI-KYC is built using cutting-edge technology and including Liveness Detection. It is an AI based eye-pattern detection tool that uses face liveness recognition to verify customers’ identity. The Mobile app allows creation of Video clips instead of images DIGI-KYC also includes facial recognition which matches the photo on the ID card and the live picture that is taken to provide a match percentage for quick decision making. DIGI-KYC also incorporates Optical Character Recognition (OCR) which will accurately scan the information from Emirates ID. The process includes an online verification from the concerned authority. An acknowledgement will form part of the data trail available for any audit as per blockchain practices. Every data shared with the participating entity will include the:

Standard KYC information and documentation, which can be customized as per organization’s requirements.
Front and Back image of the Emirates ID.
A live photograph of the client captured by the app (printed or video-graphed photograph will not be allowed to be uploaded)
GPS coordinates from where the photo was captured and uploaded
Date and time Stamp.
Optional Features like creation of UIN/ Account numbers, populating pre-defined account opening forms etc.
Ensuring data collected are encrypted and converting entire data into a QR Code for easy retrieval

A detailed directive on Guidance On Digital Identity was circulated by FATF on 6th March 2020. In the UAE, local regulators issued a joint guidance note on 5th May 2020 encouraging the use of technology, including Fintech, Regtech and Suptech to the fullest extent possible and advising FIs and DNFBPs to take into consideration the published FATF Guidance on Digital ID, which highlights the benefits of trustworthy digital identity for improving the security, privacy, and convenience of identifying people remotely for both onboarding and conducting transactions while also mitigating money laundering and terrorist financing risks.

Simply put, Digital ID verification is a process to authenticate the ID of an individual using technology. DIGI-KYC accomplishes this by using advance features like biometric identification including facial recognition. It matches the facial characteristics as captured in the ID document to the physical features in the live image to instantly provide an authentic confirmation of a match or mismatch with a percentage match. The KYC accepting institution based on its risk-based appetite fixes the threshold levels to accept, conduct further verification or reject the onboarding request.