How Identity Verification Platform Is A Robust Tool For Complying To Know Your Customer Regulations
In the world of digital currencies and blockchain, Know Your Customer (KYC) regulations are a crucial part of making sure that your business is compliant with the law. While you might think that KYC only applies to banks or other financial institutions, it can apply to any business that deals with money. This includes companies who are working with cryptocurrencies or any other type of digital asset.
What are identity verification and authentication?
Identity verification is the process of confirming the identity of a person or thing. Identity authentication is the process of confirming that an entity is who they claim to be. However, these two processes are often used interchangeably because they both use similar technology and methods; they just serve different purposes. Generally, identity verification and authentication are performed through an identity verification platform. These platforms are used to enhance security and compliance as well as customer …