Why is the KYC/KYB process important? 

KYC/B (Know Your Customer/Business) refers to all the regulatory procedures to which banks, regulated institutions and professions are subject.

Governed by European and national legislation, the aim of the procedure is to verify the identity of an end customer (legal or natural person) by analyzing the relevant identity documents or legal documents, such as: national identity card, passport, proof of residence, residence permit, Kbis, company articles of association, etc.

In some cases, the KYC procedure requires at least two of the 6 mandatory additional measures listed in article R561-5-2 of the French Monetary and Financial Code to verify customer identity.

In addition, as part of its strategy to initiate business relationships remotely and combat against money laundering and the financing of terrorism (LCB-FT), Treezor carries out filtering such as: PEP Check (Politically Exposed Persons) and Sanctions lists (via queries to independent partner organizations).

Our KYC procedure also complies with FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard, a regulation developed by the OECD to promote tax transparency). 

Standard KYC/KYB service

As part of its KYC/KYB service, Treezor integrates hybrid, fully dematerialized identity verification. Treezor collects official documents and checks them almost instantaneously, in any format (JPEG, PNG, PDF, etc.). Human analysis then completes this first level of automated verification. This is carried out by a specialized operator, who performs random in-depth checks and also intervenes in the event of anomalies.

Treezor offers an alternative to this first route via a KYC Liveness solution, a video-based document collection service enabling faster verification of the user’s identity.

Regardless of the method chosen to provide identity documents (Standard or KYC Liveness), the end-user must also make a SEPA credit transfer from an EEA (European Economic Area) bank account in his or her name, or carry out some other additional due diligence measure. This last step ensures that the identity of the end-user has been verified by another banking institution. 

Certified KYC Liveness solution (PVID-certified video)

Certified Video ID Verification (PVID) is a solution using video via the cell phone camera, and enables remote identity verification of customers, securely, reliably and in compliance with French and European regulatory requirements. This certified verification process is offered by Treezor in partnership with several players, including Ubble, the first remote identity verification provider to be awarded the ANSSI Security Visa. It offers the same level of reliability as the face-to-face process, the so-called substantial verification level, and applies only to natural persons. 

Treezor offers you the opportunity to integrate certified KYC Liveness technology (PVID certified video) into your customer journey .

Why use Treezor’s verification solution?

As a subsidiary of an international banking group, Treezor imposes bank-level control processes. Our KYC/KYB service is based on a fluid authentication strategy that integrates seamlessly into your customer journey, regardless of the medium used. 

Treezor’s solution is GDPR (General Data Protection Regulation) compatible and complies with secure digital authentication standards and methods (eIDAS, AML5 and PSD2) to establish an efficient and secure KYC process, while complying with European and international regulatory requirements.

Local KYC process in Italy 

In Italy, the AML requirements are outlined in Legislative Decree No. 231/2007 and KYC/KYB measures are mentioned in  “Provisions on adequate customer due diligence for the prevention of money laundering and terrorist financing” (Provisions Banca d’Italia 30th July 2019) by Banca d’Italia. Banks and financial entities are obliged to verify the identity of their clients, collect information on the source of their funds, and monitor suspicious transactions. On the other hand, companies are required to verify the identity of their business partners and monitor suspicious transactions as well. The legislative decree also outlines requirements for reporting suspicious activities.

Thanks to its KYC solutions, Treezor guarantees a streamlined and effective onboarding process for new customers in Italy. To facilitate a smooth KYC process, Treezor has  dedicated an in-house Italian local team to ensure a tailored and responsive approach to our customers’ needs.

By offering customized solutions based on risk analysis, Treezor tailors its approach to accommodate varying risk levels associated with different customers. The incorporation of Liveness smart technology, coupled with certification options, enhances the authentication process, contributing to a secure and reliable KYC framework. Notably, Treezor is committed to conducting an end-to-end consistency check within a maximum timeframe of 24 hours, demonstrating our dedication to timely and effective customer verification. Furthermore, our full compliance with native regulations and GDPR (General Data Protection Regulation) underscores our commitment to delivering a compliant KYC process for Italian customers.

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