BASIS ID has developed reliable methods for Customer Due Diligence in order for companies to comply with Anti-Money Laundering and Counter-Terrorist Financing regulations and combat the fraud. These functionalities are available within Know Your Customer Solution and are described below.
Identification Document Check
BASIS ID can verify International Passports and/or National Identification Cards of more than 160 countries. To perform the verification, automated analysis is combined with manual verification. Information from Machine Readable Zone of a document is extracted and analysed. The document is run through several databases to ensure its authenticity. Then, a fraud detection tool is used to check if the document had been modified in any photo editors. Fraud detection engine combines 4 different methods of automated analysis which provides the most accurate result possible. When automated check is performed, BASIS ID Verification Team Members recheck the results to make sure that no mistakes were made. The whole process takes less than a minute so the customers get a seamless user experience.
Biometric Facial Recognition
The main goal for BASIS ID is to help our clients prevent any fraud. This is the reason why BASIS ID robust Biometric Facial Recognition technology had been developed. Customers are asked to record a video of their face from different angles. BASIS ID engine extracts up to 21 frames of facial features from the video and then compares each frame to the passport picture. Next up it creates a 3D model of the person’s head and detects any facial expression to further ensure the authenticity of the footage . Comparing to the standard ‘selfie’ method where customers are asked to send a picture of their face, BASIS ID technology is way more advanced. It provides our clients with a solid evidence that the person is genuine and that they are, indeed, the owner of the identification document presented.
AML/ Sanctions Screening
BASIS ID combines both KYC and AML features in itself. Our AML (Anti Money Laundering) solution has a coverage of over 190 countries and is able to detect Terrorists, Politically Exposed Persons (PEP), Money Launders and other criminals. The solution combines PEP, OFAC, AML and Sanctions lists. This way BASIS ID makes sure that our clients only accept trustworthy customers. On-going monitoring is a feature that can be applied to all or several groups of your customers. It allows to track changes in blacklists and recheck customers regularly.
Residential Address Verification
To verify residential address of the customer, BASIS ID uses several methods. Customers are asked to upload a bank statement or utility bill. This document is checked on Photoshop amendments and its validity is verified. Then, the address is analysed using databases to check if it exists and to identify the person who lives there. BASIS ID discovered that these methods only provide accurate results when combined and applying just one of them (like it is done in most cases) can give misleading results.
Credit/Debit Card Validation
Credit/Debit card can be checked using BASIS ID. The solution is able to identify whether the card is real, the bank it was issued at, the type of the card and the country of issue. BASIS ID does not store card credentials of the customers.
Source of Crypto Funds
BASIS ID works with the best. Bitfury and its solution Crystal proved to be the best in the market when it comes to identification of the origins of cryptocurrencies. Crystal solution is can be seamlessly integrated into BASIS ID platform providing up-to-date information for companies that work with cryptocurrencies.
Residential Address Verification
To verify residential address of the customer, BASIS ID uses several methods. Customers are asked to upload a bank statement or utility bill. This document is checked on any photo editor modifications and its validity is verified. Then, the address is analysed using available databases to check if it exists and to identify the person who lives there. Both these combined decrease the chance of any fraud even more.