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Banks and NBFCs have the major risk of fraud and cheating. Companies dealing with loans and other financial services need to know their customer in a better way. They have termed this as Know Your Customer or KYC. It is required for the customer to avoid risks such as load defaults or frauds and cheatings. Banks and NBFCs need to verify their customer’s identities and address for basic banking services. Whenever there is any lending or services related to the loan is required in that case in-depth verification of the customer is done. In Banking and NBFCs, all the details submitted by the customers need to be properly verified. Apart from the customers, banks and NBFCs need their employees also to be verified. These companies are highly exposed to the risk of financial and cybercrimes conducted by their employees.

Why KYC in Banking ?

Because money launderers and other criminals tend to use fraudulent identities during the onboarding process to mask their true identities, KYC laws require financial institutions to “get to know” their customers by confirming to a high level of assurance that those customers are who they say they are.

Verification of Mortgage
A verification of mortgage is documentation of your mortgage payment history. The verification of mortgage, which is often required when applying for a loan, is used to verify your existing balance and monthly payments, and to check for any late payments on the account. A verification of mortgage is one of the many documents needed to prove that you are capable of paying back the money loaned, and is provided by your current lender.
Because money launderers and other criminals tend to use fraudulent identities during the onboarding process to mask their true identities, KYC laws require financial institutions to “get to know” their customers by confirming to a high level of assurance that those customers are who they say they are.