What is Winvesta's process for managing KYC/AML compliance for their cross-border service with many multi-currency accounts?
Founder & CEO at Winvesta
One of the luxuries and privileges we have is that, as compared to traditional neo-banks, we have regulated ourselves to an extent in the UK. We have an India presence, and that gives us an ability to passport all of our KYC understanding across borders, and possibly the only one which is doing so, because others will ask you to dish out a passport because their counterpart bank will need that, or an SSN number or so on.
We don't need to do that because we are basically leveraging the PAN and Adhaar capability here in India. Local documents. No need to even have a passport for KYC. For that effect, we do leverage third-party KYC verifiers, AML checks, sanctions lists, adverse media, PEP checks across, because the other side is that we, being regulated, need to be absolutely sure that we are onboarding customers who are genuine and appropriate. And whenever we find there are gaps or we're not comfortable with the kind of risk, we will take remedial action there.