Different Types of KYC Procedures - You Need To Know

Paper-based KYC

This is the traditional method of KYC, where customers submit physical copies of their identification documents, such as their passport or driver's license, and proof of address, such as a utility bill or bank statement.

Electronic KYC (eKYC)

This method uses electronic verification to confirm a customer's identity and address. There are different ways to do this, such as using Aadhaar in India, which allows customers to verify their identity using their Aadhaar number and biometric information.

Video KYC

This method uses video conferencing to verify a customer's identity. During a video KYC call, a customer will be asked to show their identification documents and answer questions about themselves. Video KYC is more secure than paper-based KYC and eKYC, but it is also more time-consuming.

Central KYC (CKYC)

This is a system that allows financial institutions to share KYC information with each other. This can help to reduce the amount of paperwork that customers need to fill out, and it can also help to prevent fraud. However, CKYC is not yet available in all jurisdictions.