Ondato FAQs

An identity verification service is used by businesses to ensure that users or customers provide information that is associated with the identity of a real person. (more)

Know Your Customer. As part of AML, financial institutions need to establish customer identity and do Customer Due Diligence (CDD) to ensure that they know the source of the customer’s funds and determine the associated risk of doing business with them. (more)

Politically exposed persons. These are individuals who, based on their position of power and influence, pose a higher risk of bribery and corruption. Due to their higher risk category, Customer Due Diligence requirements are more stringent (see Enhanced Due Diligence question). (more)

Anti-Money Laundering (AML) refers to the legislation that exists to prevent criminals from disguising illegally obtained funds. To disrupt and prevent corruption, terrorist financing and other criminal activities, governments enact AML regulations requiring banks and other financial institutions to ascertain that the customer and their funds are legitimate. (more)

Know Your Business. Similar to KYC, it’s a requirement to do proper Customer Due Diligence and risk assessment on corporate accounts to ensure that the source of funds is legitimate and the risk to launder money or finance terrorism is sufficiently low. (Also referred to as corporate KYC.) (more)

Verification is usually performed just once and authentication puts a process or processes in place for a user to prove that they are still that person. (more)

There is a 1-hour session for the entire identification process, which starts from the ‘Consent to the Processing of Personal Data’ to the photo of the document. When taking a selfie photo, a person has to follow certain instructions, i.e. to get closer, not to move, to retreat further and so on. If these instructions are not followed and the person does not move, the session is terminated after 30 seconds. (more)

Usually, it takes around 60 seconds. However, this can vary depending on the countries or solution selected by the customer. (more)

Ondato accepts 10,000+ documents from 192 countries. (more)

A legislated responsibility of banks and other financial institutions to understand their customer’s activities and do an analysis of their risk of money laundering and terrorist financing. CDD is a critical element of effectively managing the institution’s risks and protecting itself against potential financial crimes and nefarious activities. (more)