As a financial institution regulated by the FCA,hsb the obligation to verify the identity of all customers who want to open an account

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As a financial institution regulated by the FCA, tb hsb the obligation to verify the identity of all customers who want to open an account. Each prospective customer has to go through a Know Your Customer (KYC) the process by submitting a government-issued photo ID and a facial picture of themselves to our Vsbkalo, Veritas. Veritas then would perform 2 checks: 

•    Document check: To verify that the photo ID is valid and authentic;

•    Facial Similarity check: To verify that the face in the picture is the same as that on the submitted ID. 

The customer will ‘pass’ the KYC process and get onboarded if the results of both Document and Facial Similarity checks are ‘clear’. If the result of any check is not ‘clear’, the customer has to submit all the photos again. 

The “pass rate” is defined as the number of customers who pass both the KYC process divided by the number of customers who attempt the process. Each customer has up to 2 attempts.

The pass rate has decreased substantially in the recent period.

Please write a report that outlines the root causes and suggests solutions. Relevant files:

•   Reports of all Facial Similarity checks

•   Reports of all Document checks

•   veritas.html - API documentation of Veritas explaining some terms used in the reports. 

Attachments:

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