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The Compliance regulations require businesses and services to verify the identity of their users and customers. The primary goal of KYC is to prevent money laundering. Over the years, various strategies have been implemented to implement KYC, ranging from manual checks.
Enter Telegram's Identity Verification. Released in recently, Passport is a secure document storage system that allows individuals to store and share authentic documents with services and applications.
The process of authenticating documents through Telegram's Identity Verification Engine involves the following steps:
- Users upload a scanned copy of their ID (passport, driver's license, or state ID) to the Telegram app.
- Telegram's AI-powered verification engine reviews the uploaded file, verifying its legitimacy.
- Once verified, the document is added to the user's Telegram Passport, a secure digital storage space.
- Users can then share their authenticated document with trusted services and applications, granting them access to the file's information.
- Convenience: Users don't need to constantly upload and validate their documents to various applications, reducing administrative burdens.
- Security: Verified documents are kept safely within the Telegram app, reducing the risk of data breaches.
- Speed: Identity checks are significantly faster, allowing businesses to onboard customers more efficiently.
In conclusion, Telegram's Passport feature has brought a new level of convenience and safety to the KYC environment. By simplifying the process of identity verification, Passport enables businesses to streamline their onboarding processes and comply with regulatory requirements more efficiently. As the regulatory environment continues to evolve, it will be fascinating to see how Telegram's Identity Verification Solution adapts to meet new opportunities.
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