In modern-day business, companies and organizations operate digitally through client onboarding or business transactions. With the evolution of technology, digital business operations have become efficient, time-saving, and cost-effective. There was a time when the customer onboarding process included a lot of paperwork, address verification by visiting their residential or business place, and age verification through physical documents. However, times have changed; most operations process digitally, and identity verification has become paperless and digital.
Along with technology and digital business operations, financial crimes are also increasing, and it is challenging for UAE regulatory authorities to control them. As per a study by Javelin Strategy & Research in 2023, 38% of individuals residing in the UAE experienced online financial fraud.
In the dynamic landscape of business operations, identity verification matters significantly in identifying and verifying business identities and ensuring their authenticity. Genuine business identities assist in building trust with clients, and trust is paramount for digital businesses in the UAE. It is the only trust that helps for sustainable growth and success in financial and non-financial companies.
Role of Age Verification for Businesses:
Age verification is a process of verifying the customer’s age, and it plays a significant role in age-restricted businesses in the UAE. Online gaming companies, the lottery industry, age-restricted sites, and age-restricted commerce businesses like alcohol, tobacco, and vaping are the areas where age verification matters for their businesses and staying compliant according to the age-restricted regulations. Let’s discuss in more detail how age verification solutions assist UAE businesses.
Online Gaming Industry:
The online gaming industry is vibrant and attracts people of every age. Online gaming companies must follow the General Commercial Gaming Regulatory Authority (GCGRA) gaming regulations for smooth business operations. Age verification solutions providers in UAE ensure the GCGRA regulations for commercial gaming platforms. Age verification systems assist in identifying the customer’s age during the onboarding process and provide accurate results that build genuine trust between gaming companies and customers and follow the proper regulatory guidelines. It also ensures trust to parents that allow their kids to use these paid gaming platforms that they are authentic and provide a fraudless experience on their platform.
Lottery Industry:
The lottery industry is a financial industry in which underage customers are not allowed to purchase lottery tickets. Hence, age verification plays an important role in identifying underage customers for lottery businesses and helps prevent financial fraud.
Age-restricted Websites:
In the digital world, there are age-restricted websites like dating sites, matrimonial sites, and other age-restricted products and services sites that don’t allow underage identities. Age verification solutions assist in determining the right customer according to the business age criteria. Therefore, age verification plays a significant role in age-restricted content websites in the UAE.
E-commerce Businesses:
E-commerce businesses also verify customers’ ages to onboard new customers and prevent financial crimes. Age verification companies help e-commerce businesses with their age verification systems and seamless customer onboarding.
Alcohol, tobacco, and vaping industries are the industries where distributors and sellers don’t allow underage customers, and age verification assists in recognizing them. It mitigates fraud and stays compliant with age restriction regulations in the UAE.
Role of address verification for Businesses:
Address verification is a process of identifying and verifying the customer’s address. Address verification plays a massive role in verifying user and business identities. Banks, Financial institutions, fintech companies, insurance companies, healthcare businesses, real estate businesses, and educational businesses address verification matters everywhere.
In the digital landscape of UAE, address verification solutions are crucial for financial and non-financial industries to know about business clients. Companies and organizations in the UAE check the clients’ backgrounds, and their address verification is integral to this verification process. There are various benefits of business address verification for UAE companies, such as:
Background Checks:
Business address verification helps in client background checks, whether they exist or not on their address. Business verification companies help verify the new client’s address and ensure the identity verification process for background checks. They assist in determining the fraud companies based on it and financial risk evaluation.
Prevent Financial Fraud:
Address verification clearly shows physical address availability and helps prove the genuineness of businesses. It prevents fraud by companies and organizations that do not exist anywhere and provides fake business addresses to commit financial crimes. Therefore, this verification process prevents financial fraud in the digital world.
Business Client Onboarding:
This verification clears the picture of the genuine business and allows Emirati businesses to have a frictionless onboarding process.
As a global hub for commerce and finance, the UAE attracts a diverse array of businesses, and address and age verification for businesses play a huge role as they help in various ways.
How does KYC UAE help address age verification solutions?
KYC UAE is a trusted and reliable KYC company that provides comprehensive identity verification solutions, including KYC verification, ID verification, video KYC, document verification, age verification, business address verification, AML verification, PEP, and sanction list verification. They help with APIs to authenticate identities for financial and non-financial businesses in the UAE.
KYC UAE is well-versed in UAE financial regulations and provides fully AI-based address and verification solutions for small, medium, and large organizations.
Conclusion:
UAE businesses can contribute to a trustworthy e-commerce ecosystem by prioritizing address and age verification solutions. Both verification methods help prevent financial fraud and build trust, ultimately leading to a more prosperous digital economy for the nation. By implementing robust identity verification solutions, businesses in the UAE can unlock the full potential of the e-commerce revolution, which will protect minors and help ensure a safe and secure company. Investing in identity verification solutions is more than a strategic decision; UAE companies and organizations must achieve long-term business success.