KYC and identity verification

Why Typeform Is Not Enough for KYC

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What is KYC?

KYC (Know Your Customer) refers to all identity verification procedures that companies must implement to know their customers. It's a legal obligation for many sectors:

  • Banks and financial institutions
  • Insurance companies
  • Real estate agents and developers
  • Notaries and lawyers
  • Accountants
  • Payment platforms

KYC Regulatory Requirements

KYC is not just a simple form. It involves:

1. Identity Verification

  • Collection of ID document (national ID, passport)
  • Verification of document authenticity
  • Comparison with the person (selfie, video)
  • Detection of falsified documents

2. Address Verification

  • Recent proof of address
  • Verification of information consistency

3. Screening and Due Diligence

  • Verification against sanctions lists (PEP, asset freeze)
  • Customer risk assessment
  • Suspicious activity report if necessary

4. Traceability and Archiving

  • Retention of evidence for at least 5 years
  • Timestamped audit trail of all verifications
  • Ability to demonstrate due diligence in case of audit

Why Typeform Cannot Do KYC

Typeform is an excellent form tool, but it is absolutely not designed for KYC:

No Identity Verification

Typeform cannot verify the authenticity of an ID document. Anyone can upload any document.

No Fraud Detection

No ability to detect falsified documents, retouched photos, or impersonation attempts.

No Automatic Screening

Impossible to automatically check if a customer is on a sanctions list or is a PEP (Politically Exposed Person).

No Compliant Audit Trail

Typeform logs are not designed to demonstrate regulatory compliance in case of audit.

No Probative Retention

Typeform's archiving does not meet KYC evidence retention requirements.

Risks of Using Typeform for KYC

  • Financial penalties in case of audit (up to €5M for legal entities)
  • Criminal liability for executives
  • Reputation damage
  • Liability in case of customer fraud
  • Inability to prove your due diligence

The Solution: KYC Tool Integrated into Your Onboarding

To be compliant, you need a tool that combines:

  • Smooth collection of information and documents
  • Automatic verification of identity documents
  • Screening against sanctions lists
  • Complete timestamped audit trail
  • Compliant archiving for legal durations
  • Compliance report generation

Formulr: KYC Integrated into Onboarding

Formulr combines a smooth onboarding journey with advanced KYC features:

  • AI verification of identity documents
  • Structured collection of supporting documents
  • Complete audit trail for each file
  • Secure archiving for the legal duration
  • AML compliance
  • Hosted in France, GDPR compliant

Conclusion

Using Typeform for KYC is like using Excel for a listed company's accounting: technically possible, but legally risky and professionally unsuitable.

Invest in a tool designed for compliance. Try Formulr for free and discover how to automate your KYC without compromising the customer experience.

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