There has been a rise in the demand for digital services, necessitating the implementation of state-of-the-art Know Your Customer (KYC) regulations by regulated companies. Two of KYC’s most important functions are preventing fraud and identity theft and improving the quality of service provided to customers. Furthermore, Know Your Customer (KYC) documentation is crucial for meeting AML and CTF rules. These measures are particularly stringent for financial institutions since they continue to face the highest risk of identity theft and fraud. Despite the seriousness of the threat, financial institutions are still susceptible to making some of the same mistakes while collecting and maintaining KYC data. In this piece, we’ll look at the top five most frequent mistakes made during KYC authentication and how to fix them.