KYC Data Mismatch – Causes, Risks & Solutions
In today's digital economy, Know Your Customer (KYC) compliance is necessary for safe and seamless financial transactions. However, a common issue is KYC data mismatch when your information does not sync up with records.
A data mismatch can occur because of a typo, missing data, incorrect documents, change of personal particulars, or incorrect entries when uploading information online. The consequences can be significant - rejected EPFO claims, delayed banking transactions, locked accounts, denied loans, and compliance issues!
What should you do next?
✔ Reconfirm and update all documents (Aadhaar, PAN, passport, etc.) with correct matching information.
✔ Log on to EPFO's UAN portal or submit a Joint Declaration to correct the issue for PF.
✔ Speak to your bank directly to correct your financial account records or utilise online KYC update services.
✔ Seek expert advice if you're dealing with complex cases.
At Fundwise, we help people resolve KYC mismatches quickly, so that you can enjoy your financial services without hassle! https://fund-wise.in/
