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Spotlight On: The Role of AML in Ending Human Trafficking

Spotlight On: The Role of AML in Ending Human Trafficking

by | Feb 22, 2023 | AML - Anti-Money Laundering, Blog, iComply Insights

Spotlight On: The Role of AML in Ending Human Trafficking

Human trafficking and modern slavery remain two of the most challenging humanitarian issues for international legislators and law enforcement agencies to resolve—due in large part to the the level of difficulty to uncover hidden channels and illegal measures that sustain these trafficking networks. According to the Council on Foreign Relations, there are 49.6 million people around the world living in modern slavery. Of this number, 27.6 million people are subjected to forced labour and 22 million were victims of forced marriages.

With the International Labour Organization estimating that human trafficking generates US$150 billion globally, the cost of failing to prevent such atrocities is clear, and compliance with evolving regulations is undeniably essential.

Preventing human exploitation is critical, and strong AML and KYC protocols are essential in achieving this goal. That’s why incorporating appropriate solutions into your current framework is crucial. Strong compliance software can help eliminate ambiguity and reduce the risk of human error, making it an essential tool in preventing serious crimes and protecting vulnerable individuals. By streamlining your business processes and enhancing compliance protocols, you can achieve better outcomes and safeguard your organization’s reputation.

That’s why we’ve developed an award-winning, truly comprehensive KYC + KYB platform that is designed to eliminate ambiguity and the risk of human error. Our solution produces superior outcomes that not only streamline your business but also help protect vulnerable individuals from serious crimes.

In honour of National Human Trafficking Awareness Day in Canada this February, we’ll take a closer look at some of the global realities of human trafficking, as well as the role of AML when it comes to prevention.

Human Trafficking is a Global Epidemic

The harm caused by any and all forms of human trafficking and exploitation is immense and pervasive in today’s society. As of the end of 2022, 49.6 million victims are still suffering from the danger of human trafficking and modern slavery.

One of the most common misconceptions in the Western hemisphere is that human trafficking is a problem relatively isolated to lower-income countries and geographical regions. In truth, human trafficking affects every country, regardless of its political or socioeconomic standing.

Evolving technology and the ease with which money and other digital assets are exchanged have opened new avenues for traffickers to continuously exploit vulnerable people. At present, the Global Crime Index identifies the highest-risk regions for trafficking as Africa, Asia, Eastern Europe, and parts of Central and South America.

Countries outside these areas are far from exempt; traffickers utilize multiple destinations throughout Canada, the United States, France, Australia, and other “Tier 1” countries (as defined by the Trafficking Victims Protection Act) as transportation hubs to move victims unnoticed.

What is Human Trafficking?

Human trafficking refers to the criminal movement of vulnerable people, regardless of age or status, for the purpose of exploitation. There are several distinct areas of criminality that fall under this terminology:

Forced Labour

Forced labour is the exploitation of individuals by forcing them to work for extremely low (often unsustainable living) wages, engage in activities that present significant risks to their health and safety, work under duress or the threat of harm, or labour with no compensation or benefit to the worker whatsoever (therefore, equating to modern slavery). Forced labour victims are often men but frequently include women and children.

As of 2021, the ILO and UNICEF have noted a concerning increase in child labour, rising to an estimated 160 million children, particularly between the ages of 5-11. Children between the ages of 5-17 who are involved in hazardous work (work that is detrimental to their health and/or morals) have also been on the rise, increasing to 79 million victims since 2016. Common avenues for child labour exploitation include agricultural work (predominately farming and livestock herding), factory labour, domestic servitude, militias that use child soldiers, and the commercial sex trade. (Source)

Sexual Exploitation

Sexual slavery makes up a significant portion of human trafficking numbers, with women and children being the predominant victims. Individuals in this category are forced into prostitution rings, sold into international marriages without their consent (e.g. mail-order brides), and forced to engage in sexual acts for money—with the profits primarily or solely benefitting the controlling party.

Medical Exploitation

The Group of International Finance Centre Supervisors (GIFCS) is a long-established group of financial services supervisors that are focused on promoting the adoption of international regulatory standards—especially in the banking, securities, fiduciary, and AML/CFT sectors. The GIFCS represents the interest of its jurisdictional members for various banking matters under the umbrella of funds and securities activities.

Victims of medical exploitation (also referred to as the ‘red market‘) are often subjected to non-consensual experimentation and/or body modification. This includes organ harvesting, forced impregnation, and other forms of human experimentation done with no regard for the lasting harm caused to the involved subjects.

Despite reported decreases in 2020 (largely due to travel complications created by COVID-19), the urgent message of modern slavery remains the same: we must do better when it comes to protecting vulnerable people from human trafficking, and end this threat once and for all.

 

Why AML and KYC Protocols Matter

Human trafficking is a highly lucrative endeavour for criminals, with many of the activities involved in the sale and exploitation of victims being directly involved in money laundering or surrounding crimes.

Anti-money laundering (AML) and Know Your Customer (KYC) legislation sets valuable safeguards in place that, when widely adopted, can make it significantly more challenging for traffickers to operate covertly.

Proper AML and KYC practices can help identify key signifiers of criminal activities such as:

  • the use of “front” or shell companies to launder money
  • suspicious capital funnels from multiple (often unknown) sources
  • the use of alternative payment methods for nefarious purposes such as cryptocurrencies, prepaid credit cards, electronic transfers, and more
  • the concealment of beneficial ownership information
  • unusual financial behaviours (e.g. high-frequency transfers, multiple accounts, etc.), and more.

Global regulatory bodies like the Financial Action Task Force (FATF) and regional decision-makers in the EU and North America work continuously to update and refine current regulations (often collaboratively) to identify prevalent risk factors and address the challenges presented by evolving technology and criminal practices.

Reliable software tools to fight financial crimes linked to human trafficking should involve:

  • enhanced due diligence,
  • transparency into ultimate beneficial ownership structures,
  • adverse media screening and known associations with existing criminal networks,
  • watchlist monitoring,
  • politically-exposed persons (PEP) screening,
  • transaction screening,
  • and more.

Building a Safer Future with iComplyKYC

Though AML and KYC protocols are, as of yet, unable to fully prevent financial crimes linked to human trafficking, they are some of our most valuable first lines of defence.

At iComply, we are proud to take a firm and unrelenting stance when it comes to preventing the atrocities caused by human trafficking. We believe in the importance of safeguarding both individuals and organizations against criminal accessibility. We are proud to offer a modular suite of KYC and AML products that enable businesses around the globe to comply with local and global legislation designed to stop money laundering and the exploitation of tens of millions of vulnerable people.

iComply acknowledges and stands in support of transparency and education where the dangers of human trafficking are concerned. Our team remains committed to pursuing a safer global financial marketplace—through continued innovation and the development of digital tools you can trust when and where it matters most.

Learn more about the dangers of modern slavery and human trafficking and how the finance sector is working to end it here.

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Your Partners in Safety and AML Compliance

Learn more about the benefits of iComply’s award-winning suite of AML and KYC software by booking a demo today.

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Regtech Terms 101: Definitions Made Simple

Regtech Terms 101: Definitions Made Simple

by | Jan 30, 2023 | Blog, FAQs, Knowledge Base, Technical Resources

Regtech Terms 101: Definitions Made Simple

If you’re in the process of implementing or revising your money laundering and financial crime protocols, you’ve no doubt come across the many terms and acronyms associated with financial regulations. As fintech and related financial crime mandates continue to evolve, many teams find it difficult to stay on top of new terms, entities, and other relevant organizations you need to know.

At iComply, we’re honored to help you build transparency with your own clients and gain access to a range of trusted resources to stay compliant with jurisdictional guidelines, as well as protect your organization when it matters most. As an innovative provider of an award-winning Know Your Customer-focused suite of modular software, our team is here to make sure you’re able to stay in the know when it matters most.

Below, we’ll cover the 10 most common terms found within the fintech and financial regulation technology (regtech) markets. Read on to learn more!

Anti-Money Laundering (AML)

Money laundering is one of the biggest threats to today’s global market, with an estimated USD $800 million to $2 billion being laundered each year. Anti-Money Laundering (AML) legislation and regulation play an important role in safeguarding both businesses and their customers against fraudsters, as well as limiting the negative effects of common financial and asset-based crimes such as terrorist funding, human trafficking, the drug trade, and much more.

AML regulations hold banks and other financial institutions that issue credit or deposit accounts to specific standards in an effort to prevent money-laundering activities through these types of accounts.

API

Within the fintech industry, you will often come across the term “API”, which is short for Application Program Interface. APIs are digital tools that enable different disconnected computer programs to talk to one another and—in the case of KYC protocols—share customer due diligence data and documents with greater simplicity, reliability, and accuracy.

CDD/EDD

Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) refer to the building of customer risk profiles based on key information gathered during onboarding. The ultimate goal of CDD is to identify customers and their current and historical financial activity, generate a customer risk profile, and assess all relevant information with basic CDD, Enhanced Due Diligence (EDD), or Simplified Due Diligence (SDD) for enhanced transaction monitoring and ongoing risk reporting.

Decentralized Exchange (DEX)

Decentralized Exchanges (DEXs) enable peer-to-peer exchanges of digital securities, cryptocurrencies, and other virtual assets without the need for a centralized fail-safe like those required by a banking institution. Decentralized exchanges are often in the news with cryptocurrency-related matters. With no third party involved in the handling of funds, monitoring transactions for fraud risk can be difficult but essential for preventing financial crime.

False Positives

False positives refer to any test results that incorrectly flag a user or incident for a nonexistent violation. As one of the biggest hurdles for identity verification and KYC programs to overcome, false positives are a key regtech term to learn. Even the most refined anti-fraud software will still occasionally produce a false positive. With the right verification protocols in place, well-executed AML and KYC practices will be able to catch false positives and quickly rectify the situation.

GIFCS

The Group of International Finance Centre Supervisors (GIFCS) is a long-established group of financial services supervisors that are focused on promoting the adoption of international regulatory standards—especially in the banking, securities, fiduciary, and AML/CFT sectors. The GIFCS represents the interest of its jurisdictional members for various banking matters under the umbrella of funds and securities activities.

Know Your Customer (KYC)

Know Your Customer (KYC) is a mandatory information gathering and screening procedure that businesses and financial institutions must follow in order to properly verify the identity of new and existing clients. KYC standards apply outside financial services and encompass any business where money laundering or terrorist financing risk exists.

Security Token

A security token refers to either a physical or digital device that allows an individual to provide two-factor identification and verify their identity when logging into a service online.

Travel Rule

The Travel Rule, also known as FATF’s Recommendation 16, refers to stipulations placed on monetary and virtual asset exchanges occurring on decentralized exchanges such as the cryptocurrency market. This recommendation seeks to add additional information to transactions to sufficiently identify the originator as well as the beneficiary.

Virtual Asset

Virtual Asset refers to any digital or non-tangible asset that can be assigned a monetary value and exchanged as currency or used for investment purposes.

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Stay in the Know with iComplyKYC

Curious to learn more key terms relevant to the fintech and regtech markets? Take a look through our glossary of current terms and acronyms on our site here.

At iComply, we know that staying on top of fraud can be tough. That’s why we’re proud to offer a truly end-to-end KYC solution for businesses and institutions across North America and Europe. Designed with ease of use and seamless integration with your existing workflows, iComplyKYC makes financial compliance simple and streamlined.

Discover how we do it by talking to our team today and booking a demo of our modular KYC platform solutions.

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Is your AML compliance too expensive, time-consuming, or ineffective?

iComply enables financial services providers to reduce costs, risk, and complexity and improve staff capacity, effectiveness, and customer experience.

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What Triggers an AML Investigation?

What Triggers an AML Investigation?

by | Jan 30, 2023 | Blog, KYC - Know Your Customer

What Triggers an AML Investigation?

Money laundering and financial fraud are two of the biggest risks facing businesses and institutions worldwide, with an estimated USD $800 million to $2 billion laundered annually. To combat this, global legislators such as FinCEN, FINTRAC, and various European governing bodies create and enforce strict anti-money laundering (AML) protocols as well as Know Your Customer (KYC), Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD) processes where necessary.

With the global pandemic having accelerated the already steady shift to more and more transactions being conducted online, the importance of willful compliance and protection continues to grow for organizations worldwide.

At iComply, we know that staying on top of best practices and evolving mandates can be tricky; partnering with a robust AML software provider like iComply is one of the best ways to protect your organization and avoid costly fines. Below, we’ll highlight several key factors that can trigger an AML investigation, and explore how a vetted software platform can keep you safe when it matters most.

What Are AML Investigations?

As the term indicates, AML investigations are investigations pertaining to suspicious financial activities that may be tied to fraud and/or money laundering. Though not every suspicious activity may warrant a full-scale investigation or be indicative of fraud, businesses and institutions must be prepared to uncover, report, and act on further details to stay compliant with jurisdictional legislation.

To that end, every company’s AML protocols should have a clear list of activities and data that warrant further investigation, and an active investigation must move forward should that threshold be met. Common trigger factors include:

  • Sudden, uncharacteristic financial behaviours (i.e. excessive transfers)
  • A client becoming subject to a government investigation
  • Negative SEC reports
  • Whistleblower activities or lawsuits coming to light
  • Transaction monitoring alerts
  • Internal audits

What Happens Next?

Once an alert is raised, your compliance team should step in swiftly to follow up and conduct a more thorough assessment of the right course of action. Not every identified “threat” will warrant a full investigation (which is typically quite costly and time-consuming), but taking a closer look will give your team a better idea of what steps are necessary as you move forward.

Core factors to look at include:

Revisiting Risk Profiles

AML protocols should always have an integrated KYC component—meaning that, should a risk arise, you can revisit your existing customer profile. Take a moment to (re)assess your customer profiles and look for incongruities. Has there been a sudden shift in risk level for the country they operate out of? Any recent shifts in active board members? Is this individual or entity a relatively new addition to your customer base, or a longstanding account with no previous issues? Each factor has a role in determining overall risk and dictating what needs to be done.

What is the Customer’s Baseline?

Every profile will have a different baseline to help determine what is considered ‘normal’ for their operations. Rising interest rates and other economic factors have put a strain on plenty of otherwise normal clients which can lead to brief periods of irregularity in their business operations that, while odd, are explainable given the circumstances. If you recognize significant discrepancies in recent behaviour or prolonged activity changes, this is often a sure sign that something is amiss and safety protocols need to be enacted.

What Happens if There is a Viable Threat?

If your review process makes it clear that your organization needs to escalate the risk factor, filing a Suspicious Activity Report (SAR) may be in order. Once identified, you have 30 days to do so and an additional 90 days to file the final report after an initial investigation has been opened. Failure to comply with this mandate can result in hefty fines for businesses, as well as significant headaches for your operational teams to overcome in the future if not corrected.

To avoid the risk of fines and other non-compliance issues, implement a clearly defined investigation process that incorporates reliable KYC and AML software you can trust, and ensure your compliance and operations teams are adequately trained to be as proactive as possible.

AML Protection With iComplyKYC

At iComply, we know that AML protections are essential to the operation and safety of your business. Our modular suite of KYC, KYB, and AML products not only ensures you have everything you need to manage and maintain a wide range of jurisdictional AML regulations but also streamlines and automates your customer identification and risk screening processes more intuitively than ever before.

Book a demo with our team today to learn more about iComply’s AML solutions and discover how iComplyKYC can be customized to fit the unique risk screening needs of your organization.

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Is your AML compliance too expensive, time-consuming, or ineffective?

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Business Continuity After Fraud: How to Recover and Build a Foundation for Success

Business Continuity After Fraud: How to Recover and Build a Foundation for Success

by | Jan 23, 2023 | Blog, KYC - Know Your Customer

Business Continuity After Fraud: How to Recover and Build a Foundation for Success

Has your business recently faced difficulties due to a fraudster, money laundering, or other criminal activity? Whether your experience stems from a failure to comply with existing AML legislation or from overlooked vulnerabilities in your current KYC or KYB protocols, knowing how to build the best path forward after a fraud case is essential to long-term success.

At iComply, we know that the standards for compliance are ever-shifting within the financial market, and that tracking evolving rules and criminal activity can be tricky. In the first half of 2022 alone, the global market has seen over a billion dollars worth of AML fines handed out in North America and the UK alone. iComply knows the best way to avoid becoming one of these statistics is to be proactive in your operational processes and to be ready to adapt when necessary.

Below, we’ll discuss how you can begin the process of recovering after an experience with fraud and how you can set up your organization for a better, more secure future.

Why Fraud Happens

The business and financial services markets have had their share of fraudsters and criminal activities going back as long as you’re willing to dig. The unfortunate reality? Where there is room to profit legally, there’s often even more opportunity to capitalize and profit illegally. While there are countless methods and circumstances under which fraud, money laundering, terrorist funding, and other illicit activities occur, the biggest culprit is often a fundamental lack of protections in place for a business or institution.

Governing bodies like the FATF institute global mandates to attempt to prevent financial crime; however, without an active approach to compliance in place, holes in the safety net offered by such legislation begin to widen and leave everyone more vulnerable to damaging mistakes.

What to Do After Dealing With Fraud

The unfortunate reality is that sometimes, even with the best tools and practices in place, fraudsters do succeed. Regardless of legislative or financial repercussions, your organization should know how to recover from fraud and reset with better safeguards for the future. Should you need to regroup and move on, it’s important to start by:

Review (and Renew) KYC, KYB, CDD, and EDD Protocols

Know Your Customer (KYC), Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD) are all designed to help safeguard against money laundering, counter-terrorism funding, and other financial crimes. In the absence of a trusted software platform like iComplyKYC and/or skilled in-house support equipped to assess and respond to threats accordingly, the effectiveness of your countermeasures suffers greatly. Taking the time to review what you currently have in place gives your team(s) the ability to earnestly reassess active safeguards, identify shortcomings, and refresh any weak areas so your organization doesn’t experience the same issues in the future.

Identify the REAL Problem

Whenever there is a breach of security, there are typically several factors that enabled that attack to succeed. In order to learn from mistakes and move forward, business leaders need to know exactly what happened. Take the time you need to get the full story. Did your software fail? Was it a user error or a manual review mistake? The more you know, the more you can understand what to address in the future and which key areas your organization can improve.

Educate and Prevent

The best approach to preventing criminal activity is to be as proactive as possible. Once you identify where to refocus your protective efforts, double down on educating your team members, making protocols and procedures as reliable and transparent as possible, and committing to consistent learning organization-wide as compliance standards continue to evolve.

Close the Door

In the aftermath of fraud, you’ll likely have quite a few loose ends that will need to be tied up before you can fully focus on revamping your KYC approach. Pay any fines as quickly as possible and/or pursue whatever you may need to in order to recoup any viable damages. Once you’re able to close this chapter fully, looking into the future will feel much more attainable for all parties involved.

Your Trusted Partner for Compliance: Meet iComplyKYC

iComply is proud to be a world leader when it comes to delivering KYC and financial crime compliance. Our team understands that staying on top of ever-evolving protocols is more than simply avoiding fines—it’s about using a system you can trust.

We offer businesses and institutions across North America and Europe a truly end-to-end KYC platform, with KYC onboarding and AML screening services for both individuals and legal entities. With a lightning-fast setup and various options to customize your unique needs, iComply is your trusted provider for digital KYC and CDD solutions.

Give yourself peace of mind and the reassurance of reliable, robust compliance by viewing our platform today! Discover how we do it by talking to our team today and booking a demo.

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Is your AML compliance too expensive, time-consuming, or ineffective?

iComply enables financial services providers to reduce costs, risk, and complexity and improve staff capacity, effectiveness, and customer experience.

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Reviewing Customer Risk Profiles After Onboarding

Reviewing Customer Risk Profiles After Onboarding

by | Jan 23, 2023 | Blog, KYC - Know Your Customer

Reviewing Customer Risk Profiles After Onboarding

As we ease into a new year, there’s never been a better time to review your organization’s AML and KYC protocols to ensure you are as protected as possible. Criminal activities continue to grow increasingly complex and fraudsters find new ways to fly under the radar, as technology grows more innovative. The message to financial institutions and Virtual Asset Service Providers (VASPs) is clear: to fall behind on your due diligence practices is to leave yourself vulnerable to costly fines and adverse long-term repercussions.

At iComply, we know that managing KYC, KYB, CDD, and EDD protocols can be tricky, especially with the constantly evolving nature of AML legislation. With North America and the UK receiving the highest AML fines in the first half of 2022 (USD $1 billion and $18 million, respectively), businesses wishing to avoid the pain of being caught unprepared need to stay on top of best practices.

Below, we’ll discuss core KYC fundamentals, as well as how often you should be reviewing your customer risk profiles after onboarding is complete.

What is the Core Objective of KYC?

Know Your Customer, better known as KYC or KYB, is a form of AML and fraud protection that seeks to prevent financial crime by learning identifying details about a prospective individual or business to form vetted partnerships. By verifying the parties your organization deals with, you can remove many of the risks that come with the unknown and allow your operations to proceed confidently, with the safety and accuracy you can trust. Through advanced forms of KYC, Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD), dig beneath the surface to get important details that keep you on the right side of the law and ready to move forward with any business relationship or partnership safely.

The main objectives of the KYC process are:

  • Identify and verify the identity of customers (both humans and organizations);
  • Properly evaluate the nature and purpose of customer relationships to develop customer risk profiles; and
  • Continuously monitor, identify, and report suspicious transactions on a risk basis to update client information as needed.

Due diligence measures are typically concerned with 4 main types of risk:

Customer Risk

Are you able to vet a client, their activities, and their known pattern of behaviours? Are there any high-risk factors, ownership structures, or political exposures you need to be worried about? CDD and EDD can dig past the surface to see who or what is hiding behind any given name.

Geographical Risks

Sometimes the location of a business or prospective client can uncover additional risks that you’ll want to be aware of, such as heightened exposure to money laundering activities or jurisdiction-specific requirements. In addition to knowing where a business is incorporated, you’ll also want to know where their main headquarters are and if there are any other locations you need to record and report.

Product and Service Offering

Certain products and services (virtual asset exchanges, for example) have more inherent risk where fraud and money laundering are concerned. How open and transparent is your prospective customer or business partner’s past, what additional risk factors are you aware of, such as additional team members or owners to be wary of, etc.?

Delivery Channel Risk

The delivery of any good or service is never fully without risk, but to mitigate unnecessary risk, knowing a wide variety of extenuating factors is critical to avoiding conflicts and damaging risks.

Using dedicated KYC software and protocols that help to automate much of the review process is one of the best ways to gain a clear picture of the above information and rest easy knowing you are compliant, prepared, and ready to act.

How Often Should You Review Your Risk Profiles

The financial world moves quickly, and with global regulations and risk factors constantly shifting, the reality is that businesses need to maintain up-to-date client and partner risk profiles to operate effectively. International sanctions issued in 2022 have been a strong reminder that global standards and sources of data can change instantly. Without the right tools to adapt to these changes quickly, you risk exposing your organization to extensive fines and other avoidable risks.

While the frequency you need to review your risk profiles will vary somewhat depending on your industry, services offered, etc., standard protocols advise at least once every 3 years (typically for lower-risk clients) or as needed for additional information. Being prepared to review your profiles on an annual (or more frequent) basis gives you the ability to adjust to evolving information and protect your company from costly liability allegations caused by failure to act. Rather than leaving reviews to chance and circumstance, it’s best to have reliable protocols in place alongside dedicated KYC software that can automate much of the review process, helping to reduce or eliminate manual errors and streamline operations.

EDD with iComplyKYC

At iComply, we know that balancing the need for CDD and EDD with the demands of day-to-day business operations can be challenging. Our modular suite of KYC products makes it easy to tailor your workflows to your specific requirements, including standard CDD, EDD, continuous risk monitoring, and more.

iComplyKYC allows you to focus on the ins and outs of running your business while reducing the cost of running ID verification and KYC protocols by up to 80% all while keeping you compliant with requirements in nearly 250 different jurisdictions. When it comes to streamlining your KYC and CDD process and simplifying risk profile reviews, iComply has you covered!

Book a demo with our team today to learn more about iComply’s range of KYC solutions, and discover how our platform can be customized for your organization.

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Is your AML compliance too expensive, time-consuming, or ineffective?

iComply enables financial services providers to reduce costs, risk, and complexity and improve staff capacity, effectiveness, and customer experience.

Request a demo today.

Vaidyanathan Chandrashekhar

Vaidyanathan Chandrashekhar

Advisors

“Chandy,” is a technology and risk expert with executive experience at Boston Consulting Group, Citi, and PwC. With over two decades in financial services, digital transformation, and enterprise risk, he advises iComply on scalable compliance infrastructure for global markets.
Thomas Linder

Thomas Linder

Advisors

Thomas is a global tax and compliance expert with deep specialization in digital assets, blockchain, and tokenization. As a partner at MME Legal | Tax | Compliance, he advises iComply on regulatory strategy, cross-border compliance, and digital finance innovation.
Thomas Hardjono

Thomas Hardjono

Advisors

Thomas is a renowned identity and cybersecurity expert, serving as CTO of Connection Science at MIT. With deep expertise in decentralized identity, zero trust, and secure data exchange, he advises iComply on cutting-edge technology and privacy-first compliance architecture.
Rodney Dobson

Rodney Dobson

Advisors

Rodney is the former President of ADP Canada and international executive with over two decades of leadership in global HR and enterprise technology. He advises iComply with deep expertise in international service delivery, M&A, and scaling high-growth operations across regulated markets.
Praveen Mandal

Praveen Mandal

Advisors

Praveen is a serial entrepreneur and technology innovator, known for leadership roles at Lucent Bell Labs, ChargePoint, and the Stanford Linear Accelerator. He advises iComply on advanced computing, scalable infrastructure, and the intersection of AI, energy, and compliance tech.
Paul Childerhose

Paul Childerhose

Advisors

Paul is a Canadian RegTech leader and founder of Maple Peak Group, with extensive experience in financial services compliance, AML, and digital transformation. He advises iComply on regulatory alignment, operational strategy, and scaling compliance programs in complex markets.
John Engle

John Engle

Advisors

John is a seasoned business executive with senior leadership experience at CIBC, UBS, and Accenture. With deep expertise in investment banking, private equity, and digital transformation, he advises iComply on strategic growth, partnerships, and global market expansion.
Jeff Bandman

Jeff Bandman

Advisors

Jeff is a former CFTC official and globally recognized expert in financial regulation, fintech, and digital assets. As founder of Bandman Advisors, he brings deep insight into regulatory policy, market infrastructure, and innovation to guide iComply’s global compliance strategy.
Greg Pearlman

Greg Pearlman

Advisors

Greg is a seasoned investment banker with over 35 years of experience, including leadership roles at BMO Capital Markets, Morgan Stanley, and Citigroup. Greg brings deep expertise in financial strategy and growth to support iComply's expansion in the RegTech sector.
Deven Sharma

Deven Sharma

Advisors

Deven is the former President of S&P and a globally respected authority in risk, data, and capital markets. With decades of leadership across financial services and tech, he advises iComply on strategic growth, governance, and the future of trusted data in AML compliance.