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Stay on Top of Financial KYC and CDD with iComply

Stay on Top of Financial KYC and CDD with iComply

by | Aug 17, 2022 | Blog, KYC - Know Your Customer

Stay on Top of Financial KYC and CDD with iComply

In order to stay up to date with increasingly complex and evolving digital security, fraud, and anti-money laundering practices, the United States’ Financial Crimes Enforcement Network (FinCEN) amended the Bank Secrecy Act to introduce final rules with regard to the requirements surrounding customer due diligence protocols.

Designed to improve financial and ethical transparency, the details laid out in this final ruling joined an ever-growing global call to expose the dangers of financial fraud and to stop terrorists, kleptocrats, and fraudsters from hiding behind legitimate businesses to launder money and fund illicit activities.

In tandem with KYC (Know Your Customer) procedures, standard and enhanced due diligence measures (CDD/EDD) such as those offered by iComplyKYC are one of the most valuable assets your business has when it comes to ensuring compliance with jurisdictional regulations, as well as protecting yourself (and your customers) against fraud.

At iComply, we know just how pertinent it is to have access to CDD programs and protocols that you can trust to help you fight financial crime. Our industry-leading modular suite of KYC products leverages edge computing as well as partnerships with major players like Microsoft, Reuters, Dun & Bradstreet, and more to provide you with a truly end-to-end turnkey KYC experience you can trust.

Below, we’ll discuss some of the basic requirements under FinCEN’s final rule for CDD practices, as well as the benefits of partnering with iComply for all your KYC needs. Read on to learn more.

What Are FinCEN’s Requirements for KYC/CDD

KYC and CDD practices stem from the increasing need to promote transparency and identity verification between businesses, natural persons, and institutions for the safety of all parties involved. The past few decades have seen regulators worldwide levy heavy fines for non-compliance—making it more important than ever to manage effective programs and procedures.

As per the CDD Final Rule, financial institutions are required to establish and maintain written policies that:

  • Identify and verify the identity of customers (whether people or organizations)
  • Identify the identity of beneficial owners (UBOs) of companies opening accounts
  • Understand the nature and purpose of customer relationships in order to develop customer risk profiles
  • Monitor, identify and report suspicious transactions on a risk basis to update client information as needed

With these objectives in mind, finding the right partner that allows you to automate reporting and reviews while ensuring full-scale compliance is essential. At iComply, we’re proud to offer a comprehensive suite of KYC products designed to provide unbeatable service, results, and protection for our clients in multiple sectors.

FULL KYC COVERAGE YOU CAN TRUST

Designed with the highest data quality and security levels as our top priority, iComplyKYC offers a streamlined, all-encompassing solution that removes the hassle of dealing with multiple software platforms and data providers. iComply is proud to partner with industry leaders to ensure our platform has everything it needs to be the single-stop KYC and CDD source you can trust.

We are one of the first providers on the market to offer a truly immersive, end-to-end experience for financial services, fintech, legal, back office service providers, and related businesses. Best of all, our modular platform can be set up in minutes and configured to match your own workflows with the unique regulations of your jurisdiction, meaning that downtime is minimal and integration is as seamless as possible.

Learn 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.

Request a demo today.

Legal Entity Management, Streamlined: Meet iComplyKYC

Legal Entity Management, Streamlined: Meet iComplyKYC

by | Jun 3, 2022 | Blog, KYC - Know Your Customer

Legal Entity Management, Streamlined: Meet iComplyKYC

Staying on top of corporate governance regulations can be one of the most time-consuming and costly aspects of running a business. However, this is essential to ensure your operations are compliant with all jurisdictional standards and run as smoothly as possible. Legal entity management protocols and software make staying on top of important details like corporate records, changes in ownership or executives, tax strategies, and more easy and accessible for your organization.

At iComply, we know the value that quality and transparent data sources can deliver for organizations of any size or industry. Our end-to-end KYC and KYB platform is designed to make processes like legal entity management, customer identity verification, and enhanced due diligence simple and streamlined. Our modular suite of KYC products makes it easy to select the perfect fit for your internal and external legal entity management needs.

iComplyKYC can be set up within a matter of minutes and programmed to fit the unique needs of your jurisdiction, organization, and customer-specific requirements. Learn more about the importance of legal entity management, as well as the benefits of choosing an all-in-one platform like iComplyKYC below.

What is Legal Entity Management?

Legal entity management refers to a variety of governance systems and protocols that help organize and moderate multiple aspects of your business operations. The core objective of legal entity management is to effectively control the corporate records of your organization (including executive leadership changes, directives, annual returns filing, by-laws & resolutions drafting, capitalization chart updates, and more). With the best practices in place, your legal team will have the information you need to keep your business, as well as your customers, as protected as possible and clearly demonstrate compliance with all relevant standards at any given time.

Primary benefits of a streamlined legal entity management strategy include:

  • Compliance guarantees
  • Lower risk exposure to your business and clients
  • Better collaboration for enhanced productivity
  • Lower costs in the absence of fines, delays, errors, etc.

By tracking core elements like security filings, foreign authorization registrations, tax documents, and more, your team will be equipped to set the stage for successful growth and avoid the countless fines and shortcomings associated with a lack of compliance.

Streamlined Risk Assessment and More with iComplyKYC

At iComply, we know the value of having access to clear, accurate, valuable data when it matters most. Our world-leading KYC platform is designed to help you navigate enhanced customer due diligence on legal entities with ease. iComplyKYC not only features superior onboarding and due diligence support, but our unique modular platform makes it possible to keep everything you need in one place, without the need for multiple APIs, platforms, or costly solutions that only create more hassle and headaches. Partnering with iComply gives you the benefits of:

Reduced Costs

iComplyKYC’s “all-in-one” suite offers end-to-end solutions at competitive rates by giving you the ability to choose the tools you need, with the simplicity of click-to-deploy compliance workflows that secure sensitive client data.

Faster Processing Time

Both speed and accuracy are vital elements of the KYC process, whether you’re collecting data for internal or external review. iComply’s platform uses leading-edge, AI-driven solutions to streamline workflows and consolidate important processes for KYC, AML, entity management, and more.

Complete Coverage

Our iComplyKYC platform is configurable to nearly 250 unique jurisdictions globally, and our advanced KYC and AML tools provide true worldwide compliance coverage for your convenience.

Want to Learn More?

Book a demo with our team today to learn more about iComplyKYC and how our platform can be used for comprehensive entity management, KYB, and more.

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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.

Identify and Protect: Digital Identity Verification with iComply

Identify and Protect: Digital Identity Verification with iComply

by | Jun 3, 2022 | Blog, KYC - Know Your Customer

Identify and Protect: Digital Identity Verification with iComply

In a world increasingly reliant on mobile devices, tablets, and computers to navigate everyday life and business, identity verification is an invaluable asset for businesses when it comes to preventing fraud, money laundering, and terrorist funding. As cyber-crime continues to adapt and skyrocket, businesses must establish adequate Know Your Customer (KYC) and Due Diligence (CDD) protocols.

As a key part of digital securities, Electronic Identity Verification (eIDV) helps to reduce your risk exposure and establish an even playing field for businesses, natural persons, and third-party entities alike. With transparency and trust, on the table, establishing solid working relationships built on a shared (and verified) understanding is simple.

At iComplyKYC, we know the value of transparency when it comes to expanding your client base, as well as when onboarding new members to your team. Our team is proud to partner with businesses across the globe to provide access to our innovative modular suite of KYC products that streamline electronic identity verification and make it easy to move forward with confidence.

Below, we’ll explore the importance of Electronic Identity Verification (eIDV) in an ever-adapting global market, as well as the benefits of partnering with iComply.

Who Are You Doing Business With?

It’s no secret that today’s market faces a higher risk than ever before when it comes to fraud and major crimes like money laundering, etc. With the UN (conservatively) estimating that approximately 2-5% of the global GDP (approximately $800 billion – $2 trillion USD) is being laundered or rerouted annually for illicit purposes, there is a clear and ever-present need for enhanced due diligence and identity verification protocols when it comes to vetting your customers and prospective employees. Know Your Customer, better known as KYC protocols, serve as a significant line of defense against fraudsters and financial crime, and have become increasingly required by major regulators globally in an attempt to lower risk and stop criminal activity. The core objectives of standard KYC processes and protocols are to:

  • establishing a valid customer identity;
  • evaluating a customer/prospect’s activities and associations for alignment concerns (e.g. any known ties to terrorist or illicit organizations); and
  • assessing a wide range of risks to build an accurate risk profile, including full background details, ties to money laundering, risk of sanctions and judicial orders, previous fraudulent activities, and more.

At their core, KYC and eIDV seek to answer 3 key questions:

  1. Does this person (or entity) exist?
  2. Are they who they say they are?
  3. Is it safe to do business with them?

By clearly and accurately identifying and assessing key pieces of information about otherwise unknown entities, you can reduce your overall risk exposure and empower your team to forge strong relationships with the right parties…avoiding headaches, maintaining regulatory standards, and creating a better foundation for all involved parties to succeed.

Cost-Effective Electronic Identity Verification Solutions

Designed with the unique needs and challenges of identity verification in mind, iComplyKYC gives you access to a comprehensive suite of modular KYC products that make it easy to tailor your workflows to your requirements. From onboarding to conducting enhanced due diligence on high-risk clients and more, our software is easy to integrate into your existing system and can be configured within a matter of minutes. With fast and efficient results you can trust, 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%.

As one of the most versatile, efficient, and dependable solutions on the market, iComply is your leading choice for KYC software and electronic identity verification in the US, Canada, and the UK.

Book a demo with our team today to learn more about iComplyKYC’s range of solutions, and how our platform can be customized to fit 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.

Enhanced Due Diligence: When KYC and Customer Due Diligence Aren’t Enough

Enhanced Due Diligence: When KYC and Customer Due Diligence Aren’t Enough

by | May 26, 2022 | Blog, KYC - Know Your Customer

Enhanced Due Diligence: When KYC and Customer Due Diligence Aren’t Enough

With recent advances in technology —such as facial recognition, biometrics screening, and natural language processing—making financial crimes like fraud and money laundering increasingly more elusive to detect, organizations within the finance, banking, and securities sectors face ever-growing challenges when it comes to staying on top of risk management and regulatory compliance.

In the past decade alone, nearly USD $26 billion in fines and penalties have been leveled against financial institutions throughout North America, the EU, APAC, and the Middle East for AML and KYC-related violations. For those in the business of partnering with customers and third-party entities to handle the transfer of finances and assets, two things have become progressively clear: failure to know who you’re dealing with is a significant risk to your company, and complacency when it comes to due diligence simply isn’t an option.

Enhanced Due Diligence (EDD) is one of the best ways to safeguard against fraud and liability where financial crimes and data privacy and security are concerned. As a higher level of Know Your Customer (KYC) protocols, EDD is designed to dig deeper than the standard level of customer due diligence and perform an extra assessment for high-risk customers and large transactions that could lead to issues due to undetected exposure and illicit activity.

Partnering with a robust EDD and AML software platform like iComplyKYC makes enhanced due diligence and KYC simple, streamlined, and dependable when it matters most. Below, we’ll discuss the importance of EDD as well as the benefits of partnering with iComply.

What is EDD

Enhanced Due Diligence (EDD) refers to high-level KYC processes and procedures designed to provide a more intense level of scrutiny and insight into potential business partners, prospective employees, and other individuals or corporations that cannot be detected through conventional customer due diligence (CDD).

Instead, EDD aims to establish a more comprehensive level of identity assurance and verification by digging deeper and evaluating the overall risk factors associated with high-net-worth customers, large value transactions, and related individuals with unknown or precarious backgrounds. This protects not only your organization’s operations from risk and liability but also helps to prevent damage to your brand’s reputation.

EDD procedures differ from standard KYC procedures in that they are:

More Robust

EDD procedures are incredibly thorough and robust, with each layer of information designed to give you the evidence and high-quality data you need to make better business decisions confidently.

Detailed Documentation

Clients and risk factors that require enhanced evaluation should always have extremely detailed reporting and documentation in place, with immediate access readily available to your team.

Did you know? When using iComplyKYC, you can gain instant access to vital EDD and KYC information, and receive profile updates in as little as 15-20 minutes!

Reasonable Assurance

EDD regulations require reasonable assurance when making partnerships or final decisions when calculating a KYC risk. Your team should always be using the most current, comprehensive information to reach such decisions, aided by vetted EDD processes that cover the full lifecycle of the KYC subject.

Accounting for PEPs

Politically Exposed Persons (PEPs) present a unique risk due to their unique positions, assets, the potential for money laundering, etc.

When is EDD Necessary?

Regulators across the globe require enhanced due diligence to be implemented in a wide variety of circumstances, including:

  • When dealing with businesses or third-party entities on the High-Risk Third Countries list
  • For deals involving companies in sectors with a known high risk for money laundering including gambling, securities, and industries specializing in the transfer of virtual assets
  • Interactions with PEPs or PEP-adjacent individuals (i.e. family members, friends, colleagues, etc.)
  • Shell corporations
  • Private and correspondent banking entities
  • Companies that have any known ties to funding terrorist activities or that have been blacklisted

Outside of mandated instances, EDD is extremely useful for organizations wishing to operate with maximum security and reassurance when it comes to their portfolio and the peace of mind offered to potential and current clients. By regularly exercising EDD protocols, you greatly reduce your risk of exposure to financial crime, ensure your customers have the best protection possible, and ultimately build trust in your brand through superior performance afforded through security and transparency.

EDD Simplified: Meet iComplyKYC

Conducting enhanced due diligence doesn’t need to be a costly hassle. At iComplyKYC, we know the value of trust and transparency and have created a world-leading KYC platform designed to make it easy to get the knowledge you need from trusted sources and to stay compliant with all relevant regulations within your jurisdiction. Our modular suite of KYC products makes staying on top of EDD and managing sourced funds, client portfolios, sourcing KYC updates from natural persons, etc., simple.

With edge computing technology and advanced algorithms integrated into each of our products, iComply operates with the highest data security and privacy measures in mind. Our software processes sensitive user data before it leaves the device, essentially bringing the data processing to the data, not the other way around. This powerful technology enables teams to be able to comply with global data security standards such as GDPR, CCPA, PPIA regulations, and more.

Our suite of KYC software allows you to stay on top of evolving customer relationships and dealings and can give reduce the cost of running KYC protocols by up to 80%. To make sure you’ll always have access to the accurate information you need when it matters most, you can also gain real-time data and updates on potential sanctions, police reports, or events of interest regarding current or potential clients in as little as 17 minutes.

iComply’s software can be set up within your existing workflows in a matter of minutes, and with a user-friendly interface, your team will have everything you need to stay on top of EDD, streamline your operations, and stay compliant with all relevant regulations without wasting time, money, or valuable resources in the process.

Book a demo with our team today to learn more about iComplyKYC and how our platform can be tailored to your specific needs and applications.

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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.

Choosing AML Software: Why Anti-Money Laundering Protocols Should Always Be A Priority

Choosing AML Software: Why Anti-Money Laundering Protocols Should Always Be A Priority

by | May 26, 2022 | Blog, KYC - Know Your Customer

Choosing AML Software: Why Anti-Money Laundering Protocols Should Always Be A Priority

Did you know that an estimated 2-5% of the global GDP (approximately $800 Billion – $2 Trillion USD) is laundered each year?

With money laundering posing such a huge threat due to its ties to financing terrorism, forced prostitution & human trafficking, smuggling, embezzlement, drug & arms trafficking, and other forms of profiteering, the need for Anti-Money Laundering (AML) procedures and technology has become greater than ever before. As criminal activities and intelligence continue to advance with access to increasingly complex technology, those in the banking, finance, insurance, legal, and capital market industries face an ever-growing challenge where compliance and best practices are concerned. Partnering with a robust AML software provider like iComplyKYC is one of the best ways to protect your organization and avoid costly fines from regulators.

Below, we’ll discuss the importance of implementing sophisticated AML practices within your business, as well as the benefits of partnering with iComplyKYC.

Why AML Screening Matters

As we mentioned above, money laundering has become a growing concern globally with ties to a multitude of illegal activities. Anti-Money Laundering software and practices are closely related to counter-financing of terrorism (CFT), which are used to combat the accidental financing of terrorist groups and/or activities. When combined with a strong Know Your Customer (KYC) platform, AML software helps to protect you from dealing with individuals, businesses, and third-party entities that may have connections to problematic practices or be using their finances for nefarious purposes.

In addition to staying compliant with all regulatory standards, the implementation of an AML platform benefits your business by:

  • Building trust amongst your shareholders and customers, bolstering your brand reputation and value in the process
  • Avoiding civil or criminal penalties as a result of negligence
  • Reducing your overall costs with regards to employee and IT costs (when in place of manual procedures)
  • Lowering your risk exposure
  • Allowing for more effective, streamlined operations that you, your employees, and your investors can rely on.

In addition to peace of mind, AML software gives you an invaluable line of defense against fraud, and various other dangerous financial practices, to ensure your business is always in compliance with key regulations like the Patriot Act (US), 4AMLD (EU), PCMLFTA (CAN), The Anti-Money Laundering & Counter-Terrorism Financing Act of 2006 (AUS), and more.

What to Look For in an AML Partner

At a bare minimum, the AML software you choose for your business needs to ensure that you’re up to speed on the basics when it comes to AML protocols, including having a built-in KYC platform, large Currency Transaction Reporting (CTR), suspicious activities monitoring and reporting, sanctions compliance, and more. Advanced AML programs like the solutions offered by iComplyKYC give you access to complex, streamlined automation that uses deep learning, neural networks, and natural language programming to:

  • Monitor suspicious activity in real-time (iComply software can update you on any immediate concerns in under 20 minutes)
  • Prioritize alerts as necessary
  • Perform automated SAR filing
  • Conduct alert scoring, peer grouping, and client risk ratings
  • Notify you of any rare events (i.e. sanctions being issued, police reports, etc), and more.

Partner With iComplyKYC

At iComplyKYC, we know the importance of integrating AML practices into the backbone of your organization, as well as the peace of mind that comes with having the right solutions in place. iComply’s unique KYC platform not only ensures that you have everything you need to fall in line with a wide range of jurisdictional AML regulations, but with the addition of our modular suite of KYC products, you’ll find that streamline your identification and security processes is easier than ever before.

With the support of a comprehensive compliance tool like the iComplyKYC platform, you can streamline your client onboarding and due diligence, conduct real-time risk assessments, and configure workflows to match the needs of your jurisdiction within a matter of minutes. As one of the most versatile, efficient, and dependable solutions on the market, iComply is your leading choice for AML software, as well as all your KYC needs.

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

LEARN MORE NOW

 

 

learn more

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.