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iComplyKYC Q1 2021 Product Updates

iComplyKYC Q1 2021 Product Updates

by | Apr 1, 2021 | Product Updates, Technical Resources

iComplyKYC Q1 2021 Product Updates

Introducing our latest notes from iComply’s most comprehensive release yet, including the launch of iComplyKYC Developer Licenses

 

2021 has been a fruitful year thus far, with the addition of more workflow automation, enhanced security features, and several UI enhancements. Most notably, the iComplyKYC platform now includes major updates to Legal Entity onboarding and management, as well as key fixes for document jurisdiction selection and expiry dates.

 

Major Product Highlights: 

  • UPDATE: Data Match Logic Improvement
    Improvements have been made to how data points such as Name and Date of birth are extracted from client ID and compared against the personal details they have submitted. Live face matching has been enhanced to allow greater flexibility and confidence in liveness tests and biometric authentication. Randomized testing procedures, deep fake detection, and hardware security detection are run and results documented for you instantly.
  • UPDATE: Jurisdiction Section Now Populated for Passports
    Your end-users can now select their country of jurisdiction when they are asked to submit an image of their passport. This additional data point will appear on their natural person profile, viewable in your admin dashboard.
  • UPDATE: UX/UI Changes to Legal Entity Address Section
    Large organizations often operate from multiple locations, so we’ve made it easier to manage multiple legal entity addresses. The address component on Legal Entity profiles has been newly enhanced, with sortable location details for easier search and a special HQ icon to designate the entity’s headquarters. Collect addresses through client submissions, or manually add your own through the Legal Entity profile.
  • UPDATE: Legal Entity Management
    Now you can securely onboard businesses, verify their identity, addresses, and affiliated entities to better analyze for risk, control, and ultimate beneficial ownership. Legal Entity portals support workflows for onboarding, user authorization & authentication, and supporting document collection and encryption.
  • UPDATE: Request Client Update
    Invite your clients or users to your secure KYC portals where they can submit, authenticate, and encrypt their KYC data and supporting documents before it leaves their device. Say goodbye to unsecured email transfers of sensitive identity documents and personal information! Get notified with alerts of new submissions to your client’s KYC Profile and stay on top of your compliance tasks with this exciting new platform feature.
  • UPDATE: KYC Review Date
    Set calendars to automate KYC reviews and trigger KYC refreshes. Stay on top of all of your accounts so your business continues to grow.
  • FIX: Document Expiry Logic Updated
    We’ve fixed a bug that previously only allowed platform users to set the expiry date for an identification document now or in the past. We’ve also improved the clarity of the Issue that appears when a document has a date that cannot be read.
  • NEW FEATURE: Clarification Message When Entering Dates
    We live in a world with multiple date formatting options, and it can be confusing to know which format is preferred when entering a date. We’ve added text in our portal that clarifies to your end-users the Date they have entered, based on your preferred date format. This gives them the opportunity to correct it in real-time and minimize incorrect submissions.

 

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INTRODUCING: iComplyKYC Developer Licenses

Implementing a KYC, AML, or digital identity management solution need not be exhausting or expensive, yet many of our clients have shared horror stories of the high costs and lengthy processes required to set up, maintain, and use various competitors’ products.

To help companies find the right product fit before making a full commitment, we recently launched our iComply Essentials and iComply Pro Developer Licenses. For a limited trial basis, your team can test platform features, optimize workflows and automation thresholds, and customize integrations. 

Developer licenses allow you to:

  • Create, test, and manage KYC portals for Natural Person and Legal Entities
  • Request KYC data submissions or updates from clients via your secure portal
  • Integrate the iComply platform with our powerful REST API
  • Configure thresholds for auto-acceptance, confidence, and risk levels
  • Customize supporting documents, workflows, styles, and more
  • Configure AML search profiles and coverage
  • Access a limited number of KYC Services for testing

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Learn more about our latest features, pricing, and use cases in the iComplyKYC Product Guide. For a walkthrough of our platform functionality and key features, you can book a demo or contact our sales team for more information.

 

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.

March 2021 Regulatory Updates

March 2021 Regulatory Updates

by | Apr 1, 2021 | Compliance Updates, iComply Insights

March 2021 Regulatory Updates

Regulatory Actions and Updates from Around the Globe


Enforcement Highlights – March 2021

 

United States: 

 

  • The SEC charged the founder of San Francisco-based biotech company uBiome for defrauding investors out of USD $60 million with false claims of the company’s successful business model and track record.  

 

  • The SEC charged 7 individuals and tech company Airborne Wireless Network with running a fraudulent fundraising scheme that generated nearly USD $45 million.

 

  • The SEC charged private investor George Heckler for running a decade-long scheme defrauding investors of over USD $90 million through two private hedge funds.

 

  • The SEC charged Seth P. Levine, owner of real estate firm Norse Holdings, LLC, that defrauding at least 60 people out of millions based on false and misleading claims about real estate investments.

 

  • The SEC took action against California-based stock trader Andrew L. Fassari (known as @OCMillionaire on Twitter) for a $900K fraudulent Twitter scheme for a now-defunct cannabis company.

 

United Kingdom:

 

  • The Financial Conduct Authority (FCA) fined over £530,000 24 Hour Trading Academy for giving unauthorized trading advice via Whatsapp to consumers.

 

  • The FCA fined experienced trader Mr. Adrian Geoffrey Horn £52,500 for executing trades with himself (“wash trading”) and prohibited him from participating in regulated activities.

 

Hong Kong:

 

  • The Securities and Futures Commission of Hong Kong fined Yardley Securities Limited $5 million for failing to comply with AML/CFT regulatory requirements while handling third-party fund transfers.

 

  • SFC reprimanded and fined Sino-Rich Securities & Futures Limited $7.2 million for failures in complying with AML/CFT regulatory requirements when handling cash deposits and third-party fund transfers.

 

 

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.

March 2021 Regulatory Updates

February 2021 Regulatory Updates

by | Mar 2, 2021 | Compliance Updates, iComply Insights

February 2021 Regulatory Updates

Regulatory Actions and Updates from Around the Globe


Enforcement Highlights – February 2021

 

United States: 

  • The U.S. Securities and Exchanges Commission (SEC) suspended trading in the securities of 15 companies due to questionable trading and social media activity targeted at artificially inflating their stock price.

 

  • The SEC charged an Oklahoma-based gas exploration and production company, Gulfport Energy Corporation, and its former CEO Moore, for failing to properly disclose executive perks and related person transactions.

 

  • The SEC charged three individuals with running a Ponzi-like scheme that raised over $1.7 billion from 17,000 retail investors through securities issued by a New York-based registered investment adviser GPB Capital.

 

  • FINRA fined Atlanta-based investment firm Triad Advisors $200,000 over findings that it neglected to follow proper compliance procedures when switching customers’ investments between funds.

 

  • The SEC’s initial fine of $5 million on two Ukrainian traders and their firm for defrauding investors was increased to $7.5 million in February 2021 by a U.S. Supreme Court judge.

 

  • OFAC fined BitPay, Inc., a digital currency company based in Georgia, more than $500,000 for over 2,100 international sanctions violations from multiple digital currency transactions.

 

United Kingdom:

  • FCA began criminal proceedings against two brothers, former Goldman Sachs and Clifford Chance employees, for fraud by false representation and insider trading.

 

Hong Kong:

  • The Securities and Futures Commission (SFC) reprimanded Brilliance Asset Management Limited and fined it $3.15M over failures to ensure short position reports (SPRs) for four collective investment schemes.

 

  • SFC prohibited 13 brokers from dealing with assets held in 54 trading accounts related to a suspected social media ramp-and-dump scam involving the manipulation of the market

 

Regulatory Updates

Singapore:

The Monetary Authority of Singapore (MAS) recently published its Technology Risk Management Guidelines with a focus on establishing robust governance to ensure cyber resilience and sound technology risk practices for those companies operating both inside and outside of Singapore.

 

 

Upcoming Events:


The New Consumer: How to Ensure Integrity
in the Virtual Economy

 

Join our upcoming fireside event as we discuss the rise of virtual marketplaces as the new eCommerce, and how every player in these marketplaces – from consumers to payment processors – can establish a vibrant digital ecosystem built on integrity and accountability.

Register 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.

Fireside Chat: The New Consumer: How to Ensure Integrity in the Virtual Economy

Fireside Chat: The New Consumer: How to Ensure Integrity in the Virtual Economy

by | Feb 16, 2021 | Blog, Events, iComply Insights

Fireside Chat: The New Consumer — How to Ensure Integrity in the Virtual Economy

Date: Thursday, March 4, 2020 | 10am PST – 1pm EST – 7pm CET

 

Virtual marketplaces have risen in popularity, as consumers—and socio-economic events such as COVID-19—drive the demand for platforms that give them more flexibility in the availability of products and prices, and offer more accessibility to smaller vendors across the globe that were previously unreachable.

Behind this innovative digital economy is the need for accountability and security for consumers, vendors, platforms, and payment processors. What steps can each stakeholder take to ensure they adhere to compliance standards for the health of the digital ecosystem?

We invite you to our live chat, “The New Consumer: How to Ensure Integrity in the Virtual Economy” as we discuss: 

  • How virtual marketplaces have transformed the behavior of today’s consumers
  • Major advantages and disadvantages of virtual marketplaces
  • How sellers and consumers can protect themselves through mutual accountability
  • What compliance means for each stakeholder in the new digital ecosystem

We welcome you to join us for this free Fireside Chat on March 4th at 10am PST / 1pm EST featuring a live panel of trusted thought leaders. 

Register today!

About iComply
iComply Investor Services Inc. (“iComply”) is a Regtech company that provides fully-digital KYC and AML compliance solutions for non-face-to-face financial and legal interactions. iComply enables financial services providers to reduce costs, risk, and complexity and improve staff capacity, effectiveness, and customer experience. By partnering with multinational technology vendors such as Microsoft, DocuSign, Thomson Reuters and Refinitiv, iComply is bringing compliance teams into the digital age. Learn more: www.icomplyis.com

 

March 2021 Regulatory Updates

January 2021 Regulatory Updates

by | Feb 2, 2021 | Compliance Updates, iComply Insights

January 2021 Regulatory Updates

Regulatory Actions and Updates from Around the Globe

Enforcement Highlights – January 2021

 

United States: 

 

  • Fund manager at MG Capital Management real estate fund was charged by the SEC with misappropriating $7 million from retail investors.

 

  • The SEC charged Deutsche Bank AG with violations of the Foreign Corrupt Practices Act (FCPA) due to a lack of sufficient internal accounting controls. The bank agreed to pay $43 million in disgorgement and interest.

 

Germany:

 

Hong Kong:

  • The Securities and Futures Commission (SFC) has issued restriction notices to five brokers to freeze client accounts related to suspected market manipulation.

 

Regulatory Updates

Austria:

An Austrian startup building an app for trading in security tokens became the first fintech company to be admitted to Austria’s Financial Market Authority (FMA) regulatory sandbox.

***

FMA announced that it has granted registration to 18 virtual asset providers since tightening anti-money laundering regulations in January 2020.

 

 

Past events:

Mergers & Acquisitions – The Future of Enhanced Due Diligence

 

Missed our January 2021 Fireside Chat? Watch the full event where guest panelists discuss the trends for enhanced due diligence within mergers and acquisitions for both buyers and sellers, and the importance that proper due diligence plays in successful M&A transactions.

Watch 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.