Sanctions Update: Russia, Ukraine, and Global Uncertainty

by devicomply | Mar 14, 2022 | Blog, In The News, News & Events, Updates

Sanctions Update: Russia, Ukraine, and Global Uncertainty

The Update: What Happened?

Uncertain relations between Ukraine and Russia continue to affect many countries engaging in trade including Canada, the United States, the European Union, China, Iran, and Russia. Effective DATE, sanctions have been imposed and will continue by the largest countries doing trade with Russia; most significantly, the United States.

The Background: SWIFT Access Sanction – Russia’s Main Banking System

On February 26th, a call to action was imposed by the European Commission, France, Germany, Italy, the UK and the US to remove specific banks from the SWIFT (system that facilitates financial transactions and money transfers for banks located around the world) messaging platform. The agreement was imposed to break down Russia’s financial system, a method to further hamper the invasion in Ukraine. Additionally, any other banks will be affected as a German government source reported.

The Solution: How iComply Can Help

iComply Investor Services Inc. (“iComply”) is a global compliance software provider that helps compliance teams reduce the cost and complexity of KYC and AML operations while providing a seamless user experience to their KYC subjects. Compliance teams can configure and monitor KYC portals to securely gather, validate, and encrypt client data and documentation before it leaves their device

Our iComplyKYC solution enables access to the most up-to-date client data available and gain a more comprehensive view of risk related to each entity. It also uses AI and deep data analysis to identify new risks and sanctions within 17 minutes, enables management to visualize the volumes and bottlenecks in KYC and AML operations, and it reduces the operational cost of AML risk screening, record keeping, and reporting.

How can iComplyKYC screening help you enhance your sanctions compliance?

Our solution’s capabilities onboard natural persons, beneficial ownership, and legal entities data, saving your organization time and valuable resources. By using iComply’s platform, you can easily scan sanctioned banks listed by regulatory authorities.

Why is this important to my business/organization?

iComply is working with its clients to ensure they have their bases covered from an AML/KYC compliance perspective.

Improve screening accuracy while minimizing false positives
Stay on top of ever-evolving financial crime activity
Ensures GDPR compliance so your organization does not risk being imposed with hefty financial penalties from regulators
Do all your compliance checks and due diligence for you rather than using your own human resources or having to contract with multiple vendors

MIT Exec and Trusted Computing Expert Thomas Hardjono Joins iComply

by devicomply | Sep 22, 2021 | Advisory Council, Blog, In The News, News & Events, Updates

MIT Exec and Trusted Computing Expert Thomas Hardjono Joins iComply

Hardjono serves as Technical Director of the MIT Trust::Data Consortium and as CTO of MIT Connection Science

Vancouver, B.C. – September 22, 2020 – iComply Investor Services (“iComply”), a global compliance software provider, is announcing that Thomas Hardjono has been appointed to iComply’s advisory board. He is internationally recognized as a leader and innovator in trusted computing, identity, data privacy, applied cryptography, and cybersecurity.

Hardjono is currently the CTO of Connection Science at MIT and technical director of the MIT Trust::Data Consortium. He previously served as executive director of the MIT Kerberos Consortium, where he was instrumental in driving widespread adoption of the Kerberos protocol, which is now the most ubiquitously deployed authentication protocol used for identity management in the world. Over the past two decades, he has held various technical leadership roles including as a distinguished engineer at Bay Networks, and principal scientist at VeriSign PKI.

“Advancement in trusted computing has historically been driven by hardware innovation, but iComply has focused on delivering those same capabilities through software innovation, which can bring unprecedented flexibility to operations requiring secure authentication,” said Matthew Unger, CEO of iComply. “The highest levels of identity assurance used to be limited to specialty hardware, we can now deliver this same confidence, security, and privacy to any mobile or web application.”

iCompyKYC uses edge computing for identity verification, which protects biometric data by allowing the verification to take place on the user’s device, maintaining an unprecedented level of privacy for personal data.

“iComply’s degree of implementation is quite extensive, and the dashboard that they have built is terrific. iComply has a strong and very clear vision. This is one of these linchpin technologies that the industry desperately needs,” said Thomas Hardjono. “The traditional banks, private organizations, and governments need to step up their game and move in this direction. On the horizon, we have central bank digital currencies, cryptocurrencies, NFTs, and decentralized finance (DeFi) that need to manage all of the things that iComply can manage.”

iComply combines edge-computing KYC onboarding portals with enterprise-level controls for AML risk screening and data management to provide a complete solution that processes users’ data securely on their devices. The solution spans know your customer, anti-money laundering, digital identity, and access management.

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About iComply Investor Services Inc.
iComply Investor Services Inc. (“iComply”) is a global compliance software provider that helps compliance teams reduce the cost and complexity of KYC and AML operations while providing a seamless user experience to their KYC subjects. Compliance teams can configure and monitor KYC portals to securely gather, validate, and encrypt client data and documentation before it leaves their device. Learn more: www.icomplyis.com

iComply Attracts Top Canadian RegTech Executive Paul Childerhose

by devicomply | Sep 15, 2021 | Advisory Council, Blog, In The News, News & Events, Updates

iComply Attracts Top Canadian RegTech Executive Paul Childerhose

Canadian regtech expert Paul Childerhose will serve as a member of iComply Investor Services’ advisory board

Vancouver, B.C. – September 15, 2020 – iComply Investor Services (“iComply”), a global compliance software provider, is announcing that Paul Childerhose, a recognized leader in the Canadian RegTech industry, has been appointed to iComply’s advisory board.

Childerhose has over 20 years of experience in the Canadian financial services sector and serves on the board of the Canadian Regulatory Technology Association (CRTA). He has deep expertise in back-office operations, new product development, client and account management, and regulatory compliance. Previously, he also held senior roles at Royal Bank of Canada, Star Data Systems, CGI Inc., and Scotiabank.

“The iComplyKYC solution is far superior to what I have observed in the current enterprise-wide anti-money laundering programs of large global banks,” said Childerhose. “The core features and controls that have been incorporated into the platform can enhance the current client onboarding and KYC experiences for many institutions.”

iCompyKYC uses edge computing for identity verification, which protects the users’ biometric data by allowing the verification to take place on the user’s device. This means that personal data is authenticated, and encrypted before any of that data leaves the user’s device.

“Edge computing offers a unique approach that drastically improves data privacy and security, and significantly reduces the total cost of KYC and AML operations,” said Matthew Unger, CEO of iComply, “Making user privacy and consent core to client onboarding has been an incredibly complex challenge for the industry. It was important to us to focus on solving this problem, and in doing so we have unlocked new levels of data protection and privacy for our clients.”

The iComplyKYC platform is currently being used by Canadian law enforcement, credit unions, legal, M&A, and accounting firms, and fintech businesses globally. It combines secure KYC onboarding portals with enterprise-level controls for AML risk screening and data management to provide a complete, all-in-one solution spanning know your customer, anti-money laundering, digital identity, and access management.

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About iComply Investor Services Inc.
iComply Investor Services Inc. (“iComply”) is a global compliance software provider that helps compliance teams reduce the cost and complexity of KYC and AML operations while providing a seamless user experience to their KYC subjects. Compliance teams can configure and monitor KYC portals to securely gather, validate, and encrypt client data and documentation before it leaves their device. Learn more: www.icomplyis.com

iComply Investor Services Named a CyberTech100 Company for 2021

by devicomply | Jun 8, 2021 | News & Events, Press Releases, Updates

iComply Investor Services Named a CyberTech100 Company for 2021

The CyberTech100 list for 2021 recognizes the world’s most innovative companies focused on helping financial institutions combat cyber threats and fraud

Vancouver, B.C. – June 8, 2021 – iComply Investor Services (“iComply”), a global compliance software provider, is announcing that the company has been named to the second annual list of the CyberTech100, highlighting the world’s most innovative providers of digital solutions helping financial services firms fight off cyberattacks and protect their data.

Announced today by FinTech Global, a specialist research firm in the UK, the CyberTech100 for 2021 recognizes the pioneering companies helping financial institutions combat cyber threats and fraud.

“Security executives working in financial services need to be aware of the latest innovation and threats in the market in order to protect client and company data as well as fend off cyber and financial criminals,” said Richard Sachar, director at FinTech Global. “The CyberTech100 list helps them do just that and identify new technologies which will have a lasting impact on the industry and attackers’ behaviour.”

The CyberTech industry for financial services has seen huge growth over the last four years as operations are increasingly moving to the cloud and organizations expand their spending on securing new digital infrastructure. Total annual investments in the sector grew from $0.7bn in 2016 to over $6.2bn last year. That’s an increase of nearly nine times and a CAGR of 72.5%.

As a result, the competition to be identified as one of the leading 100 CyberTech companies in the world was even fiercer this year. A panel of analysts and industry experts voted from a list of over 1,000 companies produced by FinTech Global. The finalists were recognized for their innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the security value chain.

A full list of the CyberTech100 and detailed information for each company is available at www.CyberTech100.com.

About iComply Investor Services Inc.
iComply Investor Services Inc. (“iComply”) is a global compliance software provider that helps businesses reduce the cost and complexity of user authentication KYC and AML operations while providing a seamless experience to their users. iComplyKYC allows operations teams to centrally control how each KYC portal will securely gather, validate, and encrypt client data and documentation before it leaves their device. 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

Streamlining KYC and KYB for Trust and Compliance

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New Thomson Reuters Marketplace Selects iComplyKYC as a Digital Identity and KYC Partner

by devicomply | Apr 27, 2021 | News & Events, Press Releases, Updates

New Thomson Reuters Marketplace Selects iComplyKYC as a Digital Identity and KYC Partner

Thomson Reuters has launched its Marketplace, featuring a curated selection of software solutions for law firms, corporate law offices, and tax and accounting professionals

Vancouver, B.C. – April 27, 2021 – iComply Investor Services (“iComply”), a global compliance software provider, is announcing that the company has partnered with Thomson Reuters to distribute its iComplyKYC platform through the Thomson Reuters Marketplace.

iComplyKYC gives businesses access to a turnkey, world-class know your customer (KYC), anti-money laundering (AML), and identity access management (IAM) solution that can be quickly embedded into any digital experience.

The Thomson Reuters Marketplace is an online store that showcases a wide range of solutions offered by Thomson Reuters, as well as its trusted and tested vendors such as iComply.

“With the pandemic driving business more online, financial processes that used to require face-to-face interaction are becoming digital,” said Matthew Unger, CEO of iComply. “The internet was developed to transfer information and so the policies of user identification and identity access management have followed internet industry standards. As more banks digitize, new fintechs emerge, and major tech companies enter financial services, these internet standards fall short of the regulatory requirements. iComplyKYC solves this by combining “banking grade” KYC portals with your existing identity access management, single sign-on, or digital identity management solutions.”

Existing digital solutions force users to submit their most personal details into a web form for user identification or authentication, with API-based solutions relaying this information to third-party data processors and sub-processors that are often international and could retain control of the data. Other existing alternatives to these API-based solutions require significant resources to implement and maintain, such as custom software development.

“iComplyKYC helps businesses securely and digitally collect, verify, screen, and maintain data and documents for both natural persons and legal entities,” said Matthew Unger, CEO of iComply Investor Services.

“Unlike existing digital KYC solutions, the platform uses edge computing and artificial intelligence to process sensitive user data locally, before it leaves the user’s device, which helps organizations comply with local data privacy laws across jurisdictions.”

iComplyKYC is a next-generation, web3 ready, KYC solution that is built from the ground up to support true data privacy and can be deployed within minutes. All of this is designed to save clients money on implementation and ongoing maintenance while allowing operations teams to gain a 360-degree view of identity resolution, KYC and AML compliance, and ongoing access management.

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About iComply Investor Services Inc.
iComply Investor Services Inc. (“iComply”) is a global compliance software provider that helps businesses reduce the cost and complexity of user authentication KYC and AML operations while providing a seamless experience to their users. iComplyKYC allows operations teams to centrally control how each KYC portal will securely gather, validate, and encrypt client data and documentation before it leaves their device. 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

Streamlining KYC and KYB for Trust and Compliance

Sep 26, 2023

With eCommerce continuing to experience exponential growth since increasing over 50% to over $870 Billion over the course of the pandemic (source), financial fraud and digital criminal activity have risen in tandem, posing a significant threat to financial...

Key Considerations for Implementing KYC Software for Your Business

Sep 26, 2023

With businesses facing the ongoing challenge of operating in a digital landscape that welcomes an increasing amount of users (source) each year, the need for robust Know Your Customer (KYC) processes has become integral for security and crime prevention. The Financial...

Ensuring KYC Compliance: Best Practices for the Legal Industry

Sep 20, 2023

When we think of Know Your Customer (KYC) and AML protocols, most people tend to associate the terms (and practice) with businesses involved in the financial sector, and for good reason. Banks, digital vendors, and other forms of financial institutions are beholden to...

iComplyKYC Q1 2021 Product Updates

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

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?

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Streamlining KYC and KYB for Trust and Compliance

Sep 26, 2023

With eCommerce continuing to experience exponential growth since increasing over 50% to over $870 Billion over the course of the pandemic (source), financial fraud and digital criminal activity have risen in tandem, posing a significant threat to financial...

Key Considerations for Implementing KYC Software for Your Business

Sep 26, 2023

With businesses facing the ongoing challenge of operating in a digital landscape that welcomes an increasing amount of users (source) each year, the need for robust Know Your Customer (KYC) processes has become integral for security and crime prevention. The Financial...

Ensuring KYC Compliance: Best Practices for the Legal Industry

Sep 20, 2023

When we think of Know Your Customer (KYC) and AML protocols, most people tend to associate the terms (and practice) with businesses involved in the financial sector, and for good reason. Banks, digital vendors, and other forms of financial institutions are beholden to...

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