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:
Does this person (or entity) exist?
Are they who they say they are?
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.
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.
Enhanced Due Diligence (EDD) is a critical process in the compliance landscape, particularly for financial institutions. It involves a deeper level of scrutiny for high-risk customers to prevent money laundering, fraud, and other...
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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 gainreal-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.
Enhanced Due Diligence (EDD) is a critical process in the compliance landscape, particularly for financial institutions. It involves a deeper level of scrutiny for high-risk customers to prevent money laundering, fraud, and other...
Understanding the FATF Travel Rule The Financial Action Task Force (FATF) Travel Rule is a significant regulation in the global fight against money laundering and terrorist financing. It mandates that financial institutions share certain information about the...
Complying with the Financial Action Task Force (FATF) Travel Rule presents several challenges for financial institutions. These challenges can hinder the effective implementation of compliance processes. This article explores...
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.
Enhanced Due Diligence (EDD) is a critical process in the compliance landscape, particularly for financial institutions. It involves a deeper level of scrutiny for high-risk customers to prevent money laundering, fraud, and other...
Understanding the FATF Travel Rule The Financial Action Task Force (FATF) Travel Rule is a significant regulation in the global fight against money laundering and terrorist financing. It mandates that financial institutions share certain information about the...
Complying with the Financial Action Task Force (FATF) Travel Rule presents several challenges for financial institutions. These challenges can hinder the effective implementation of compliance processes. This article explores...
Organizations must have properly vetted security and identification processes in place to protect their business and clients, particularly to lay a solid foundation for future growth and success.
Know Your Customer (KYC) protocols have become a crucial part of the digital-age customer identification process to ensure regulatory compliance across a variety of standards—from the prevention of financial crimes, reducing instances of money laundering (AML) and counter-terrorism funding (CTF), to the protection of customer data, and more. Know Your Customer due diligence not only ensures you know exactly who you’re dealing with but also establishes safeguards to prevent accidental dealings with high-risk individuals or businesses.
At iComply, we know how crucial it is for organizations to have access to clear, transparent, up-to-date information about their partners, potential employees, and third-party entities. We’re proud to partner with companies within the finance, banking, and back-office services industries to offer an innovative, modular suite of KYC products that makes staying compliant with regulatory standards accessible, effective, and hassle-free.
Below, we’ll explore the importance of KYC in today’s evolving global financial market, as well as the benefits of choosing a vetted regulatory compliance partner like iComply. Read on to learn more!
What is KYC?
Know Your Customer (referred to as KYC) isn’t a necessarily new concept, but modern technologies have significantly enhanced the ways we can acquire information about unknown entities—such as businesses, customers, clients, and prospective employees—as well as the scope of information that is readily available during the due diligence process.
Life moves quickly in today’s digital age—your organization should be equipped with the right tools and assets to properly comply with all related regulatory standards, as well as the best tools available to manage risk assessment for the benefit of all parties involved.
At their core, KYC procedures and technologies are designed to equip you with the knowledge you need to move forward safely, giving your compliance team and clients peace of mind.
Why Does KYC Matter?
Knowledge is power, and operating with a clear understanding of all involved risks where your existing and prospective clients are concerned is an invaluable resource that saves you time and money, and helps you avoid numerous issues in the long run.
In short, if your organization deals with sensitive information—including financial details and personal account information—identity verification is a non-negotiable for data security and privacy compliance, as well as proper risk mitigation practices.
When it comes to preventing fraud and money laundering, and protecting your clients/assets, KYC technology is a vital asset that stands to benefit your business growth by providing valuable insights into and validation of a natural person (NP) or legal entity’s (LE) background by:
establishing a valid customer identity;
evaluating and vetting a customer/prospect’s activities and associations (for alignment concerns); and
assessing a multitude of risks including background details, risk of money laundering, risk of sanctions and judicial orders, previous fraudulent activities, and more.
Building a Foundation of Trust and Transparency
Whether you’re looking to onboard new team members, partner with reputable clients, or simply ensure you have the best compliance practices possible, KYC technology makes it easy to streamline your due diligence processes and reduce your risk, all while saving time and avoiding costly human errors. iComply is pleased to offer superior KYC and due diligence protection through our end-to-end, modular suite of identity verification tools and procedures found in iComplyKYC.
Designed with the highest levels of data quality and security in mind, iComplyKYC includes multiple layers of identity verification and real-time risk assessment tools to make sure your team always has access to the relevant information you need when it matters most.
Through the use of edge computing, the iComplyKYC platform is able to process sensitive user data before it leaves the KYC subject’s device, circumventing concerns of breaches or hacking, and enabling compliance with local data privacy and security regulations including (but not limited to) GDPR, CCPA, PPIA, and more.
At iComply, we believe in providing our banking, finance, and back-office services clients with access to robust technology tools and exceptional data quality, building trust through transparency and enabling better organizational alignment. iComplyKYC allows you to focus on the ins and outs of growing your business while reducing the cost of running KYC protocols by up to 80%, expediting your onboarding and screening, and gaining valuable in-the-moment insights about potential known risks for clients in as little as 17 minutes.
As a modular platform that can be set up in minutes and configured to match workflows with the unique regulations of your jurisdiction, iComplyKYC. Book a demo with our team today to learn more about iComplyKYC and how our platform delivers a truly end-to-end experience for your team and your end-users—all while saving you time and money.
Is your customer due diligence process set up for success?
Ensuring the safety of digital commerce and virtual asset management have become two of the most important points of conversation when it comes to global securities, specifically when it comes to anti-fraud, money-laundering (AML), counter-terrorism financing (CFT), and other such risks that continue to evolve alongside innovative technology. Customer due diligence and Know Your Customer (KYC) protocols are your first line of defense when it comes to protecting your operations, as well as your current clients and partners, against the dangers associated with unknown persons or entities.
At iComply, we understand the value and unique challenges associated with streamlining due diligence back-office processes. We are proud to offer a comprehensive, customizable, modular suite of KYC products that makes staying compliant with all regulatory standards seamless, simple, and hassle-free. Using leading technology like edge computing and advanced facial recognition and identity verification algorithms that allow for real-time results, iComplyKYC is your choice for cost-effective customer due diligence solutions you can trust.
Below, we’ll explore the importance of due diligence in today’s market, as well as the benefits of partnering with iComply. Read on to learn more!
Exploring Modern Due Diligence
Customer Due Diligence (CDD) is hardly a new practice, but as technology and markets continue to advance, the need for more complex, refined, and truly secure methods of identity verification has become paramount. Where manually recording details were once a valid way of staying on top of clients, transactions, and prospective employees, today’s framework is much faster moving and demanding, which presents higher risks than ever to business owners. In order to stay compliant with all due-diligence regulations, as well as to have the best safeguards in place against fraud, CFT, and AML purposes, partnering with a vetted digital compliance software provider is essential. Using highly-refined software like iComplyKYC makes it easy to handle core KYC protocols including:
establishing a valid customer identity;
evaluating and vetting an individual’s or entity’s activities and associations for alignment concerns (e.g. do they have known ties to terrorist or illicit organizations?); and
assessing and establishing a robust risk profile vetted against a multitude of details including background, political exposure, illicit or fraudulent activities, sanctions and judicial orders, and more.
What About EDD?
Enhanced Due Diligence (EDD) is an essential part of your fraud protection plan and is particularly vital for businesses or entities that frequently deal with high-value or high-risk transactions, PEPs, shell corporations, etc.
While standard due diligence will help with basic levels of identity verification, EDD provides a much more in-depth picture that allows you to move forward confidently and keep a vigilant watch over your existing and prospective customers.
Using iComply’s modular suite of KYC programming makes it easy to conduct both CDD and EDD checks quickly and efficiently, with monitoring algorithms alerting you to any sudden changes, important risk events, and need-to-know updates within a matter of minutes.
Why Choose iComplyKYC
At iComply, we believe that safety and security go hand in hand, and having access to quality information you can trust shouldn’t be a hassle. Our world-leading KYC platform is designed to make it easy to stay compliant with a wide variety of international regulations, to properly conduct both CDD and EDD, and streamline your data security protocols in the process.
Through the use of advanced algorithms integrated into each of our products, iComply operates with the highest standards of safety in mind. Our suite of KYC software utilizes edge computing, a highly innovative technology that brings the data processing directly to the user data before it leaves a KYC subject’s device, ensuring your team is equipped to adequately adhere to global data privacy, data security, and data sovereignty regulations including (but not limited to) GDPR, CCPA, PPIA regulations, and more.
iComplyKYC allows you to stay on top of evolving customer relationships and interactions and can help to reduce the cost of running KYC protocols by up to 80%. With integration and setup taking a matter of minutes regardless of your jurisdiction, iComply has everything you need to stay up to date and compliant with comprehensive CDD mandates and best practices.
Book a demo with our team today to learn more about iComplyKYC and how our platform can be used for your specific needs and applications.
KYC (“Know Your Customer” or “Know Your Client”) is critical for verifying client and customer identities to manage risk in the digital world. Both KYC and compliance protocols have been standard in the banking, credit, eCommerce, and other financial sectors for more than 20 years. However, with the widespread adoption of blockchain and increasingly stringent AML/KYC legislation impacting numerous industries, a growing number of organizations are looking for platforms to conduct the required comprehensive KYC activities.
For those new to the fintech world, many can find it overwhelming to determine precisely what is needed for a robust KYC platform. To help get you started, we’ve shared below an overview of three critical functions any KYC platform must fulfill. Additionally, you can find more information about how iComplyKYC offers a scalable, all-in-one compliance solution suitable for applications across all industries and sectors.
Mitigate Risk
Fundamentally, KYC regulations and practices are designed to mitigate risk for businesses when interacting with their clients. Without adequate procedures in place, your organization could be exposed to threats from identity fraud, money laundering, and other illicit activities that can harm both your brand reputation and your bottom line. A truly robust KYC program will protect your business operations and help your compliance team manage these risks more effectively.
Additionally, clients and consumers are rightfully concerned about their data being compromised in today’s evolving digital marketplace. Sensitive information (including personal identification and confidential documents for legal entities) needs to be protected throughout the compliance process; as such, organizations have a responsibility to both their clients and their stakeholders to gather compliance data safely and securely.
iComplyKYC offers an all-in-one suite of tools to protect both your organization and your clients’ privacy through every stage. Our AI-driven platform provides robust identity verification, anti-money laundering (AML) risk screening, Enhanced Due Diligence, and other intelligent protection measures for your organization. On top of that, our digital architecture includes secure edge computing and client-side data processing to protect your clients’ information, helping you to minimize risk and reinforce trust throughout your back-office compliance workflows.
Maintain Compliance
Mitigating risk is only half the battle when it comes to financial crime and data security compliance. Beyond protecting business operations and clients, your organization also needs to ensure it abides by all applicable jurisdictional regulations, no matter where it conducts business. Admittedly, this can be easy to overlook in today’s global marketplace. However, the penalties for non-compliance can be severe enough to dramatically impact your bottom line, making it essential to ensure your process protects you from penalties, sanctions, lost revenue, and other potential consequences.
iComplyKYC’s comprehensive platform leverages cutting-edge AI and blockchain technology to ensure total regulatory compliance in over 245 jurisdictions worldwide. With the ability to build fully-automated workflows for unique client types, jurisdictional requirements, and other relevant factors, compliance teams of all sizes now have access to a complete modular platform to maintain a 360º view of KYC data across your entire organization. Finally, with the ability to set refresh and review dates, automate escalations, and quickly create reports for all entities and cases, only iComplyKYC provides a truly end-to-end compliance solution for the modern global marketplace.
Streamline Workflows
Compliance can be a highly costly endeavour, no matter the organization or its scope. In addition to the significant financial cost of maintaining a compliance workflow, traditional AML/KYC adjudication techniques represent a substantial labour cost, with some firms spending upwards of 60% of their annual budget on staffing their compliance department alone. In order to make compliance both scalable and sustainable, organizations need tools that enable their teams to streamline and automate back-office workflows to focus on what matters most—your people.
iComplyKYC is engineered from top to bottom to provide a consolidated, end-to-end compliance solution that minimizes processing time without sacrificing security. With forward-thinking solutions that leverage edge computing, artificial intelligence, fuzzy logic, and over 150 million points of reference data, our suite of compliance tools is engineered to facilitate faster processing times, rapid discrepancy resolution, and lower compliance costs that can add value to any organization.
Ready to Discover More?
Contact us today to learn about iComply’s comprehensive, modular compliance solutions or to book a demo with one of our product specialists.
