Meet James—a compliance officer at a FINRA-regulated firm managing security tokens and tokenized funds. James is used to navigating complex regulations, but the FATF Travel Rule has added a new layer of pressure.
It starts with a client transferring cryptoassets to another platform. James knows the Travel Rule requires his firm to collect and share key information—names, wallet addresses, and account details—every step of the way. But the process quickly becomes overwhelming.
First issue: His team is manually verifying transaction details across different tools.
Next challenge: There’s no standard way to securely share data with other platforms.
Final complication: International transfers bring inconsistent rules that make compliance feel like guesswork.
By the end of the day, James feels more like a crisis manager than a compliance leader.
Now imagine a different scenario—where compliance with the Travel Rule is frictionless, thanks to iComply’s integrated compliance platform.
Simplifying the Travel Rule with iComply
With iComply, James’ compliance process transforms from reactive to proactive. When a client initiates a tokenized fund transfer, the system automatically collects and verifies all required data.
Automated Data Collection: Instead of juggling spreadsheets, iComply pulls client data, validates it, and attaches it to the transaction in real time.
Secure, Seamless Transmission: Information is shared through secure APIs, ensuring encrypted, standardized communication across platforms.
Regulatory Intelligence: iComply stays updated on regulatory changes globally, helping James’ firm remain compliant across jurisdictions.
The result? No more manual checks, last-minute fixes, or uncertainty during audits.
Turning the Travel Rule Into a Competitive Edge
The FATF Travel Rule is a reality for SEC and FINRA-regulated firms—and non-compliance isn’t an option. But firms that adopt smart solutions like iComply can:
Enhance data security: Protect sensitive client information with automated, encrypted verification.
Simplify workflows: Replace manual steps with streamlined processes that save time and reduce costs.
Build trust: Show clients and regulators that your firm is proactive, not reactive, about compliance.
James no longer spends his day scrambling to keep up with regulatory demands. Instead, he has confidence that his compliance framework is future-proofed and built to scale.
The Travel Rule doesn’t have to be a burden—it can be a chance to lead. With iComply, your firm can turn complexity into confidence. Ready to make compliance a competitive advantage? Let’s talk.
Meet Alex—a compliance analyst onboarding a new corporate client. On the surface, the company seems legitimate, but Alex knows due diligence requires digging deeper to identify the true owners behind the business. The process can feel like chasing puzzle pieces across multiple data sources and emails. Time-consuming, frustrating—and risky if something slips through the cracks.
But with the right system, Alex’s beneficial ownership review can be simple, thorough, and fast.
Alex’s Checklist for Beneficial Ownership Reviews
Gather Ownership Data: Enter company details and automatically pull director filings, beneficial owner lists, and corporate structures from trusted sources.
Verify Beneficial Owners: Identify individuals with 25% or more ownership and cross-check them against global watchlists, sanctions databases, and adverse media reports.
Document and Report: Compile findings and generate a complete audit-ready report in one click—no spreadsheets, no manual stitching of data.
A Better Way Forward
With iComply, Alex’s review is seamless, secure, and efficient. Automated data collection and verification help him spot risks faster, store everything in one place, and stay compliant with confidence. Beneficial ownership reviews don’t have to be a headache—they can be a key part of a smarter compliance strategy.
Ready to streamline your due diligence? Let’s make it easier to do the right thing. Contact iComply today.
The U.S. Financial Crimes Enforcement Network (FinCEN) has proposed new regulations requiring businesses performing Know Your Customer (KYC) checks to collect robust geolocation data. IP addresses alone are no longer sufficient due to their vulnerability to masking and manipulation. This regulatory shift aims to enhance customer verification and strengthen defenses against financial crime.
The Regulatory Shift: Why Geolocation Matters
IP addresses, long used to infer a user’s location, can be spoofed or masked by VPNs and proxies. FinCEN’s latest regulations call for more precise geolocation data as part of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) efforts. This ensures financial institutions can confidently verify where their users are located during key transactions.
iComply’s Advanced Edge-Computing Solution
To help our clients meet these new requirements, iComply has released a significant enhancement to our edge-computing platform, integrating:
Precise Geolocation Tracking: Uses multiple data points—including GPS and Wi-Fi positioning—for an accurate, real-time user location.
Device Fingerprinting: Creates a unique device profile based on hardware and behavior to detect fraud attempts and unauthorized access.
Live Biometric Verification: Confirms that the user completing verification is physically present and matches their registered identity.
Why This Matters to Your Business
Regulatory Compliance: Stay ahead of new FinCEN requirements with secure, compliant KYC workflows.
User-Friendly Experience: Our seamless integrations keep the verification process quick and frictionless for users.
Stay Compliant and Confident
The financial compliance landscape is evolving rapidly. iComply’s latest technology ensures you can meet these stricter regulatory standards without sacrificing security or user experience.
Get in touch today to learn how iComply can future-proof your KYC and KYB processes and keep your business compliant, secure, and trusted by your customers.
David, the Chief Information Security Officer (CISO) at a mid-sized credit union in British Columbia, faced a daunting challenge. His credit union had been flagged in an internal audit for inadequate compliance processes related to KYB (Know Your Business), KYC (Know Your Customer), and AML (Anti-Money Laundering). With the British Columbia Financial Services Authority (BCFSA) tightening AML regulations, David knew that continuing with their web of disconnected solutions and manual workflows was no longer viable.
The stakes were high. Non-compliance could lead to hefty fines, reputational damage, and even restrictions on operations. To address the gaps, David and his team began exploring ways to overhaul their compliance processes. They quickly realized they had two choices: continue patching together multiple disconnected systems or adopt iComply’s holistic compliance platform. Here’s how David’s team turned their challenging and complicated compliance journey into a success story.
The Status Quo: A Web of Inefficiency
Before adopting iComply, David’s credit union relied on a fragmented system for compliance. KYB checks were done through multiple vendors, KYC was manual – usually requiring members to come to the branch for routine updates, and AML monitoring involved a time-consuming mix of spreadsheets and third-party tools. Each step required manual effort, from verifying documents to cross-checking sanctions lists and PEPs (Politically Exposed Persons).
This setup caused significant challenges:
Time-Consuming Workflows: Staff spent hours reconciling data across different platforms.
High Costs: Licensing multiple solutions added up, with limited ROI.
Increased Risk: Manual processes led to errors, exposing the credit union to potential non-compliance.
Poor Member Experience: Onboarding new members was slow and frustrating, affecting satisfaction and retention. Existing members were frustrated by the credit union’s policiy to force members to come to the branch in order to provide updated documents for KYC refreshes.
David knew that meeting BCFSA’s stringent AML guidelines required a transformative solution—one that could consolidate systems, automate workflows, and enhance security.
The iComply Difference
When David’s team evaluated iComply, the benefits were clear. Unlike traditional solutions, iComply offered an end-to-end compliance platform designed to address the unique challenges of small to medium financial institutions. Here’s how iComply reshaped their approach:
Consolidation of Systems: iComply replaced eight disconnected systems with a single, unified platform. This meant KYB, KYC, and AML workflows could be managed seamlessly from one place, eliminating redundancies and errors while simplifying processes.
Edge Computing for Enhanced Security: With iComply’s proprietary edge computing technology, sensitive member data was processed and encrypted directly on their devices. This ensured that no unencrypted data left the local environment, significantly reducing privacy risks and better aligning with their requirements around data governance and their members expectations for data privacy and security.
Automation and Efficiency: Tedious tasks like document verification, sanctions screening, and biometric identity checks were automated. Real-time alerts flagged potential issues, allowing David’s team to focus on high-priority cases instead of getting bogged down in manual reviews.
Improved Member Experience: By streamlining onboarding, iComply enabled new members to complete verification in minutes, not days. This frictionless experience boosted member satisfaction and reinforced the credit union’s commitment to member privacy, security, and service.
Cost Savings: Consolidating systems and automating processes reduced licensing fees, as well as integration, maintenance, and operational costs. The ROI was immediate, with fewer resources spent on compliance operations and more available for growth initiatives.
Meeting BCFSA Requirements with Confidence
The BCFSA’s AML guidelines emphasize early identification of risks, robust documentation, and ongoing monitoring. With iComply, David’s credit union exceeded these standards:
Comprehensive Screening: Real-time access to global sanctions, PEP, and watchlist data ensured thorough due diligence.
Transparency and Reporting: Automated audit trails and detailed reports made regulatory reviews straightforward and stress-free.
Ongoing Monitoring: Continuous risk assessment tools allowed David’s team to stay ahead of potential threats.
A New Value Proposition for Members
Adopting iComply wasn’t just about compliance—it reinforced the credit union’s value to its members. By ensuring the highest levels of security and privacy, the credit union demonstrated its commitment to protecting members’ financial well-being. Additionally, faster onboarding and streamlined services enhanced member trust and loyalty.
Creating Exceptional Member Experiences
For David and his team, choosing iComply was a game-changer. The credit union now operates with confidence, knowing its compliance processes are robust, efficient, and fully aligned with BCFSA requirements. They’ve saved time, reduced costs, and significantly lowered their risk exposure—all while improving member satisfaction.
If your financial institution is still struggling with disconnected systems and manual workflows, it’s time to consider iComply. Like David’s credit union, you can transform compliance from a burden into a strategic advantage.
Emily, a seasoned compliance officer, remembers the days when performing a KYC (Know Your Customer) refresh meant a mountain of manual work. Tasked with ensuring her financial services firm remained compliant with evolving regulations, Emily had to juggle stacks of outdated spreadsheets, endless email threads, and hours of manual data verification.
But today, thanks to iComply’s streamlined platform, Emily’s team has revolutionized their approach to KYC refreshes, making them faster, more accurate, and far less stressful. Here’s a look at how she transformed her processes and achieved compliance with confidence.
Step 1: Planning and Preparation
Previously, Emily’s KYC refresh process began with manually identifying accounts due for updates. This meant combing through spreadsheets to cross-reference customer profiles with regulatory requirements—a time-consuming and error-prone task.
Now, with iComply, Emily’s team uses automated workflows to flag accounts requiring a refresh based on predefined rules, such as changes in risk profile or regulatory deadlines. This automation ensures no account is missed and allows her team to focus on higher-value tasks.
Checklist for Planning and Preparation:
Identify accounts needing updates based on risk or regulatory timelines.
Use automated tools to flag accounts requiring a refresh.
Ensure all necessary customer data is centralized and accessible.
Step 2: Customer Outreach
In her previous role, Emily spent hours crafting individual email templates and following up with customers to gather updated documentation. Tracking responses was chaotic and often resulted in delays.
With iComply, Emily’s team now automates customer outreach. Personalized requests for updated documents are sent through a secure portal, complete with clear instructions. Customers appreciate the seamless experience, and Emily’s team can track responses in real time.
Checklist for Customer Outreach:
Automate personalized outreach to customers with secure communication tools.
Provide clear instructions and a user-friendly portal for submitting updates.
Monitor responses and set reminders for follow-ups.
Step 3: Document Verification
Manual document verification was one of the most time-consuming parts of Emily’s old workflow. Her team had to manually check IDs, match information, and ensure authenticity.
Now, iComply’s platform automates document verification with advanced AI-driven tools. These tools cross-reference submitted data against global watchlists, ensuring compliance while significantly reducing errors and processing time.
Checklist for Document Verification:
Use automated tools to verify submitted documents.
Cross-check customer data with global sanctions and PEP lists.
Flag discrepancies for manual review.
Step 4: Risk Assessment and Scoring
Previously, performing a risk assessment involved manually calculating scores based on various risk factors, often requiring input from multiple teams. This process was not only inefficient but also inconsistent.
With iComply’s integrated risk assessment tools, Emily’s team now generates consistent and accurate risk scores automatically. This allows for quick identification of high-risk customers who may require enhanced due diligence.
Checklist for Risk Assessment:
Automatically calculate risk scores based on predefined criteria.
Review flagged accounts for potential issues.
Update customer profiles with risk assessments.
Step 5: Reporting and Compliance
One of Emily’s biggest challenges used to be generating compliance reports for internal audits and regulatory reviews. Gathering data from disparate sources often led to delays and incomplete records.
With iComply, reporting is now effortless. The platform generates comprehensive audit trails, ensuring Emily’s team is always prepared for regulator inquiries. This gives her the confidence to demonstrate compliance at any time.
Checklist for Reporting:
Generate audit trails automatically to track all actions.
Prepare compliance reports with detailed documentation.
Ensure records are stored securely for easy access during audits.
Transforming Compliance with iComply
Today, Emily no longer dreads KYC refresh cycles. By leveraging iComply’s advanced platform, her team has:
Reduced manual work by automating repetitive tasks.
Improved accuracy with AI-driven document verification and risk scoring.
Enhanced customer experience with seamless, secure communication.
Gained confidence in their compliance readiness through robust reporting tools.
For Emily, the difference is night and day. With iComply, her team not only meets regulatory requirements but also sets a higher standard for efficiency and customer trust.
Whether you’re a compliance officer like Emily or part of a team managing KYC processes, iComply can help you streamline workflows, reduce costs, and build a program that’s ready for the future of compliance.
When Mark, a cofounder of a fast-growing fintech startup in the UK, realized his company needed to adhere to the Financial Conduct Authority (FCA) standards for KYB, KYC, and AML, he was overwhelmed. As his business scaled rapidly, the complexities of compliance threatened to slow down operations and erode investor confidence. Here’s how Mark built an effective AML program that not only met regulatory requirements but also became a cornerstone of his company’s success—all with the help of iComply’s innovative platform.
Step 1: Understand the Regulatory Requirements
Mark started by diving into the regulatory frameworks his company needed to follow. In the UK, the FCA’s stringent requirements on KYB and KYC processes set the standard. Mark also reviewed global guidelines from the Financial Action Task Force (FATF) and the EU’s AML Directives to ensure his company’s policies aligned with international best practices.
Mark’s Checklist for Understanding Regulations:
Identify the specific regulations relevant to your industry and jurisdiction.
Consult official resources from regulatory bodies like the FCA or FATF.
Seek expert guidance or use tools that summarize complex requirements.
Step 2: Conduct a Risk Assessment
Next, Mark conducted a detailed risk assessment, analyzing his fintech’s customer base, transaction types, and geographic exposure. With iComply’s support, he categorized his customers by risk levels and identified high-risk activities requiring Enhanced Due Diligence (EDD).
Mark’s Checklist for Risk Assessment:
Map out your customer demographics and transaction patterns.
Identify high-risk geographies and customer profiles.
Document risks and prioritize them for action.
Step 3: Develop and Document Policies and Procedures
Mark knew that robust policies and procedures would be the backbone of his AML program. iComply’s policy and procedure documentation tools helped him create clear guidelines for:
Customer Due Diligence (CDD): Verifying identities and monitoring activities.
Enhanced Due Diligence (EDD): Extra checks for high-risk scenarios.
Use customizable templates to address specific business needs.
Ensure policies cover all required areas, from CDD to reporting.
Review and update documentation regularly.
Step 4: Appoint an AML Compliance Officer
Mark appointed Emily, a dedicated AML Compliance Officer, who used iComply’s tailored training resources to hit the ground running. Emily took charge of:
Implementing and managing the AML program.
Acting as the primary contact for regulators.
Ensuring the team’s adherence to policies.
Mark’s Checklist for Appointing an Officer:
Select someone with expertise in AML and compliance.
Provide them with authority and resources to act effectively.
Offer ongoing training and support.
Step 5: Train Your Team
Mark’s entire team needed to understand their roles in compliance. Using iComply’s AML training modules, he ensured employees could recognize and report suspicious activities.
Mark’s Checklist for Training:
Schedule regular training sessions tailored to job roles.
Include practical examples of red flags and reporting processes.
Update training materials as regulations evolve.
Step 6: Implement Technology Solutions
To support compliance, Mark integrated iComply’s platform into his operations. The platform provided holistic, integrated solutions to streamline and connect his KYB, KYC, and AML workflows. iComply provided:
Policy and Procedures: Streamlined creation of up-to-date workflow documentation.
KYB Automation: Onboard corporates and identify their directors, officers, beneficial owners, and other related parties.
AML Automation: Screen and monitor all clients and related parties in real time for new sanctions, political exposure, crime, money laundering and terrorist financing.
Audit Support: Tools for managing records and preparing reports for reviews.
Mark’s Checklist for Technology:
Identify gaps in your compliance processes that technology can address.
Select scalable, user-friendly solutions.
Test systems thoroughly before implementation.
Step 7: Monitor and Audit Regularly
Regular audits became a cornerstone of Mark’s compliance strategy. iComply’s platform helped him organize documentation and streamline audit preparation, ensuring a smooth process during regulatory reviews.
Mark’s Checklist for Monitoring and Auditing:
Conduct regular internal reviews of compliance practices.
Maintain a clear audit trail with organized records.
Engage third-party experts for independent assessments.
Step 8: Foster a Culture of Compliance
Mark and his cofounders led by example, embedding compliance into the company’s values.
Mark’s Checklist for Culture:
Communicate the importance of compliance at all levels.
Recognize and reward compliance efforts.
Encourage employees to report concerns without fear of retaliation.
Step 9: Report and Respond to Incidents
When suspicious activity arose, Mark’s team acted quickly. This ensured prompt submission of SARs and effective incident resolution.
Mark’s Checklist for Incident Response:
Establish clear procedures for identifying and reporting issues.
Train staff on how to handle incidents.
Review incidents to strengthen future prevention efforts
Step 10: Stay Current with Regulatory Changes
With iComply’s regulatory updates to their platform, Mark stayed ahead of new requirements. This proactive approach allowed his company to adapt seamlessly to evolving standards without the need for a big technical lift.
Mark’s Checklist for Staying Current:
Subscribe to updates from relevant regulatory bodies.
Participate in industry forums and workshops.
Regularly review and update AML policies
Building Trust Through Compliance
Thanks to iComply, Mark transformed a daunting compliance challenge into a streamlined, cost-effective process. His fintech now operates with confidence, meeting FCA standards and building trust with customers, investors, and regulators. By following Mark’s example, you too can create an AML program that safeguards your organization and supports sustainable growth.
“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 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 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 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 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 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 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 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 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 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.
