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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.

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.

March 2021 Regulatory Updates

December 2020 Regulatory Updates

by | Jan 4, 2021 | Compliance Updates, iComply Insights

December 2020 Regulatory Updates

Regulatory Actions and Updates from Around the Globe

Enforcement Highlights – December 2020

 

United States: 

  • The Securities and Exchange Commission (SEC) charged jewelry wholesaler Gregory Altieri for defrauding both current and retired police officers and firefighters in a Ponzi-like scheme.
  • SEC filed emergency action by imposing an asset freeze against Virgil Capital LLC in connection with an alleged securities fraud related to Virgil Sigma cryptocurrency fund.
  • SEC charged Ripple and its co-founders with raising over USD $1.3 billion through an unregistered, ongoing digital asset securities offering.
  • SEC charged real estate development company Silicon Sage Builders for USD $119 million securities fraud targeting the Northern California South Asian community.
  • China-based Luckin Coffee agreed to pay USD $180 million in penalties to settle accounting fraud charges for misstating the company’s revenue, expenses, and net operating loss.
  • General Electric paid a USD $200 million penalty to settle charges for repeated disclosure failures across multiple businesses that materially misled investors.

 

United Kingdom:

  • The Financial Conduct Authority fined Charles Schwab GBP 8.96 million for failing to arrange adequate protection for its clients’ assets and carrying out a regulated activity without permission.

 

Hong Kong:

  • The Securities and Futures Commission of Hong Kong fined Fulbright Securities Limited USD $3.6 million for failing to implement internal control procedures to detect and prevent illegal short selling.
  • SFC issued a restriction notice to CNI Securities Group Limited to freeze client accounts linked to suspected market manipulation

 

Regulatory Updates

United Kingdom:

The Financial Conduct Authority has established a Temporary Registration Regime for cryptoasset businesses, which are required to be registered with the FCA by 10 January 2021. 

The regime was established due to FCA’s inability to assess and register all firms that have applied for registration due to the complexity of applications and COVID-19 pandemic restricting FCA’s ability to visit firms. It will allow existing firms that have applied for registration before 16 December 2020, and whose applications are still being assessed, to continue trading.

Businesses that began operating after 10 January 2020 are required to obtain full registration with the FCA before conducting business.

***

Her Majesty’s Treasury and The Home Office issued the third national risk assessment of money laundering and terrorist financing in the UK. The policy paper outlines how the key risks have changed since the UK’s second NRA was published in 2017, and the action taken since 2017 to address these risks.

 

 

Past events: How Compliance Changed in 2020

 

Watch the recording of our most recent webinar reviewing the impact that the Fifth Money Laundering, more commonly known as AMLD5, had on the landscape of compliance in 2020 for businesses and financial services providers around the globe.

Watch Now

 

Biometric Authentication in KYC

How is biometric authentication used in the realm of KYC and compliance? Learn more about how financial services providers are using biometric authentication to keep their customer’s identity secure in our most recent Regtech Glossary post.

 

 

 

Read More

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.

iComply Launches Digital Compliance Administration Platform for $181 Billion KYC and AML Market

iComply Launches Digital Compliance Administration Platform for $181 Billion KYC and AML Market

by | Dec 15, 2020 | AML - Anti-Money Laundering, Blog, KYB - Know Your Business, KYC - Know Your Customer, Press Releases, Product Updates, Solutions

iComply Launches Digital Compliance Administration Platform for the $181 Billion KYC and AML market

The updated iComplyKYC platform leverages edge computing and AI to support onboarding and identify verification for legal entities and natural persons

Vancouver, B.C. – December 15, 2020 – iComply Investor Services (“iComply”), a global compliance software provider, is announcing that it is launching an updated version of its iComplyKYC platform for digital compliance administration that now supports the onboarding and authentication of legal entities and natural persons as a part of its all-in-one compliance solution.

Unlike existing electronic identification (e-ID) solutions that require tools from multiple vendors and manual processing for B2C and B2B customer due diligence, iComplyKYC offers a standalone system to manage the full lifecycle of KYC and AML administration for each client.

Globally, AML spend by financial services providers grew to over $181B USD a year in 2019, according to a 2020 report from Compliance Week.

“The latest directives from the Financial Action Task Force (FATF) have broadened AML requirements to include law firms, accounting, eCommerce, luxury sales and M&A transactions,” said Matthew Unger, CEO of iComply. “Further, new requirements for work-from-home have complicated the day-to-day compliance operations of most of the market, and ‘digital first’ is no longer a nice-to-have, but a necessity.”

Remote workforces and lockdowns have forced businesses to implement digital solutions for client onboarding, identification, and AML risk management.  iComplyKYC can service law firms, accounting firms, eCommerce platforms, mortgage brokers, and other industries regulated by the AML-5 directive. iComply estimates the global AML spend will exceed $300B USD by 2022.

The platform leverages edge computing for GDPR, PIPA, PPIA, and CCPA risk management. This means that the updated iComplyKYC platform enables companies to gather, authenticate, and encrypt user data via dynamic KYC Portals before that data leaves the user’s device. 

KYC services on the platform also include AI-enabled identity verification, biometric authentication, DUNS, and GLEI validation, supporting document workflows, and AML screening across 150 million daily sources. Compliance teams can access all results in a single dashboard to make better decisions, quickly manage issues, and generate reports.

“Integrating edge computing and artificial intelligence into the KYC portal reduces the total cost of compliance and improves user privacy, cybersecurity, and straight-through processing capabilities,” added Unger. “Businesses can no longer afford to mess with half a dozen onboarding tools and APIS, the market needs a banking grade digital identity and risk management solution that can be set up in hours.”

About iComply Investor Services Inc.
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

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.