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Overcoming Challenges in Digital Identity Verification for Enhanced Security

Overcoming Challenges in Digital Identity Verification for Enhanced Security

by | Apr 1, 2024 | Blog, In The News, KYB, KYC

Overcoming Challenges in Digital Identity Verification for Enhanced Security

In an increasingly digital world, verifying the identity of individuals in online networks has become an essential part of security and compliance measures. With users from all over the globe utilizing digital applications to handle their banking, asset management, healthcare, and more, creating seamless ways to verify a customer’s background is crucial to preventing giving accidental access to fraudsters or falling victim to cybercrime. The lack of robust digital identity verification can potentially lead to severe consequences such as identity theft, financial fraud, and in more severe cases, even abetting criminal activities like terrorism funding. In 2021, there was an alarming 45% increase in identity fraud cases globally, (source) further emphasizing the crucial nature of effective digital identity verification. As criminals rapidly adopt new practices to garner ill-gotten gains, regulators face the challenge of creating mandates that adequately address the unique difficulty of verifying a digital user. Fraudulent documentation, synthetic identities, biometric spoofing, data privacy concerns, user experience, cross-border verification, and scalability are among the common obstacles faced by organizations implementing digital identity verification systems. Below, we’ll take a look at the specific challenge posed by each, as well as the benefits of partnering with a proven KYC vendor like iComply. Read on to learn more. Fraudulent Documentation Fraudulent documentation remains one of the most popular forms of crime within the FinCrime world, and with digital users, the risks of letting fraudsters slip by undetected are greater than ever before. Fraudsters continually develop sophisticated methods to forge or manipulate IDs, passports, or other verification documents, to open fraudulent accounts, illegally transfer funds, or fund other illicit activities. The digital world is rife with skilled fraudsters that are often able to circumvent traditional verification methods, making the use of advanced features such as optical character recognition (OCR) and comparison algorithms to detect anomalies and inconsistencies essential. Implementing machine learning models that can learn from patterns and identify forged documents can significantly enhance the effectiveness of digital identity verification systems. Synthetic Identities As a step up from fake documentation, synthetic identities pose a particularly difficult challenge for the identity verification process. Instead of using randomly generated information, fraudsters combine real and fake information to create seemingly legitimate identities that are much harder to detect. The issue of synthetic identity fraud is growing; the Federal Reserve has estimated that synthetic identity fraud is the fastest-growing type of financial crime in the United States (source). Detecting synthetic identities requires advanced data analysis techniques and cross-referencing information from multiple trusted sources. Implementing artificial intelligence (AI) algorithms like those used in our iComplyKYC software makes it easy to identify patterns and anomalies in data can help organizations identify and flag synthetic identities, minimizing the risk of fraud. Biometric Spoofing Biometric authentication is a form of identification that verifies a user’s identity using their unique biological traits such as fingerprints, voices, retinas, and facial features. Despite the high complexity of these measures, criminals are able to manipulate data using fake fingerprints and other such dupes to deceive one-dimensional verification systems. Implementing platforms that leverage real-time liveness detection algorithms as well as multi-factor authentication adds extra layers of protection, and makes it much more difficult for nefarious users to access your network. Data Privacy Concerns While data privacy is far from a unique concern, there is no denying that Digital users face specific challenges when it comes to protecting sensitive data. Businesses must ensure that all information is ethically sourced and safely stored in order to remain compliant with regulations like GDPR and related mandates. Utilizing encryption techniques, secure data storage protocols, and implementing strict access controls can mitigate the risk of data breaches, as can employing privacy by design principles. User Experience The digital realm moves fast, and for businesses looking to optimize their onboarding and conversion while also staying compliant with jurisdictional regulations, the user experience must be as seamless as possible. Lengthy and overcomplicated processes often leave users feeling frustrated and increase the chance of non-adoption, whereas a simplified and easy-to-navigate experience makes it far easier for both parties to provide and process data in a timely manner. As criminal activity continues to diversify in the digital realm, it has become increasingly challenging to balance the realities of retrieving the necessary information to establish a qualifiable risk profile, while also providing a convenient experience to your end user. Cross-Border Verification Finally, digital transactions and users remove much of the standard geo-limitations that businesses with physical locations face. For those accepting clientele from across multiple jurisdictions (each of which typically has its own mandates and regulations), you must be able to tailor your identification and risk assessment protocols to meet the specific legislation of each area. Establishing partnerships with trusted data providers and leveraging their comprehensive databases can facilitate cross-border identity verification, and advanced AI algorithms can interpret and validate various international documentation as necessary. Future Trends in Digital Identity Verification Looking forward, we can anticipate a few key trends in the realm of digital identity verification: 1. Decentralized Identity Verification: As blockchain technology evolves, decentralized identity verification is becoming more viable. This method gives individuals control over their personal data, improving privacy while still allowing for efficient identity verification. 2. Adaptive Authentication: This trend involves using machine learning algorithms to analyze various factors and adjust authentication requirements in real-time, providing enhanced security while improving the user experience. 3. Self-Sovereign Identity: The concept of self-sovereign identity proposes that individuals should own and control their digital identities, with institutions verifying the attributes of the identity as needed. This could revolutionize digital identity verification, providing a balance between privacy and security. With the advent of these new technologies and methodologies, businesses and regulatory bodies must stay abreast of the changing landscape of digital identity verification, ensuring they adapt and implement these advancements to maintain robust security and compliance measures. Stay Ahead of CDD and KYC Mandates with iComplyKYC At iComply, we know that navigating the ever-evolving realities and challenges of verifying digital users can be time-consuming and difficult for businesses to manage. To help you mitigate risk and stay on top of current legislation, we offer a unique, end-to-end suite of KYC + KYB software that utilizes a modular platform that can be integrated into your workflow seamlessly with minimal downtime. With built-in compliance measures for 250 global jurisdictions, compliance had never been easier. Learn more by talking to our team today! DISCOVER ICOMPLYKYC

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The Impact of Neobanks on AML and KYC Compliance: Ensuring Security in a Decentralized Era

The Impact of Neobanks on AML and KYC Compliance: Ensuring Security in a Decentralized Era

by | Jan 11, 2024 | Blog, In The News, KYC, News & Events

The Impact of Neobanks on AML and KYC Compliance: Ensuring Security in a Decentralized Era

As global financial institutions collectively face the reality of managing a consumer base that has aggressively adopted an increasingly digital presence, traditional banks are also facing a rising challenge in competing against a rapidly decentralizing model of banking in the form of neobanks. Neobanks often attract customers thanks to their lower fees, convenient online access, and optimized user experience; with a forecasted growth in account holders of over 45% estimated to occur within the next three years, (source) there is no denying the importance of ensuring this decentralized method of banking is held to equal standards as classical banking entities.

Below, we’ll take a closer look at what neobanks mean for the future of AML and KYC compliance, as well as why the implementation of proven documentation and identity verification methods are critical to stopping crime in its tracks. Read on to learn more!

What Are Neobanks?

Neobanks, also popularly known as “challenger banks”, are digital banks that exist operate exclusively online, without any physical branches. Instead of brick-and-mortar locations, neobanks rely on mobile applications and web platforms and offer standard banking services such as checking and savings accounts, loans, investments, and money transfers. Moreover, neobanks often utilize their platforms to provide personalized financial advice and insights to their customers, who can access the app by downloading it onto their devices and setting up an account. Just as with traditional institutions, neobanks must also utilize verification methods to ensure the validity of their clientele, and to adhere to AML and anti-fraud legislation as per the requirements of their operating jurisdiction.

The Emergence of Neobanks in the Current Market

With major market players like Wealthsimple, Revolut, Chime, Acorns and other entities becoming household names and experiencing mass adoption across North America and Europe, it is extremely vital that digital institutions take their approach to anti-crime measures seriously.

AML and Neobanks: Navigating the Challenges and Solutions

As mentioned above, it is integral to overall market safety that even the disruptors within the industry follow AML banking protocols. AML measures play a significant role in reducing criminal activity online and require financial institutions to implement rigorous security protocols that include customer due diligence, ongoing monitoring of customer transactions, and reporting suspicious activity to regulatory authorities.

Neobanks face unique challenges in upholding some of these protocols, as a less centralized and far more opaque clientele base presents a higher risk of fraud due to behind-screen anonymity that must be rectified. In order to stay compliant, leading neobanks typically turn to vetted KYC and a robust CDD software that allows them to verify customer identitiesand produce accurate risk profiles in a streamlined, highly-efficient manner.

The Importance Of Digital Identity Verification for Neobanks

Operating entirely online may afford neobanks a lower overhead cost and expedited services for their clientele, but doing so is not without its share of increased risks and challenges. Verifying digital users is much more complex, particularly when it comes to spotting fraud attempts and uncovering additional data about figures who prefer to lurk in the deeper recesses of the market.

Digital identification methods tackle such challenges head-on with a wide array of complex verification methods, including biometric authentication, document verification, and cross-referencing multiple trusted databases across the world. While the manual application of such measures would be unviable for the majority of institutions, having a software platform like iComplyKYC makes it possible to stay on top of new applications, as well as continuously evaluate your existing client base with ease. Automating KYC processes not only dramatically increases overall efficiency across your operations, it can significantly lower expenses, and helps to avoid financial penalties incurred for failing to measure up to compliance standards.

Neobanks: An Ongoing Disruption

Neobanks are, by nature, a disruptive force within the realm of traditional banking. As new and established players vie for market dominance and seek to establish a reputation of trust and competency amongst their traditional competitors, financial and legal regulators are paying close attention to the potential ramifications of continued rapid adoption across global markets.

While such institutions provide a powerful financial alternative to traditional banking and demonstrate some of the notable potential to be found in adopting fully digital practices, they also show just how rapidly digital crime continues to adapt and seek out new opportunities to abuse platforms with poor security measures. With users steadily climbing year after year, it is reasonable to expect neobanks and their fellow industry disruptors to set a new pace and a new standard for AML regulations as these newer technologies continue to advance.

A Proactive Approach to Compliance Challenges

Partnering with a proven KYC and AML software provider like iComply is one of the best ways to stay ahead of the curve and make sure your institution has everything you need to stay compliant with evolving legislation.

Set the Foundation for Success with iComply

Learn how iComplyKYC can help you streamline your AML and KYC procedures with ease, and full compliance in over 250 global jurisdictions by contacting our team today.

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Implementing Client Due Diligence in Credit Unions: Protecting Members and Ensuring Compliance

Implementing Client Due Diligence in Credit Unions: Protecting Members and Ensuring Compliance

by | Dec 7, 2023 | Blog, KYB, KYC, News & Events

Implementing Client Due Diligence in Credit Unions: Protecting Members and Ensuring Compliance

The evolving financial and political climate of 2023 and a post-pandemic market have left financial institutions and credit unions facing unique challenges as they navigate the new and growing risks associated with conducting business in an increasingly digital world. With cyber criminals utilizing new efforts and tactics to pursue illicit activities like fraud, money laundering, identity theft, terrorist funding and channelling dollars into the drug and human slavery trade, the need to be vigilant when implementing counter-crime measures is more important than ever before.

Customer Due Diligence (CDD) plays an essential role in the fight against FinCrime and is particularly vital for credit unions to adapt to their existing security measures. CDD empowers financial institutions and businesses to remove the risk associated with partnering with unknown entities and individuals, prevents money laundering (AML) from happening within their own “walls”, and serves as a strong deterrent against opportunistic criminals looking to victimize your business.

Below, we’ll take a closer look at the implementation of CDD within credit unions, as well as the benefits of partnering with a proven KYC software vendor like iComply. Read on to learn more.

The Importance of Regulatory Compliance in Credit Unions

Credit unions operate within a regulatory framework that requires compliance with a wide range of anti-money laundering (AML) and Know Your Customer (KYC) measures. These protocols are constantly evolving as global legislators like FinCEN attempt to thwart new criminal operations and changing approaches adopted by fraudsters etc. Staying on top of compliance protocols helps to maintain the integrity and safety of financial institutions, as well as protect credit unions (and their clientele) from unnecessary risks associated with questionable actors. Failure to comply can not only lead to heft fines (2022 saw nearly $5 billion in fines issued), but can also damage your reputation and lead to unintentional association with, or liability tied to criminal networks.

Membership Verification and Eligibility

Unlike traditional banks, credit unions typically serve a much more specific group of clientele, though the grounds for membership have relaxed for most modern unions. As a result of the unique requirements for onboarding, CDD for credit unions also involves verifying an applicant’s eligibility as well as their overall risk profile. Relevant documents, including those that provide proof of employment or residency to show they share the common bond. CDD protocols for credit unions must also have robust data management capabilities to keep track of qualification information should someone change jobs, relocate, or have other changes that would effect their membership.

Thorough Loan Underwriting and Risk Assessment

Credit unions offer their clients various loan services including personal, auto, and mortgage loans. To protect the best interests of both the union and clients, CDD plays an integral role in assessing the overall risk profile of applicants, as well as their creditworthiness for the specific service at hand. Details assessed to determine loan compatibility include credit history, financial information, evaluating repayment capacity and other outstanding debts, and related data. Thorough risk assessments enable credit unions to offer appropriate loan terms, interest rates, and credit limits while minimizing the risk of default, and also reduces the opportunity for fraudulent users to misappropriate funds in the process.

Ongoing Monitoring and Transaction Analysis

Just like any other financial institution, KYC and CDD protocols mandate that credit unions must have the proper systems in place to conduct ongoing monitoring of member activities. A union’s CDD platform must sufficiently monitor transactions, identify any core transaction patterns, flag suspicious behaviour, and make it easy for the recording institution to report questionable activity as quickly as possible. By implementing transaction monitoring systems and leveraging technological solutions like the modular suite of KYC and CDD products offered by iComply, credit unions can automate the process of flagging suspicious transactions based on predefined criteria, keeping your institution above board and in line with all AML and anti-fraud requirements within your jurisdiction.

Creating a Culture of Awareness

 

Finally, while training and education regarding CDD and KYC protocols is not exclusive to security requirements for credit unions, it is integral for the successful implementation of all safety measures. Proactivity remains one of the strongest assets in the global fight against financial crime. Credit unions, as well as all market players subject to regulatory standards must ensure that all employees understand the implications and importances of upholding best practices, as well as the repercussions for failing to do so. Staff should be educated on the importance of CDD, regulatory requirements, and the identification of red flags for potential illicit activities.

iComplyKYC Your Partner in Compliance

At iComplyKYC, we know the importance of integrating CDD 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 modular suite of KYC products, helps streamlines your identification and security processes, making it easy for credit unions to manage compliance protocols.

Book a demo with our team today to learn more about iComplyKYC’s CDD solutions and discover how our platform can be customized to fit the needs of your business or organization.

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Is your AML compliance too expensive, time-consuming, or ineffective?

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Overcoming Challenges in Digital Identity Verification for Enhanced Security

Safeguarding Society: How Customer Due Diligence Helps Prevent Global Crime

by | Dec 7, 2023 | Blog, KYB, KYC, News & Events

Safeguarding Society: How Customer Due Diligence Helps Prevent Global Crime

With the economy facing increasingly challenging times and banking institutions having to contend with a sharp increase in digital users over the past few years, the threat of cybercrime, specifically in the financial sector, is at an all-time high. At its core, the race to implement preventative measures is about far more than saving millions of dollars from being misappropriated; Know Your Customer (KYC), Customer Due Diligence (CDD) and Anti-Money Laundering (AML) measures play a significant role in protecting vulnerable persons across the globe.

As integral pieces that stand as part of the frontline in the fight against FinCrime, taking a serious stance when it comes to staying compliant with KYC legislation is essential for all businesses and related institutions. Below, we’ll take a closer look at the real-world applications for due diligence. Read on to learn more.

A Quick Recap on CDD Basics

One of the biggest risks associated with partnering with unknown individuals and/or entities is the ambiguity that comes with the lack of an established background. Transparency helps to weed out unsavoury characters and establish trusted business relationships by:

  • Establishing a valid customer identity;
  • Evaluating and vetting an individual’s or entity’s activities and associations for alignment concerns; and
  • Assessing and establishing a calculated risk profile vetted against a multitude of details, including background, political exposure, illicit or fraudulent activities, sanctions and judicial orders, and more.Where necessary, Enhanced Due Diligence (EDD) may also be undertaken to gather further data for clients that present a higher than usual risk, come from countries known for housing excessive fraudulent activity, or for clients in industries that require an advanced level of documentation.When implemented properly, staying compliant with KYC and CDD measures helps to:

Prevent Money Laundering and Terrorist Financing

The illicit transfer of money can have several high-risk implications and cause significant harm both on an economic and humanitarian level. Criminals often exploit financial systems to hide and “legitimize” their illegal activities, and to utilize funds for nefarious purposes. Many illegal funds are used in dangerous activities that present a risk to the global community, including terrorist funding (CTF), drug and human trafficking, the sale of black market weapons, and more.

Implementing robust CDD measures helps to flag suspicious transfers, as well as pre-emptively identify entities with known associations to questionable dealings or negative associations with below-board networks. In doing so, criminal networks lose the strength of their foothold within the financial sector and have a lessened ability to move money without being detected.

Identifying Fraudulent Activities

With much of the world’s banking and asset transfers now occurring digitally, identifying fraudulent activities has become increasingly complex. Customer due diligence is a powerful tool that enables businesses to amass the necessary information to build accurate risk profiles via identification documents, utilizing trusted global databases and more. Such measures allow fraud to be detected early on, protecting your business, as well as your client base, in the process.

Mitigating Corruption and Bribery

Financial corruption and bribery pose a significant risk to the global community, particularly in countries with unstable political climates and those undergoing rapid social change. Often tied to money laundering and other illicit activities, criminal networks will use financial institutions to fund corrupt activities or individuals. Thoroughly vetting potential customers and business partners helps identify any connections to politically exposed persons (PEPs) or individuals with a history of corruption, thereby giving you the ability to avoid association and, by extension, unwitting involvement in illegal activities.

Enhancing International Cooperation

Beyond keeping businesses compliant, CDD helps to promote a global ethos of prevention and proactivity when it comes to circumventing financial crime. While it remains extremely difficult to achieve universal adoption of legislative efforts and shared standards, each step towards a shared understanding of the vital role KYC and CDD play in crime mitigation is a step towards a safer global market. By sharing customer due diligence information with international counterparts and collaborating with law enforcement agencies, businesses can contribute to a collective effort to prevent global crime and build trust among their client base at the same time.

Compliance Made Simple

At iComply, we believe in the power of having trust in every transaction, and the importance of fostering secure communities through the implementation of CDD and KYC protocols. Our world-leading, modular suite of KYC products makes it easy to compile and respond to key customer data, navigate changing legislation, and reduce the cost of fincrime compliance by automating up to 80% of your KYC protocols.

Book a demo with our team today to learn more and to ensure your business is on the right side in the ongoing fight against financial crime.

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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.

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Understanding the Distinction of CDD vs. EDD in AML Compliance

Understanding the Distinction of CDD vs. EDD in AML Compliance

by | Nov 28, 2023 | Blog, KYC

Understanding the Distinction of CDD vs. EDD in AML Compliance

Understanding the Distinction of CDD vs. EDD in AML Compliance

As cybercrime continues to aggressively expand and pose new challenges to regulators and law enforcement agencies across the globe, anti-money laundering (AML) efforts have become vital to protecting the public interest. Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) are now a crucial component of AML compliance. Below, we’ll take a closer look at the differences between CDD and EDD ad why they play such a vital role in stopping fraudulent behaviours and a wide variety of other financial crimes. Read on to learn more.

Customer Due Diligence (CDD): Laying the First Layer

Customer Due Diligence is the first step in any effective AML program, and serves a bridge between necessary safety verification ad unknown users. Customer due diligence involves gathering key information such as the customer’s name, DOB, address and financial history. This information allows businesses to create customer profiles and categorize them into different risk levels, such as low, medium, or high risk. Low-risk customers may include individuals with stable financial backgrounds, while high-risk customers may exhibit characteristics that warrant further scrutiny. CDD establishes a baseline for customer relationships and allows organizations to take a risk based approach to ongoing monitoring and AML compliance.

Enhanced Due Diligence (EDD): A Deeper Dive

Where CDD sets the “foundation” for verification, Enhanced Due Diligence takes AML compliance to the next level. EDD is applied when a customer is deemed to be of higher risk due to specific factors, such as their business activities, location, or personal history. EDD takes a much closer look at the customer’s background, financial transactions, and the potential risks associated with the relationship in a bid to form a much more robust risk profile.

Where persons with elevated AML risks are involved; dealing with PEPs, high-risk industries or transaction originating from jurisdictions with

The importance of EDD becomes evident when dealing with customers or entities that present elevated AML risks. These may include politically exposed persons (PEPs), businesses in high-risk industries, or customers from jurisdictions known for money laundering or terrorist financing.

EDD will vary depending on the level of risk associated with the customer, with some risk factors warranting an extensive background check, verifying the source of funds, scrutinizing complex ownership structures, or even seeking third-party intelligence reports on activities. EDD helps organizations identify potential threats that might have gone unnoticed with standard CDD procedures.

How They Work Together

CDD and EDD work in tandem to protect financial institutions and society from financial crimes, with CDD providing the foundation upon which EDD builds.. Not all customers pose the same level of risk, and EDD will to always be necessary, but implementing a risk-based approach helps organizations to allocate their resources more efficiently.

It is also importance for compliance with several regulatory standards that businesses be able to demonstrate that they have a valid system for conducting CDD and EDD. Failure to comply ca result in severe penalties, including fines and legal consequences, making it essential to understand and apply both levels appropriately when needed.

Trust Made Easy

At iComply, we know that compliance with KYC and AML legislations is essential in the battle against cybercrime. We are proud to partner with businesses and organizations to offer a modular suite of KYC, KYB, and AML products that not only ensures you have everything you need utilize a wide range of jurisdictional AML regulations and conduct risk-based assessments but also automates your customer identification and risk screening processes more intuitively than ever before.

Book a demo with our team today to learn more about iComply’s AML solutions and discover how iComplyKYC can be customized to fit the unique risk screening needs of your organization.

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Is your AML compliance too expensive, time-consuming, or ineffective?

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The Human Dangers of Ignoring Know Your Business (KYB) Protocols

The Human Dangers of Ignoring Know Your Business (KYB) Protocols

by | Nov 28, 2023 | Blog, KYB, KYC

The Human Dangers of Ignoring Know Your Business (KYB) Protocols

Do you know the hidden risks of ignoring Know Your Customer (KYC) and Know Your Business Protocols? While costly fines are a solid reason for compliance, the heart of each AML, KYC and CDD mandates is the intent to eradicate the very real, pervasive human consequences of financial crime. From human trafficking to the loss of significant personal funds, funding the drug trade, and terrorist financing, AML and KYC protocols serve as a valuable safeguard against serious harm.

Below, we’ll take look at just a few of the dangers associated with ignoring KYB mandates. Read on to learn more.

1. Facilitating Financial Crimes

Financial crimes is one of the most direct and prolific risks associated with ignoring customer verification regulations. Simply put, when you don’t know who you’re working with, be it customer or business partner, you leave yourself open to the threat of being associated with money laundering, fraud, and other illicit financial activities. Being associated with such activities, eve incidentally, can have severe consequences for individuals and society as a whole, with illicit funds being used to grow several of the activities listed above.

2. Undermining Consumer Trust

Neglecting KYB protocols can erode consumer trust, often leading to human consequences. When businesses engage with unverified or potentially fraudulent entities, consumers are also put at risk. They may fall victim to scams, receive substandard products or services, or even have have their personal information compromised for nefarious purposes. Such occurrences not only leave you open to legal action, but can cost you dearly in terms of your overall reputation, can erode public trust in financial systems, and can eventually lead to serious long-term misalignment issues.

3. Exacerbating Human Rights Violations

KYB protocols play a crucial role in preventing businesses from accidentally becoming entertained with entities involved in human rights violations. When businesses ignore these mandates, they open thee door to the risk becoming entangled with organizations or governments that have a track record of human rights abuses. Feeding into the criminal networks and activities that allow practices like forced labor, child exploitation, or environmental degradation not only puts human lives at stake across the globe, but also pulls into question your commitment to transparency and vetting partnerships for the public and market as a whole.

4. Amplifying Health and Safety Risks

In certain sectors such as pharmaceuticals, food production, and manufacturing, ignoring KYB protocols can even lead to health and safety risks for individuals. While we often tend to think more of the financial side of things, the reality is that when businesses collaborate with unverified suppliers or partners, they run the risk of compromising the quality and safety of their products. Substandard pharmaceuticals, for example, can have life-threatening consequences, where poorly constructed safety site gear may not actually be able to stand up to the ratings it claims to have.

5. Fuelling Corruption

Finally, the entire reason KYB protocols exist is to overthrow the ability of malicious actors to exert influence and wreak havoc.When businesses engage with corrupt partners or governments, they may become complicit in corrupt practices and accidentally reroute much needed resources from the public. This, in turn, negatively impacts the well-being of countless individuals who rely on these services for their basic needs. On a much more macro scale, allowing your oversight to allow criminals to operate undetected isn’t just dangerous, it’s negligent. Adding every layer of security possible is necessary to tackle corruption as effectively as possible, and KYC/KYB methods play a huge role in facilitating this.

KYB Implementation with iComply

At iComply, we know that streamlined KYB software is one of the best ways to remain in alignment with all compliance standards, avoid fines, avoid the human cost of poor security. Our modular suite of KYC, KYB, and AML products not only ensures you have everything you need to manage and maintain a wide range of jurisdictional KYB regulations and conduct risk-based assessments but also automates your customer identification and risk screening processes more intuitively than ever before.

Book a demo with our team today to learn more about iComply’s compliance solutions and discover how iComplyKYC can be customized to fit the unique risk screening needs of your organization.

DISCOVER ICOMPLY

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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.