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.
Sanctions Update: Russia, Ukraine, and Global Uncertainty
The Update: What Happened?
Uncertain relations between Ukraine and Russia continue to affect many countries engaging in trade including Canada, the United States, the European Union, China, Iran, and Russia. Effective DATE, sanctions have been imposed and will continue by the largest countries doing trade with Russia; most significantly, the United States.
The Background: SWIFT Access Sanction – Russia’s Main Banking System
On February 26th, a call to action was imposed by the European Commission, France, Germany, Italy, the UK and the US to remove specific banks from the SWIFT (system that facilitates financial transactions and money transfers for banks located around the world) messaging platform. The agreement was imposed to break down Russia’s financial system, a method to further hamper the invasion in Ukraine. Additionally, any other banks will be affected as a German government source reported.
The Solution: How iComply Can Help
iComply Investor Services Inc. (“iComply”) is a global compliance software provider that helps compliance teams reduce the cost and complexity of KYC and AML operations while providing a seamless user experience to their KYC subjects. Compliance teams can configure and monitor KYC portals to securely gather, validate, and encrypt client data and documentation before it leaves their device
Our iComplyKYC solution enables access to the most up-to-date client data available and gain a more comprehensive view of risk related to each entity. It also uses AI and deep data analysis to identify new risks and sanctions within 17 minutes, enables management to visualize the volumes and bottlenecks in KYC and AML operations, and it reduces the operational cost of AML risk screening, record keeping, and reporting.
How can iComplyKYC screening help you enhance your sanctions compliance?
Our solution’s capabilities onboard natural persons, beneficial ownership, and legal entities data, saving your organization time and valuable resources. By using iComply’s platform, you can easily scan sanctioned banks listed by regulatory authorities.
Why is this important to my business/organization?
iComply is working with its clients to ensure they have their bases covered from an AML/KYC compliance perspective.
Improve screening accuracy while minimizing false positives
Stay on top of ever-evolving financial crime activity
Ensures GDPR compliance so your organization does not risk being imposed with hefty financial penalties from regulators
Do all your compliance checks and due diligence for you rather than using your own human resources or having to contract with multiple vendors
MIT Exec and Trusted Computing Expert Thomas Hardjono Joins iComply
Hardjono serves as Technical Director of the MIT Trust::Data Consortium and as CTO of MIT Connection Science
Vancouver, B.C. – September 22, 2020 – iComply Investor Services (“iComply”), a global compliance software provider, is announcing that Thomas Hardjono has been appointed to iComply’s advisory board. He is internationally recognized as a leader and innovator in trusted computing, identity, data privacy, applied cryptography, and cybersecurity.
Hardjono is currently the CTO of Connection Science at MIT and technical director of the MIT Trust::Data Consortium. He previously served as executive director of the MIT Kerberos Consortium, where he was instrumental in driving widespread adoption of the Kerberos protocol, which is now the most ubiquitously deployed authentication protocol used for identity management in the world. Over the past two decades, he has held various technical leadership roles including as a distinguished engineer at Bay Networks, and principal scientist at VeriSign PKI.
“Advancement in trusted computing has historically been driven by hardware innovation, but iComply has focused on delivering those same capabilities through software innovation, which can bring unprecedented flexibility to operations requiring secure authentication,” said Matthew Unger, CEO of iComply. “The highest levels of identity assurance used to be limited to specialty hardware, we can now deliver this same confidence, security, and privacy to any mobile or web application.”
iCompyKYC uses edge computing for identity verification, which protects biometric data by allowing the verification to take place on the user’s device, maintaining an unprecedented level of privacy for personal data.
“iComply’s degree of implementation is quite extensive, and the dashboard that they have built is terrific. iComply has a strong and very clear vision. This is one of these linchpin technologies that the industry desperately needs,” said Thomas Hardjono. “The traditional banks, private organizations, and governments need to step up their game and move in this direction. On the horizon, we have central bank digital currencies, cryptocurrencies, NFTs, and decentralized finance (DeFi) that need to manage all of the things that iComply can manage.”
iComply combines edge-computing KYC onboarding portals with enterprise-level controls for AML risk screening and data management to provide a complete solution that processes users’ data securely on their devices. The solution spans know your customer, anti-money laundering, digital identity, and access management.
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About iComply Investor Services Inc. iComply Investor Services Inc. (“iComply”) is a global compliance software provider that helps compliance teams reduce the cost and complexity of KYC and AML operations while providing a seamless user experience to their KYC subjects. Compliance teams can configure and monitor KYC portals to securely gather, validate, and encrypt client data and documentation before it leaves their device. Learn more: www.icomplyis.com
iComply Attracts Top Canadian RegTech Executive Paul Childerhose
Canadian regtech expert Paul Childerhose will serve as a member of iComply Investor Services’ advisory board
Vancouver, B.C. – September 15, 2020 – iComply Investor Services (“iComply”), a global compliance software provider, is announcing that Paul Childerhose, a recognized leader in the Canadian RegTech industry, has been appointed to iComply’s advisory board.
Childerhose has over 20 years of experience in the Canadian financial services sector and serves on the board of the Canadian Regulatory Technology Association (CRTA). He has deep expertise in back-office operations, new product development, client and account management, and regulatory compliance. Previously, he also held senior roles at Royal Bank of Canada, Star Data Systems, CGI Inc., and Scotiabank.
“The iComplyKYC solution is far superior to what I have observed in the current enterprise-wide anti-money laundering programs of large global banks,” said Childerhose. “The core features and controls that have been incorporated into the platform can enhance the current client onboarding and KYC experiences for many institutions.”
iCompyKYC uses edge computing for identity verification, which protects the users’ biometric data by allowing the verification to take place on the user’s device. This means that personal data is authenticated, and encrypted before any of that data leaves the user’s device.
“Edge computing offers a unique approach that drastically improves data privacy and security, and significantly reduces the total cost of KYC and AML operations,” said Matthew Unger, CEO of iComply, “Making user privacy and consent core to client onboarding has been an incredibly complex challenge for the industry. It was important to us to focus on solving this problem, and in doing so we have unlocked new levels of data protection and privacy for our clients.”
The iComplyKYC platform is currently being used by Canadian law enforcement, credit unions, legal, M&A, and accounting firms, and fintech businesses globally. It combines secure KYC onboarding portals with enterprise-level controls for AML risk screening and data management to provide a complete, all-in-one solution spanning know your customer, anti-money laundering, digital identity, and access management.
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About iComply Investor Services Inc. iComply Investor Services Inc. (“iComply”) is a global compliance software provider that helps compliance teams reduce the cost and complexity of KYC and AML operations while providing a seamless user experience to their KYC subjects. Compliance teams can configure and monitor KYC portals to securely gather, validate, and encrypt client data and documentation before it leaves their device. Learn more: www.icomplyis.com
iComply Investor Services Named a CyberTech100 Company for 2021
The CyberTech100 list for 2021 recognizes the world’s most innovative companies focused on helping financial institutions combat cyber threats and fraud
Vancouver, B.C. – June 8, 2021 –iComply Investor Services (“iComply”), a global compliance software provider, is announcing that the company has been named to the second annual list of the CyberTech100, highlighting the world’s most innovative providers of digital solutions helping financial services firms fight off cyberattacks and protect their data.
Announced today by FinTech Global, a specialist research firm in the UK, the CyberTech100 for 2021 recognizes the pioneering companies helping financial institutions combat cyber threats and fraud.
“Security executives working in financial services need to be aware of the latest innovation and threats in the market in order to protect client and company data as well as fend off cyber and financial criminals,” said Richard Sachar, director at FinTech Global. “The CyberTech100 list helps them do just that and identify new technologies which will have a lasting impact on the industry and attackers’ behaviour.”
The CyberTech industry for financial services has seen huge growth over the last four years as operations are increasingly moving to the cloud and organizations expand their spending on securing new digital infrastructure. Total annual investments in the sector grew from $0.7bn in 2016 to over $6.2bn last year. That’s an increase of nearly nine times and a CAGR of 72.5%.
As a result, the competition to be identified as one of the leading 100 CyberTech companies in the world was even fiercer this year. A panel of analysts and industry experts voted from a list of over 1,000 companies produced by FinTech Global. The finalists were recognized for their innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the security value chain.
A full list of the CyberTech100 and detailed information for each company is available at www.CyberTech100.com.
About iComply Investor Services Inc. iComply Investor Services Inc. (“iComply”) is a global compliance software provider that helps businesses reduce the cost and complexity of user authentication KYC and AML operations while providing a seamless experience to their users. iComplyKYC allows operations teams to centrally control how each KYC portal will securely gather, validate, and encrypt client data and documentation before it leaves their device. By partnering with multinational technology vendors such as Microsoft, DocuSign, Thomson Reuters, and Refinitiv, iComply is bringing compliance teams into the digital age. Learn more: www.icomplyis.com
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