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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 - Know Your Business, KYC - Know Your Customer

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.

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

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The Crucial Role of KYB in Business Compliance: Insights from the 5th AML Directive

The Crucial Role of KYB in Business Compliance: Insights from the 5th AML Directive

by | Nov 21, 2023 | Blog, In The News, KYB - Know Your Business, KYC - Know Your Customer

The Crucial Role of KYB in Business Compliance: Insights from the 5th AML Directive

Today’s global business market features more interconnectivity and decentralized options than ever before, making the need for regulatory compliance crucial. The Fifth Anti-Money Laundering Directive (5AMLD) has placed an increasing focus on the importance of Know Your Business (KYB) procedures for companies across multiple industries, and focus on building transparency, accountability, and risk assessment into ethical business practices.

Understanding why KYB matters can help organizations navigate regulatory complexities, mitigate risks, and maintain their reputation in an evolving financial and regulatory landscape. Below, we’ll take a look at the significance of KYB for businesses, particularly in light of 5AMLD, read on to learn more.

What Is the 5th AML Directive?

The Fifth Anti-Money Laundering Directive (5AMLD) was introduced by the European Parliament on April 19, 2018, in response to a sharp increase in known incidences of human trafficking, terrorist funding, and other nefarious criminal activities. 5AMLD recognizes the missing focuses of its predecessors (4AMLD, for example), and introduced stricter rules with an expanded number of organizations included within their regulatory guidance. 5AMLD takes into account the development of technology and trends in the financial sector and provides a clear definition of cryptocurrency and obligations for virtual currency exchanges and wallets, and also focuses on the regulation of anonymous prepaid cards, as well as public access to property information.

The ultimate intention of 5AMLD is to improve financial integrity and confidence by combating money laundering other related financial crimes that disrupt the public good.

KYB and Enhanced Due Diligence

Enhanced Due Diligence (EDD) is a central component of of 5AMLD, with Know Your Customer (KYC) and Know Your Business (KYB) being integral parts of fulfilling the needs of EDD. Where enhanced information gather once was seen as a highly elevated business practices (and still is to a certain extent), modern businesses are now expected to perform more comprehensive background checks as an entry point and normative standard. Whether dealing with customers, prospective business partners, or even hiring new staff members, companies must conduct varying degrees of KYC and KYB data collection to ensure that the entity in question is not involved with money laundering or other illicit activities. From a B2B perspective, it is particularly important to ensure that your partners are not tied to any known activities or criminal efforts, both to protect your bottom line and preserve your brand reputation.

Failure to comply with these measures comes with increasingly steep fines and even the potential for significant legal action, making it crucial to ensure your business is on the right side of protective mandates. KYB practices allow companies to gather essential information about their business associates, including their ownership structure, financial stability, and compliance with AML regulations. This knowledge subsequently empowers businesses to make informed decisions about their relationships, reducing the risk of being associated with high-risk or fraudulent entities.

Risk Mitigation through KYB

KYB is a protective risk management strategy that allows businesses to vet partners and identify/categorize risk accordingly. Risk profiles factor in a variety of details such as finances, reputational (known associations, PEPs, etc), operational, and compliance related risks. Each component helps to inform a broader understanding of the entity as a whole, and helps to insulate outside parties from unnecessary risk.

Through KYB protocols, businesses can identify any red flags associated with their partners or customers early on and adapt accordingly. From previous legal troubles, connection to sanctioned individuals, prior involvement in illicit activities or other problematic behaviours, businesses can lean on the information gained through the KYB and EDD process to mitigate risk and terminate relationships at the appropriate time rather than leaving themselves open to greater issues.

Adherence to Evolving Regulations

 

5AMLD is a response, as well as an industry leader when it comes to matching and setting the pace in the fight against money laundering and fraudulently funded criminal activity globally. Businesses face a constant challenge of adapting to evolving standards (and by extension, evolving criminal practices that seek to circumvent regulation), and KYB serves as valuable bridge that makes compliance simple to integrate into daily practices, and makes it easy for companies to avoid the costly fines that come with poor risk management.

Reputation Management and KYB

 

There are no shortage of cautionary tales when it comes to being negligent with compliance in today’s business world, often with severe repercussions to a company’s reputation. Businesses that are associated with entities involved in illegal or unethical activities may find themselves under public scrutiny, leading to a loss of trust among stakeholders or investors, and may find themselves facing lengthy court battles that detract from their brand and allow competitors to exploit the situation (and negative press to their own gain). Just as 5AMLD focuses on transparency in business practices, the backlash from failing to comply showcases both the human and financial dangers of being negligent.

Businesses that invest in robust KYB procedures demonstrate their commitment to ethical conduct and regulatory compliance; and in doing so, cement themselves as valuable players in the global market. By understanding the pivotal role of KYB and its importance in the context of the 5AMLD, organizations can navigate the complex regulatory environment and thrive as responsible, trustworthy, and compliant entities that stand to succeed in business.

Want to learn more about staying up to date with current KYC/KYB protocols? Check out our industry leading modular suite of KYC products.

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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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KYB: Safeguarding Your Business, Enhancing Efficiency, and Ensuring Compliance

KYB: Safeguarding Your Business, Enhancing Efficiency, and Ensuring Compliance

by | Nov 6, 2023 | Blog, Events, KYB - Know Your Business

KYB: Safeguarding Your Business, Enhancing Efficiency, and Ensuring Compliance

Today’s business landscape is facing unprecedented challenges and a fast evolving tech world that highlights the need for advancing security measures. Know Your Customer and Know Your Business (KYC/KYB) protocols have become an necessity for enhancing security, efficiency, Anti-Money Laundering (AML) compliance, B2B conversion rates, and reducing operational costs. With international legislators becoming increasingly more strict with compliance, KYB has moved from a “nicety” to an obligation for modern businesses.

Below, we’ll explore how KYB is transforming the business landscape and why it’s indispensable for your company’s success.

Shielding Your Business from Threats

 

When it comes to preventing criminal activity, proactivity trumps reactivity. Digital security necessitates that businesses take control of their vulnerability to cyber threats wherever possible and ensure they have proper measures in place to combat fraud, money laundering and other illicit activities. The core objective of KYC and KYB protocols is to verify the identity of partners, suppliers, and clients and to assist in the creation of accurate risk profiles that allow you to act with confidence. KYB initiatives ensures you are partnering with legitimate entities, and helps to act as a virtual shield against unknown malicious actors by protecting you from becoming entangled in fraudulent schemes or illicit money transfers.

Streamlining Operations

 

Knowledge is power, and one of the most fortuitous benefits of utilizing KYB protocols effectively is that they greatly streamline your overall operations by removing ambiguity and undue risks. KYB/KYC software platforms in particular automate the identity verification process and remove common human errors and headaches that can cause more problems than benefits. This automated efficiency in turn allows you to expedite your onboarding process and free up valuable resources for other operational needs instead of being stuck at a standstill.

Meeting Regulatory Obligations

As mentioned above, in the present business landscape, AML compliance is non-negotiable. Failure to meet AML requirements can result in severe penalties, reputational damage, and legal consequences. KYB ensures that your business remains fully compliant with AML regulations, and that you are able to screen business entities against sanctions lists and identify any suspicious activity with ease. By staying compliant, you engage in a global stance against crime, avoid costly fines, and help to contribute to effective preventive measures.

Boosting Your Sales

KYB isn’t just about security and compliance; it’s also a potent tool for enhancing your bottom line. By streamlining the onboarding process for your business clients, KYB contributes to higher B2B conversion rates.

Businesses are more likely to engage with partners and service providers who offer a seamless and efficient onboarding experience. KYB provides just that, making it easier for other businesses to choose you as their trusted partner. This improved client acquisition process can be a significant driver of growth and revenue.

Cost-Efficient Solutions

One of the biggest costs to any business are inefficiencies. In addition to boosting your security capabilities, KYB software helps save on overhead costs by automating identity verification processes and minimizing the need for manual checks, ultimately lowering your labour and administrative costs. In addition, avoiding costly fines due to non-compliance protected your financial bottom line, and allows your business to grow ethically and efficiently.

KYB Compliance Made Easy

At iComply, we know that streamlined KYB software is one of the best ways to stay on top of compliance standards, avoid fines, and build a foundation of trust among your peers and clientele. Our modular suite of KYC, KYB, and AML products ensures you have everything you need to manage and maintain a wide range of KYB regulations for over 250 unique jurisdictions and conduct risk-based assessments in real time.

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.

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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.

Key Considerations for Implementing KYB and KYC Software for Your Business

Key Considerations for Implementing KYB and KYC Software for Your Business

by | Sep 26, 2023 | Blog, Events, KYB - Know Your Business, KYC - Know Your Customer

Key Considerations for Implementing KYB and KYC Software for Your Business

With businesses facing the ongoing challenge of operating in a digital landscape that welcomes an increasing amount of users (source) each year, the need for robust Know Your Customer (KYC) processes has become integral for security and crime prevention. The Financial Industry Regulatory Authority (FINRA) has identified cybercrime as one of the greatest global risk factors for criminal activity in 2023 (source), and businesses can expect evolving mandates to expand the current regulatory demands faced by banks, financial, legal, and other related institutions.

Knowing how to choose the right KYC software for your specific needs is integral when it comes to streamlining your operations as well as staying compliant with all jurisdictional requirements. Below, we’ll take a closer look at some of the key factors to consider when viewing and implementing prospective KYC software, as well as the benefits of partnering with iComply. Read on to learn more!

Compliance is Essential

Know Your Customer protocols are more than just a box that needs to be checked to avoid fines (though this is certainly integral to their implementation). KYC processes and legislation are required to combat threats posed by a wide variety of criminal activities, including money laundering (AML), counter-terrorist funding (CTF), fraudulent activity, and the use of money for illicit means, including the drug and human trafficking trades. While KYC mandates may present inconveniences to businesses in terms of the need for altered and more secure operations, they are designed to prevent the very real, harsh realities faced by victims of crime all across the globe.

In order to make sure you find the best fit for your industry, as well as your jurisdiction, you must ensure that you are aware of all existing requirements and that your chosen solution performs as necessary to remain compliant in the fight against financial crime.

Did you know? iComply’s KYC solutions seamlessly integrate mandates from 250 jurisdictions and counting!

User Experience

In addition to being fully compliant with all relevant measures, your chosen KYC software should be easy to use for any individuals and/or departments involved. Your KYC platform should provide a user-friendly interface for both customers and your internal teams and guide them through every step of the verification process with clear instructions and a streamlined approach. Once data is submitted, it is essential that the software is able to accurately analyze and report core data points and provide comprehensive reporting and analytics features for your team to review as needed.


Security and Data Protection

KYC protocols call for the safe and efficient handling of sensitive customer information, including personal and financial data. Data security, therefore, must be a top priority when selecting a KYC software provider. Look for solutions that employ robust encryption protocols, secure storage systems, and regular security audits. As with the first point, you must ensure that your software is compliant with all relevant privacy mandates, and adheres to all related regulations.

Flexibility and Customization

Every business has distinct needs when it comes to fulfilling KYC protocols. Your chosen software should be flexible and allow you to customize it as needed for your specific industry. iComply’s modular suite of solutions, for example, makes it easy to stay compliant and integrate all necessary details but also gives you the opportunity to enhance your current practices with the full power of all elements being configured to your exact needs.

Why Partner with iComply?

iComplyKYC takes pride in revolutionizing the field of compliance with the help of our industry-leading KYC and due diligence solutions. Our comprehensive platform leverages edge computing, empowering users to process their sensitive data directly on their own devices, eliminating the risks associated with storing data in the cloud or relying on unverified third-party vendors. iComply’s modular suite of programs keeps you compliant with regulations from almost 250 jurisdictions worldwide, enabling your company to significantly reduce overhead costs by up to 80% in KYC operations.

Whether you’re seeking to streamline your hiring process, evaluate your existing customer database, or establish a strong operational foundation for the future, iComplyKYC provides an unrivalled level of safety and security. Our intelligent and customizable platform can be effortlessly set up within minutes and takes a streamlined approach to make it as easy as possible to screen for risks like AML, conduct Enhanced Due Diligence and implement ongoing monitoring, all within a single platform.

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.

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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.

Exploring the Importance and Challenges of KYB, KYC, and AML Operations

Exploring the Importance and Challenges of KYB, KYC, and AML Operations

by | Apr 21, 2023 | AML - Anti-Money Laundering, Blog, iComply Insights, KYB - Know Your Business, KYC - Know Your Customer

Exploring the Importance and Challenges of KYB, KYC, and AML Operations

Are your fraud prevention protocols up to date with the latest Know Your Customer (KYC) and Anti-Money Laundering (AML) standards? In 2021, there was a 43% increase in fraud and computer misuse crimes compared to 2019, indicating that economic crime is on the rise. Having the right procedures and resources in place to prevent nefarious activities is essential for financial institutions and businesses.

With uncertain markets, ongoing global conflict, and a rapid influx of online banking users globally, 2023 has become a critical year for compliance legislation; failure to abide by evolving standards will likely spell even steeper costs for businesses than ever before.

At iComply, we know that using a proven KYC solution like our iComplyKYC platform is one of the best ways to streamline your operations and decrease your exposure to risk. As one of the leaders in identity verification and regulatory compliance, we’re proud to partner with clients across the globe to ensure you have everything you need to operate safely and efficiently. Below, we’ll take a closer look at some of the core elements that drive KYC legislation, as well as the benefits of using proven solutions like iComplyKYC.

What is KYC?

Know Your Customer (KYC) is a principle that refers to the practice of mitigating risk through the accumulation of verification-based information for unknown individuals and entities on a business level. From hiring new team members to securing a loan, adding a customer to your database, and more, KYC and AML protocols help to reduce the opportunity for criminals to conduct fraudulent practices and engage in nefarious activities like terrorist financing (CFT), human trafficking, the transfer of illegal products for financial gain, and more.

While KYC may not be a new concept (background checks have been an increasingly prevalent occurrence since the late 1970s thanks to both the Consumer Credit Protection Act and the Fair Credit Reporting Act), the constant push towards a more digital-centric existence makes being able to verify who you’re “working with” even more significant.

While each industry will have different points of consideration and corresponding legislation to accommodate when conducting KYC protocols, the end goal is to give businesses and their clients protection against fraud and other criminal acts that put the global marketplace at risk.

How Does KYC Mitigate Risk?

The unfortunate reality today is that international legislators and security watchdogs have yet to find a definitive method that completely halts the capacity for criminals to operate undetected in the financial sector.

While many of these crimes still go undetected, KYC and AML guidelines make it significantly harder for fraudsters to fly under the radar. By exposing fake users, flagging suspicious transfers, and performing other risk-reporting activities, organizations and regional legislators have a much better opportunity to address threats head-on and eliminate the misuse of funds or assets for nefarious purposes.

Addressing Global Challenges

One of the most difficult challenges facing the global regulation industry is pushing for the universal adoption of compliance guidelines, which, as mentioned above, currently differ regionally.

The EU and North America have the benefit of being able to leverage governing bodies like the FTC, Financial Action Task Force (FATF), Eurojust, Europol, and more, but not every country has embraced the need for KYC and fincrime prevention equally. This lack of balance presents regulators with a significant problem, as many of the highest-risk countries for illegal trafficking and fraudulent activity tend to have more relaxed (or an absence of) protocols that allow criminals to continue to operate unchecked with greater ease.

Though it may be easy to infer that financial crime is more centralized in such regions, the international community along with institutions that deal with financial and digital asset transactions must remember that rapidly evolving technology makes it more feasible than ever before for criminals to have a global reach. This makes compliance with KYC and AML protocols a necessity rather than a nicety; businesses need to be aware that failure to comply doesn’t simply result in fines, but can also lead to gateways for dangerous activities that affect the global community as a whole.

Why Partner With iComply

At iComply, we know the importance of having access to KYC protocols you can trust when it matters most. That’s why we’re proud to offer an innovative, modular-based suite of KYC programs that make it easy to stay compliant and adapt to evolving legislation.

iComplyKYC leverages cutting-edge AI and blockchain technology to ensure total regulatory compliance in over 245 jurisdictions worldwide and makes it easy to build fully-automated workflows for unique client types, jurisdictional requirements, and more with minimal downtime.

With a readily accessible 360º view of KYC data across your entire organization, you can move forward with confidence and know you are in the best position possible to combat fraud and financial crime and stay on the right side of KYC legislation in your region.

Ready to Discover More?

Contact us today to learn about iComply’s comprehensive, modular compliance solutions or to book a demo with one of our product specialists.

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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.

Assessing Customer Risk with Automated KYB, KYC, and AML Software

Assessing Customer Risk with Automated KYB, KYC, and AML Software

by | Apr 21, 2023 | AML - Anti-Money Laundering, Blog, iComply Insights, KYB - Know Your Business, KYC - Know Your Customer, Solutions

Assessing Customer Risk with Automated KYB, KYC, and AML Software

With financial crime, fraud, and money laundering quickly taking precedence as some of the most aggressively expanding forms of crime across the globe, having a risk-based approach to monitoring your current customer base, as well as verifying the identities of new entities is essential to circumventing criminal activity and providing safeguards that allow users to navigate your institution with peace of mind.

A risk-based approach, as defined by the Financial Action Task Force (FATF) focuses on the identification, assessment, and understanding of money laundering and other types of financial crime through Customer Due Diligence (CDD) as well as Know Your Customer (KYC) protocols. When integrated into your regular securities framework and operations, KYC procedures can reduce costs, boost AML efficiency, and help contribute to a safer global marketplace for all entities to navigate.

Below, we’ll take a closer look at some of the key elements of taking a risk-based approach to evaluating entities and circumventing fraud, as well as the benefits of using a trusted KYC software provider like iComply to streamline your procedures. Read on to learn more!


What Are the Main Steps to Implementing a Risk-Based Approach?

While there are many different factors that contribute to taking a holistic approach to circumventing fraud, there are a few main variables that make up a solid risk-based plan. These aspects include:

Assessing Risk and Value

It comes as no surprise that the backbone of adopting a risk-based approach to AML involves painting a clear picture of the risk associated with certain customers through the development of detailed profiles that allow you to carefully, and accurately, segment clients as needed. Core components that help assign a risk value include your ability to verify their identity and/or financial information, known activities and patterns of behaviors that may cause concern, geographical location, and more.

Should a prospective customer raise cause for concern, you should also have refined Enhanced Due Diligence (EDD) protocols in place that allow you to dig deeper and clarify any missing variables that would allow you to make a definitive decision before moving forward.


Efficiency and Practicality

While manual reviews can solicit valuable information about clients, they are often non-practical in fast-paced business environments that demand results as quickly as possible to avoid downtime and inconvenience for users. Automated AML and KYC platforms not only help to eliminate accidental biases and the risk of human errors, but they also streamline your operations and allow you to seamlessly conduct AML screening in a significantly faster (and much more reliable) manner.

At iComply, we believe that taking a risk-based approach to KYC and AML doesn’t have to mean long wait times and further headaches. Our innovative suite of modular risk assessment software puts compliance in your hands with ease, integrating with existing security frameworks in a matter of minutes and adopting regulations across the globe for maximum protection and compliance.

Evaluating on a Micro Level

When countering finCrime and the many risks associated with criminal activity, there is no denying that it’s important to be aware of the macro-level effect such efforts have on the global marketplace, including reducing human trafficking statistics, combatting the international drug trade, circumventing terrorist financing, and more. With that being said, it’s just as important to look at the successes garnered on a micro-level, with businesses and institutions understanding that their efforts must focus specifically on an individual customer level to stay as compliant and accurate as possible. Clearly identifying parties within your own unique database plays a key role in both micro and macro efforts to reduce the harm of finCrime, and ensure that your institution will always be on the right side of compliance laws in the process.

What About Assessing Dynamic Risk?

Risk, much like the customer data it is attached to, is not a stagnate prospect. Companies and institutions that only conduct KYC and AML measures when new accounts are opened miss one of the most important parts of crime reduction. It should always be anticipated that customer information will change regularly, with new details like new associations and behaviors directly influencing their actual level of risk. Inaccurate risk scores fuelled by outdated information pose a serious risk to AML efforts, and it is estimated that including continuous review measures like transaction monitoring and customer, screening can reduce your risk of misclassifying your risk profiles by 25-50%.

Dynamic risk assessment, that is, assessing the risk that arises from sudden events in real-time, gives your company the power to pivot as needed at the moment and deal with the very real challenges associated with handling high-profile clients like PEPs and more.

Implement a Proven Risk-Based KYC Approach with iComply

At iComply, we know that compliance with KYC and AML legislations is essential to circumventing the rise in financial crimes across the globe and avoiding fines from international legislators. 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 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.

DISCOVER ICOMPLY

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.