In today’s busy global market, the need for security and transparency is greater than ever before. The rapid pace and advancement of digital technology have led to great leaps and bounds when it comes to doing business, but these new developments aren’t without their fair share of challenges and risks.
Knowing who you’re “shaking hands with” is essential to protecting your business, making sure that everyone can move forward as confidently as possible. iComply is pleased to offer world-leading Know Your Customer (KYC) technology that makes it easy to screen for risk, enhance your security and verification procedures, and keep up with the evolving digital compliance landscape.
From onboarding to financial verification, anti-fraud protection, and more, KYC technology has become the go-to assurance measure for organizations around the globe. Learn more below about the value of implementing high-end KYC solutions in your daily operations, as well as the importance of partnering with a team you can trust.
What is KYC?
KYC, as well as eKYC procedures, have become two of the most dominating topics in today’s workforce and security compliance industries, standing for “Know Your Customer” and “Electronic Know Your Customer” respectively. At the core of these procedures lies an age-old adage that guides every relationship we form professionally: you need to know who you’re dealing with. Each layer of the KYC process is designed to help you confirm, identify, and vet the people in front of you, from customers to loan applicants, investors and even prospective team members. In today’s world, knowledge isn’t just power; it’s the safeguard that keeps everyone on the right path and helps avoid accidental facilitation of money laundering, terrorism financing, sanctions evasion, or human trafficking.
Fundamentally, KYC procedures are concerned with discerning the following:
establishing a valid customer identity;
evaluating and vetting the customer/prospect’s activities and associations for alignment concerns;
verifying whether the individual has represented their capabilities honestly (i.e. if a business has the legal status and licenses to operate in their region(s), etc.); and
assessing a multitude of risks including background details, risk of money laundering, and previous fraudulent activities.
By using eKYC technology, your business can drastically reduce the risks involved in forming outside partnerships with customers, vendors, or other parties, and save countless hours that would otherwise be spent on manual vetting and onboarding processes.
How it Works
As we mentioned above, KYC has become an extremely popular term and area of development within the financial services world, but it’s important to note that not all practices and procedures are equal. While many companies will claim to utilize “KYC procedures”, their back-end process typically involves manual, human-led verification that is ultimately too slow and prone to error to be considered consistently viable.
eKYC focused platforms like iComplyKYC are more advanced, and focus on giving you true verification data that is seamless, dependable, and easy to analyze.
Through the use of edge computing technology, iComplyKYC allows you to process sensitive user data securely by vetting and encrypting it before it leaves their device. This not only improves KYC effectiveness and reduces friction, it allows your business to nimbly stay on top of global data privacy and protection regulations including GDPR, CCPA, PPIA, and many more.
Partner with a platform you can trust that includes convenient features like easily embeddable KYC Portals, workflows to handle and track requests, adaptation for evolving AML standards, and dashboards that make record keeping as straightforward as possible. The result is a fast, streamlined KYC solution that allows you to screen both natural persons and legal entities quickly and accurately. iComplyKYC makes it easy to onboard new clients, adhere to compliance laws, and avoid headaches when it comes to the accuracy of risk assessment and ongoing monitoring requirements.
Get to Know iComply Today!
iComplyKYC is proud to partner with organizations to ensure you have a complete solution when it comes to Knowing Your Customers. Our platform can be set up in minutes, allowing you to configure compliance workflows by jurisdiction and focus on the next stages of development while our tech does the heavy lifting on verification. With multiple layers of KYC technology, algorithms, and programs at work within our system, you can screen for AML risks, perform Enhanced Due Diligence, and conduct Daily Ongoing Monitoring to minimize your risk, all in one robust platform.
Book a demo with our team today to learn more about iComplyKYC and how our intelligent suite of products can best be used for your specific needs and applications.
Are you set up for success when it comes to compliance with the many safety regulations that moderate the finance and banking sectors? If your institution is lagging when it comes to KYC and AML processes, it’s time to invest in proven compliance assets that are designed to protect your bottom line, give your customers peace of mind, and give your business a competitive edge.
Below, we’ll take a closer look at the world of KYC practices, particularly with regards to the banking and finance sectors, and why it’s so crucial to partner with the right solution in your marketplace. Read on to learn more!
Exploring KYC
If you’re in the banking, capital markets, or financial services sectors, you’ve no doubt dealt with some form of KYC protocols. Financial institutions around the world are subject to increasing levels of regulations when it comes to having safeguards in place to accurately identify and verify the individuals and legal entities interacting with an organization. KYC and eKYC (Electronic Know Your Customer) processes and programs are designed to uphold these standards by:
establishing a valid customer identity;
evaluating and vetting a customer/prospect’s activities and associations for alignment concerns (e.g. do they have known ties to terrorist or illicit organizations?); and
assessing a multitude of risks including background details, risk of money laundering, risk of sanctions and judicial orders, previous fraudulent activities, and more.
Electronic KYC technology simplifies compliance procedures and dramatically reduces the risks associated with onboarding new clients and forming partnerships with unknown third parties.
Introducing iComplyKYC
As an essential asset to the banking industry, as well as the finance, employment, and several other markets globally, eKYC platforms like iComplyKYC transform outdated and inefficient manual KYC practices and add multiple additional security features you can trust. iComply’s platform uses edge computing to process sensitive user data before it leaves their device – a game changer for data privacy and protection regulations such as GDPR, CCPA, PPIA, etc..
Using iComplyKYC allows you to dramatically cut the costs of your KYC operations (by up to 80%), reduce client onboarding times, remove the risk of human error, and perform real-time risk assessment that keeps your organization mobile and efficient. iComplyKYC is an intelligent, modular compliance platform that can be set up in minutes, allowing you to configure workflows by jurisdiction for maximum efficiency.
Simply put, if you’re looking to make a strong investment in your security protocols and compliance procedures, iComplyKYC is the all-in-one asset designed to work with your team to guarantee success.
Get to Know iComply Today!
iComply Investor Services is proud to partner with organizations to ensure you have a trustworthy solution when it comes to Knowing Your Customers. Our platform can be set up in minutes, allowing you to configure compliance workflows by jurisdiction and focus on the next stages of development while our tech does the heavy lifting on verification. With multiple layers of KYC algorithms and programs at work within our system, you can screen for risks like AML, conduct Enhanced Due Diligence, and conduct Daily Ongoing Monitoring to minimize your risk, all in one easy 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.
New Thomson Reuters Marketplace Selects iComplyKYC as a Digital Identity and KYC Partner
Thomson Reuters has launched its Marketplace, featuring a curated selection of software solutions for law firms, corporate law offices, and tax and accounting professionals
Vancouver, B.C. – April 27, 2021 –iComply Investor Services (“iComply”), a global compliance software provider, is announcing that the company has partnered with Thomson Reuters to distribute its iComplyKYC platform through the Thomson Reuters Marketplace.
iComplyKYC gives businesses access to a turnkey, world-class know your customer (KYC), anti-money laundering (AML), and identity access management (IAM) solution that can be quickly embedded into any digital experience.
The Thomson Reuters Marketplace is an online store that showcases a wide range of solutions offered by Thomson Reuters, as well as its trusted and tested vendors such as iComply.
“With the pandemic driving business more online, financial processes that used to require face-to-face interaction are becoming digital,” said Matthew Unger, CEO of iComply. “The internet was developed to transfer information and so the policies of user identification and identity access management have followed internet industry standards. As more banks digitize, new fintechs emerge, and major tech companies enter financial services, these internet standards fall short of the regulatory requirements. iComplyKYC solves this by combining “banking grade” KYC portals with your existing identity access management, single sign-on, or digital identity management solutions.”
Existing digital solutions force users to submit their most personal details into a web form for user identification or authentication, with API-based solutions relaying this information to third-party data processors and sub-processors that are often international and could retain control of the data. Other existing alternatives to these API-based solutions require significant resources to implement and maintain, such as custom software development.
“iComplyKYC helps businesses securely and digitally collect, verify, screen, and maintain data and documents for both natural persons and legal entities,” said Matthew Unger, CEO of iComply Investor Services.
“Unlike existing digital KYC solutions, the platform uses edge computing and artificial intelligence to process sensitive user data locally, before it leaves the user’s device, which helps organizations comply with local data privacy laws across jurisdictions.”
iComplyKYC is a next-generation, web3 ready, KYC solution that is built from the ground up to support true data privacy and can be deployed within minutes. All of this is designed to save clients money on implementation and ongoing maintenance while allowing operations teams to gain a 360-degree view of identity resolution, KYC and AML compliance, and ongoing access management.
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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
Customer identification is a critical process for financial institutions and businesses to verify the identities of their customers, mitigate risks, and ensure compliance with regulations. Accurate customer identification helps...
In an era where digital fraud is increasingly sophisticated, liveness detection technology has emerged as a critical tool for enhancing security. This technology ensures that the biometric data provided during identity...
Digital onboarding has revolutionized the way financial institutions and businesses welcome new customers. By leveraging technology, organizations can streamline the onboarding process, enhance user experience, and ensure...
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
Customer identification is a critical process for financial institutions and businesses to verify the identities of their customers, mitigate risks, and ensure compliance with regulations. Accurate customer identification helps...
In an era where digital fraud is increasingly sophisticated, liveness detection technology has emerged as a critical tool for enhancing security. This technology ensures that the biometric data provided during identity...
Digital onboarding has revolutionized the way financial institutions and businesses welcome new customers. By leveraging technology, organizations can streamline the onboarding process, enhance user experience, and ensure...
Fireside Chat: How Compliance Changed in 2020 – Year in Review: AMLD5 and its Global Impact
Date: Thursday, December 17, 2020 | 10am PST – 1pm EST – 7pm CET
The business of compliance shifted significantly in 2020. From broadening the requirements under AMLD5 to the worldwide restrictions imposed by the COVID-19 pandemic…the traditional nature of compliance has changed forever.
With the majority of financial services providers moving to online interaction with clients, how have organizations adapted to stay in business, and what will they need to succeed in the “new normal” of 2021 and beyond?
Join our live chat on “How Compliance Changed in 2020: AMLD5 and its Global Impact” as we discuss:
The true impact of AMLD5 requirements
Anticipated changes expected with AMLD6
The unexpected impact of COVID-19 on both compliance teams and clients
What’s coming next in the compliance landscape in 2021
We welcome you to join us for this free Fireside Chat on December 17th at 10am PST / 1pm EST featuring a live panel of trusted thought leaders.
Gueorgui Gotzev | International Counsel, Kohler Gotzev
Gueorgui has a broad academic and operational experience in capital markets, bank & finance, alternative investment funds, distributed ledger technology (DLT), and Virtual Asset Services Providers (VASPs). He helps restructure, digitalized, optimize, and outsource any part of a fund’s investment management and central administration burdens. He loves consulting on process optimization and investor onboarding automation, KYC, AML/CFT, and CRS/FATCA compliance. Gueorgui holds an LL.M. in International Financial Law from the University of Paris 1 – Panthéon Sorbonne and has completed a full qualification course in Luxembourg law (CCDL) from the University of Luxembourg.
Biba Homsy | Founder, Homsy Legal
Biba is the Founder and CEO of Homsy Legal, an independent legal firm that specializes in AML regulations, with a focus on fintechs. As former Head of International Cooperation at FIMNA (the Swiss Financial Market Supervisory Authority) and former Chief Compliance Officer of Credit Suisse, Biba boasts an extensive background in the regulatory landscape that affects financial services providers and capital markets. Currently, she serves as Co-founder and board member of OpenVASP Association and has served as chair of both ALCO’s (Association Luxembourgeoise des Compliance Officers) Blockchain Crypto Working Group and Crypto Valley Association’s Regulatory Working Group.
Nicky Gomez | Partner, XReg Consulting
Nicky Gomez is a Partner at XReg Consulting, a group of former regulators with practical experience in formulating public policy and developing regulation for Distributed Ledger Technology (DLT) and virtual assets. Nicky developed a reputation for his pragmatic approach to regulation during his time at the Gibraltar Financial Services Commission (GFSC), where he helped lead the design and implementation of the strategy, policy, and legal framework that delivered the world’s first bespoke regulatory framework for firms that use DLT. He also actively supported the development of the DLT industry in Gibraltar, which today hosts world-leading Virtual Asset Service Providers.
About iComply 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
Fireside Chat: Navigating the Complexities of Beneficial Ownership
Date: Thursday, November 26, 2020 | 10am PST – 1pm EST – 7pm CET
Customer due diligence on the ultimate beneficial ownership (UBO) of a legal entity is a complex and time-consuming process.
Definitions of a UBO varying greatly across jurisdictions, opaque company structures, and the lack of verifiable entity ownership data from trusted sources—all these factors create significant challenges for compliance teams, especially when transacting with corporations across several countries.
Join our live November fireside chat, “Navigating the Complexities of Beneficial Ownership: The Challenges of UBO Due Diligence“, as we host industry thought leaders and experts to discuss:
The process of gathering, evaluating, and validating data from UBOs against trusted sources
Differentiating between % of ownership and % of control
Challenges of international UBO identification
Best practices in customer due diligence for remote, non-face-to-face transactions
We welcome you to join us for this free Fireside Chat on November 26th at 10am PST / 1pm EST featuring a live panel of trusted experts from around the globe.
Gene DiMira | Chief Identity Officer, The AML Shop
As one of Canada’s leading voices in the anti-money laundering industry and digital identification space, Gene has designed, implemented, and sustained AML/ATF programs digital identity programs both nationally and internationally. His background in systems, operations, and compliance controls spans financial planning firms offering securities, banking, and insurance products. His compliance focus progressed with Manulife, where he most recently served as the Head of Global Compliance AMLATF program. He currently volunteers with several organizations such as the DIACC Outreach Expert Committee, ACAMS International Sanctions Task Force, and the International Institute of Finance’s Digital Trust Initiative.
Dimitrij Gede | Founder, Anagram Compliance
Dimitrij has held specialized roles within the Luxembourg banking sector which have given him a robust perspective on the vital nature that regulation plays within traditional and decentralized markets. Dimitrij has extensive experience in compliance monitoring programs, screening and AML/KYC procedures, and client onboarding while keeping abreast of regulatory changes and identifying potential exposures to organizations. Adept in project management and problem resolution, he led the creation and management of a KYC department for a major German bank and liaised with several international partners to ensure that the bank’s KYC procedures enabled smooth client onboarding.
Matthew Unger | Founder & CEO, iComply
Matthew Unger is the founder and CEO of iComply. After exiting a successful wealth management firm at 26, Matthew has become a recognized thought leader in fintech and regulation with over a decade of experience in advisory and technical positions in Canadian financial technology. Matthew has studied blockchain, AI, and Business Strategy at MIT. He is an active member of DIACC, Surfrider Foundation, and is an internationally recognized public speaker on fintech regulation and compliance. As an author, Matthew has been published in The Economist, Forbes, and Finance Magnates.
About iComply 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
“Chandy,” is a technology and risk expert with executive experience at Boston Consulting Group, Citi, and PwC. With over two decades in financial services, digital transformation, and enterprise risk, he advises iComply on scalable compliance infrastructure for global markets.
Thomas is a global tax and compliance expert with deep specialization in digital assets, blockchain, and tokenization. As a partner at MME Legal | Tax | Compliance, he advises iComply on regulatory strategy, cross-border compliance, and digital finance innovation.
Thomas is a renowned identity and cybersecurity expert, serving as CTO of Connection Science at MIT. With deep expertise in decentralized identity, zero trust, and secure data exchange, he advises iComply on cutting-edge technology and privacy-first compliance architecture.
Rodney is the former President of ADP Canada and international executive with over two decades of leadership in global HR and enterprise technology. He advises iComply with deep expertise in international service delivery, M&A, and scaling high-growth operations across regulated markets.
Praveen is a serial entrepreneur and technology innovator, known for leadership roles at Lucent Bell Labs, ChargePoint, and the Stanford Linear Accelerator. He advises iComply on advanced computing, scalable infrastructure, and the intersection of AI, energy, and compliance tech.
Paul is a Canadian RegTech leader and founder of Maple Peak Group, with extensive experience in financial services compliance, AML, and digital transformation. He advises iComply on regulatory alignment, operational strategy, and scaling compliance programs in complex markets.
John is a seasoned business executive with senior leadership experience at CIBC, UBS, and Accenture. With deep expertise in investment banking, private equity, and digital transformation, he advises iComply on strategic growth, partnerships, and global market expansion.
Jeff is a former CFTC official and globally recognized expert in financial regulation, fintech, and digital assets. As founder of Bandman Advisors, he brings deep insight into regulatory policy, market infrastructure, and innovation to guide iComply’s global compliance strategy.
Greg is a seasoned investment banker with over 35 years of experience, including leadership roles at BMO Capital Markets, Morgan Stanley, and Citigroup. Greg brings deep expertise in financial strategy and growth to support iComply's expansion in the RegTech sector.
Deven is the former President of S&P and a globally respected authority in risk, data, and capital markets. With decades of leadership across financial services and tech, he advises iComply on strategic growth, governance, and the future of trusted data in AML compliance.
