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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.