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Identify and Protect: Digital Identity Verification with iComply

Jun 3, 2022 | Blog, KYC

In a world increasingly reliant on mobile devices, tablets, and computers to navigate everyday life and business, identity verification is an invaluable asset for businesses when it comes to preventing fraud, money laundering, and terrorist funding. As cyber-crime continues to adapt and skyrocket, businesses must establish adequate Know Your Customer (KYC) and Due Diligence (CDD) protocols.

As a key part of digital securities, Electronic Identity Verification (eIDV) helps to reduce your risk exposure and establish an even playing field for businesses, natural persons, and third-party entities alike. With transparency and trust, on the table, establishing solid working relationships built on a shared (and verified) understanding is simple.

At iComplyKYC, we know the value of transparency when it comes to expanding your client base, as well as when onboarding new members to your team. Our team is proud to partner with businesses across the globe to provide access to our innovative modular suite of KYC products that streamline electronic identity verification and make it easy to move forward with confidence.

Below, we’ll explore the importance of Electronic Identity Verification (eIDV) in an ever-adapting global market, as well as the benefits of partnering with iComply.

Who Are You Doing Business With?

It’s no secret that today’s market faces a higher risk than ever before when it comes to fraud and major crimes like money laundering, etc. With the UN (conservatively) estimating that approximately 2-5% of the global GDP (approximately $800 billion – $2 trillion USD) is being laundered or rerouted annually for illicit purposes, there is a clear and ever-present need for enhanced due diligence and identity verification protocols when it comes to vetting your customers and prospective employees. Know Your Customer, better known as KYC protocols, serve as a significant line of defense against fraudsters and financial crime, and have become increasingly required by major regulators globally in an attempt to lower risk and stop criminal activity. The core objectives of standard KYC processes and protocols are to:

  • establishing a valid customer identity;
  • evaluating a customer/prospect’s activities and associations for alignment concerns (e.g. any known ties to terrorist or illicit organizations); and
  • assessing a wide range of risks to build an accurate risk profile, including full background details, ties to money laundering, risk of sanctions and judicial orders, previous fraudulent activities, and more.

At their core, KYC and eIDV seek to answer 3 key questions:

  1. Does this person (or entity) exist?
  2. Are they who they say they are?
  3. Is it safe to do business with them?

By clearly and accurately identifying and assessing key pieces of information about otherwise unknown entities, you can reduce your overall risk exposure and empower your team to forge strong relationships with the right parties…avoiding headaches, maintaining regulatory standards, and creating a better foundation for all involved parties to succeed.

Cost-Effective Electronic Identity Verification Solutions

Designed with the unique needs and challenges of identity verification in mind, iComplyKYC gives you access to a comprehensive suite of modular KYC products that make it easy to tailor your workflows to your requirements. From onboarding to conducting enhanced due diligence on high-risk clients and more, our software is easy to integrate into your existing system and can be configured within a matter of minutes. With fast and efficient results you can trust, iComplyKYC allows you to focus on the ins and outs of running your business while reducing the cost of running ID verification and KYC protocols by up to 80%.

As one of the most versatile, efficient, and dependable solutions on the market, iComply is your leading choice for KYC software and electronic identity verification in the US, Canada, and the UK.

Book a demo with our team today to learn more about iComplyKYC’s range of solutions, and how our platform can be customized to fit your organization.

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