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.