The U.S. Financial Crimes Enforcement Network (FinCEN) has proposed new regulations requiring businesses performing Know Your Customer (KYC) checks to collect robust geolocation data. IP addresses alone are no longer sufficient due to their vulnerability to masking and manipulation. This regulatory shift aims to enhance customer verification and strengthen defenses against financial crime.
The Regulatory Shift: Why Geolocation Matters
IP addresses, long used to infer a user’s location, can be spoofed or masked by VPNs and proxies. FinCEN’s latest regulations call for more precise geolocation data as part of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) efforts. This ensures financial institutions can confidently verify where their users are located during key transactions.
iComply’s Advanced Edge-Computing Solution
To help our clients meet these new requirements, iComply has released a significant enhancement to our edge-computing platform, integrating:
- Precise Geolocation Tracking: Uses multiple data points—including GPS and Wi-Fi positioning—for an accurate, real-time user location.
- Device Fingerprinting: Creates a unique device profile based on hardware and behavior to detect fraud attempts and unauthorized access.
- Live Biometric Verification: Confirms that the user completing verification is physically present and matches their registered identity.
Why This Matters to Your Business
- Regulatory Compliance: Stay ahead of new FinCEN requirements with secure, compliant KYC workflows.
- Fraud Prevention: Multi-layered verification methods prevent spoofing and protect customer accounts.
- User-Friendly Experience: Our seamless integrations keep the verification process quick and frictionless for users.
Stay Compliant and Confident
The financial compliance landscape is evolving rapidly. iComply’s latest technology ensures you can meet these stricter regulatory standards without sacrificing security or user experience.
Get in touch today to learn how iComply can future-proof your KYC and KYB processes and keep your business compliant, secure, and trusted by your customers.
