KYC (“Know Your Customer” or “Know Your Client”) is critical for verifying client and customer identities to manage risk in the digital world. Both KYC and compliance protocols have been standard in the banking, credit, eCommerce, and other financial sectors for more than 20 years. However, with the widespread adoption of blockchain and increasingly stringent AML/KYC legislation impacting numerous industries, a growing number of organizations are looking for platforms to conduct the required comprehensive KYC activities.

For those new to the fintech world, many can find it overwhelming to determine precisely what is needed for a robust KYC platform. To help get you started, we’ve shared below an overview of three critical functions any KYC platform must fulfill. Additionally, you can find more information about how iComplyKYC offers a scalable, all-in-one compliance solution suitable for applications across all industries and sectors.

Mitigate Risk

Fundamentally, KYC regulations and practices are designed to mitigate risk for businesses when interacting with their clients. Without adequate procedures in place, your organization could be exposed to threats from identity fraud, money laundering, and other illicit activities that can harm both your brand reputation and your bottom line. A truly robust KYC program will protect your business operations and help your compliance team manage these risks more effectively.

Additionally, clients and consumers are rightfully concerned about their data being compromised in today’s evolving digital marketplace. Sensitive information (including personal identification and confidential documents for legal entities) needs to be protected throughout the compliance process; as such, organizations have a responsibility to both their clients and their stakeholders to gather compliance data safely and securely.

iComplyKYC offers an all-in-one suite of tools to protect both your organization and your clients’ privacy through every stage. Our AI-driven platform provides robust identity verification, anti-money laundering (AML) risk screening, Enhanced Due Diligence, and other intelligent protection measures for your organization. On top of that, our digital architecture includes secure edge computing and client-side data processing to protect your clients’ information, helping you to minimize risk and reinforce trust throughout your back-office compliance workflows.

Maintain Compliance

Mitigating risk is only half the battle when it comes to financial crime and data security compliance. Beyond protecting business operations and clients, your organization also needs to ensure it abides by all applicable jurisdictional regulations, no matter where it conducts business. Admittedly, this can be easy to overlook in today’s global marketplace. However, the penalties for non-compliance can be severe enough to dramatically impact your bottom line, making it essential to ensure your process protects you from penalties, sanctions, lost revenue, and other potential consequences.

iComplyKYC’s comprehensive platform leverages cutting-edge AI and blockchain technology to ensure total regulatory compliance in over 245 jurisdictions worldwide. With the ability to build fully-automated workflows for unique client types, jurisdictional requirements, and other relevant factors, compliance teams of all sizes now have access to a complete modular platform to maintain a 360º view of KYC data across your entire organization. Finally, with the ability to set refresh and review dates, automate escalations, and quickly create reports for all entities and cases, only iComplyKYC provides a truly end-to-end compliance solution for the modern global marketplace.

Streamline Workflows

Compliance can be a highly costly endeavour, no matter the organization or its scope. In addition to the significant financial cost of maintaining a compliance workflow, traditional AML/KYC adjudication techniques represent a substantial labour cost, with some firms spending upwards of 60% of their annual budget on staffing their compliance department alone. In order to make compliance both scalable and sustainable, organizations need tools that enable their teams to streamline and automate back-office workflows to focus on what matters most—your people.

iComplyKYC is engineered from top to bottom to provide a consolidated, end-to-end compliance solution that minimizes processing time without sacrificing security. With forward-thinking solutions that leverage edge computing, artificial intelligence, fuzzy logic, and over 150 million points of reference data, our suite of compliance tools is engineered to facilitate faster processing times, rapid discrepancy resolution, and lower compliance costs that can add value to any organization.

Ready to Discover More?

Contact us today to learn about iComply’s comprehensive, modular compliance solutions or to book a demo with one of our product specialists.