There are a variety of approaches advised by economic experts, federal authorities, and even international financial compliance bodies like FATF and Interpol to reduce AML/KYC risks.
The rise in economic crime within the finance and banking sectors during the pandemic has been an eye-opener, alerting many businesses to streamline their KYC and customer identification processes.
Additionally, the overall spike in the country-wise AML risks further reinstates the importance of establishing and maintaining a vigorous Know Your Customer procedure within an organization.
When an organization within the banking, financial, insurance, and other monetary-based industries, deals with an increased in-flow of individuals and entities regularly, the risk of money laundering, terrorism funding, and identity theft is heightened.
The following will discuss in detail the role Compliancely plays in reducing and saving time for businesses in Know Your Business due diligence segment. But before we get to that part, here’s a little background on Compliancely.
Compliancely is a real-time identity verification infrastructure designed to power businesses with a digital verification interface that allows them to identify individuals and entities by the official government records. Compliancely helps you validate the identities of an individual across all spheres of compliance, including but not limited to tax, finance, business, and civil.
Now that you have some context of our identity validations solutions, read along to understand how our solutions empower your identity verification and customer identification processes.
The identity validation infrastructure can be scaled according to your identity verification requirements and priorities.
Compliancely is a highly scalable real-time identity verification infrastructure. This means businesses can incorporate Compliancely in a variety of Know Your Client, Know Your Customer, and Know Your Business processes.
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Here’s a list of all the checks provided by Compliancely