{"id":1991,"date":"2021-09-10T10:30:00","date_gmt":"2021-09-10T10:30:00","guid":{"rendered":"http:\/\/3.229.211.58\/?p=1991"},"modified":"2024-09-03T09:19:40","modified_gmt":"2024-09-03T09:19:40","slug":"effective-kyc-compliance-api-with-compliancely-real-time-identity-api","status":"publish","type":"post","link":"https:\/\/compliancely.com\/blog\/effective-kyc-compliance-api-with-compliancely-real-time-identity-api\/","title":{"rendered":"Effective KYC Compliance API with Compliancely Real-Time Identity API"},"content":{"rendered":"\t\t
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Due to the sensitized conditions surrounding the business onboarding processes, businesses must focus on identifying and preventing money laundering, identity theft, and related threats that compromise the security of the company and worse, even the country from which they\u2019re operating.<\/p>\n

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There have been many instances in the past<\/a> where businesses lost their operational rights for creating safe havens for money launderers and terror funding groups and organizations. Unintentional or otherwise, these businesses are still prohibited from operating in part or in full in the U.S.<\/p>\n

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If you have been paying attention to the recent survey responses<\/a> from businesses and investors alike, you would understand that businesses are at a high risk of onboarding unverified profiles and tolerating \u201cgrey hat\u201d activities, which lean towards risk.<\/p>\n

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The profiles that you onboard may not all be customers. Sometimes, high-risk profiles could be onboarded as recruits, referrals, vendors, business partners, associates, contractors, entities, and other parties.<\/p>\n

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The U.S. has passed several AML laws and banned shell companies [1<\/a>] with anonymous investors in recent years, reasserting its stance on AML and KYC compliance. The gist of this move is to reiterate that businesses must comply, and they will be held accountable for non-compliant conduct.<\/p>\n

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So, how do businesses get there? What kind of tools and mechanisms should businesses incorporate to establish KYC<\/a> compliance and maintain it?<\/p>\n

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The following will discuss the real-time dynamic identity verification API infrastructure of Compliancely and how it helps businesses assess and prevent risks.<\/p>\n\n

Identify High-Risk Profiles At The Door<\/strong><\/h4>\n\n

When your business collects proof of identity as a part of the Know Your Customer process, you\u2019re halfway there. You can use the information provided by the incoming profile and check the validity of the information.<\/p>\n

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For example, the social security number or TIN of an entity can be easily verified with the IRS TIN Match<\/a> database, which will help you understand if the incoming profile is in good standing with the IRS.<\/p>\n

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Similarly, when a profile has been sanctioned by the U.S. Treasury Department, you will be able to view the profile in a variety of sanction lists, such as Blocked\/Denied Person List, Specially Designated Nationals, OFAC Watch List, and more.<\/p>\n

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Our checks give you insights into better understanding your profiles, assessing risk, and make informed decisions for your business.<\/p>\n\n

Validate Results With Authorized Data Lists<\/strong><\/h4>\n\n

Compliancely allows you to check the real identities of individuals and entities per the official records. We help businesses with verifying the real identities of profiles with select databases and watch lists of the federal agencies as follows.<\/p>\n

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