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’re operating.
There have been many instances in the past 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.
If you have been paying attention to the recent survey responses from businesses and investors alike, you would understand that businesses are at a high risk of onboarding unverified profiles and tolerating “grey hat” activities, which lean towards risk.
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.
The U.S. has passed several AML laws and banned shell companies  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.
So, how do businesses get there? What kind of tools and mechanisms should businesses incorporate to establish KYC compliance and maintain it?
The following will discuss the real-time dynamic identity verification API infrastructure of Compliancely and how it helps businesses assess and prevent risks.
Identify High-Risk Profiles At The Door
When your business collects proof of identity as a part of the Know Your Customer process, you’re halfway there. You can use the information provided by the incoming profile and check the validity of the information.
For example, the social security number or TIN of an entity can be easily verified with the IRS TIN Match database, which will help you understand if the incoming profile is in good standing with the IRS.
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.
Our checks give you insights into better understanding your profiles, assessing risk, and make informed decisions for your business.
Validate Results With Authorized Data Lists
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.
- IRS (Internal Revenue Service)
- U.S. Treasury Department
- CIA (Central Intelligence Agency)
- U.S. Department of Commerce
- Social Security Administration
- USPS (U.S. Postal Service)
- System for Award Management (SAM)
- General Services Administration (GSA)
- Office of Inspector General, Health & Human Services
- United States Department of State
- SOS (Secretary Of State)
- European Union External Action Service
Identify Profiles With Real-Time Identity Records
What’s the point of being able to access the official records of the federal agencies if you’re not able to get real-time results? Our checks allow you to validate the identities of your profiles in real-time, meaning as updated in the current time on the official records. This way you’re able to base your decisions on the most recent information, leaving no room for outdated or historic information.
Our identity verification infrastructure is dynamic as they are real-time. This means our records are in ‘sync’ with the official records, allowing you to gather the latest information for your checks.
17+ Identity Checks To Accelerate Your Due Diligence Operations
When it comes to vetting a recruit for an important position or partnering with a new entity for investments, or onboarding a high-risk customer for your bank, a basic identity check just won’t do.
You will need multi-level checks which will allow you to assess risks from several perspectives, including but not limited to business, social, financial, and civil risks. With 17+ real-time identity checks, you are powered to validate a profile thoroughly before you decide to onboard them into your organization.
Here’s a list of all identity verification checks offered by Compliancely.
- TIN & Name Match
- OFAC Watch List
- European Sanctions List
- Death Master File
- Specially Designated Nationals
- Politically Exposed People
- IRS Tax-Exempt Org. Search
- Foreign Account Tax Compliance Act (FATCA) List
- Address Validation
- Denied Persons List
- SOS Business Entity Search
- Consolidated Sanctions
- Arms Export Control Act
- Foreign Sanctions Evaders List
- Excluded Parties List System
- List Of Excluded Individuals/Entities
- Designated Foreign Terrorist Organizations
If you want to validate profiles against a data list that is not listed above, you can request customized checklists here.
Bulk Profile Verification – Save Time & Resource Exhaustion
With identity verification API solutions, your customer identifications are powered by a team of identity verification experts, who will coordinate with your team to gather the customer/vendor lists and verify the profiles on your behalf.
The succeeding results and reports will be generated and shared with you to help you get a comprehensive view of the profiles, their real-time status, and other insights.
You can also bulk-check profiles without our API. If you have your customer/vendor profile data ready, you can import the data to Compliancely and start your checks.
Conduct 100,000+ checks a day and get the check results within 30 seconds or less. You can also access the auto-generated reports to gain insights into your profiles. With the API, however, there are no limits on the number of checks conducted in a day.
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