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.
What Is 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.
What Compliancely Does For Your Business?
- Validates the details you have provided against the authorized records of the IRS, U.S. Treasury Department, European Sanctions, and more to help you verify the details.
- Helps you verify 100,000+ profiles in a day
- Helps you verify the profile details in real-time per the authorized records
- Helps you assess the risk a profile could bring through 17+ unique checks
- Improves risk assessment and scrutiny
- Accelerates customer identification process & due diligence
- Improves profile approval rates
The identity validation infrastructure can be scaled according to your identity verification requirements and priorities.
How Does Compliancely Reduce KYB Due Diligence?
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.
- Users can upload their customer data through the available data management integrations. The uploaded data can be further organized by the due diligence criteria. The profile assessment processes of an organization allow them to gain insights into assessing the profile risks further.
- A simple address validation and TIN match checks will allow the user to understand if the profile brings any risk. The businesses are in control of accelerating the customer due to diligence processes.
- Checks like IRS TIN Match, USPS Mailing Address Validation, OFAC, FATCA, Politically Exposed People, Death Master File, Foreign Sanctions Evaders List, and more, help businesses with accelerating due diligence procedures.
- The AI-powered API solutions offered by Compliancely allow businesses to automate their KYB processes, reduce the manual workload in due diligence procedures, and improve organizational productivity.
How To Get Compliancely For Your Business?
Sign up here and allow at least 48 hours for our support and sales teams to get in touch with you.
Alternatively, you can contact Compliancely directly through phone or email or live chat service here
Here’s a list of all the checks provided 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