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Identity Verification

Reduce Time Spent On Verifying Customers From Days To Seconds

Businesses often focus on verifying the incoming profiles; be it employees, independent contractors, or associates. This is primarily to avoid onboarding profiles with potential risk and/or non-compliant history. When you apply this logic to the banking industry, you can see a rising trend in adaptability to identity verification API solutions.


Risk is the crux of this big picture.


And factors such as violation of federal security and its protocols, compromising privacy frameworks, rising trends in identity theft, and fraudulent monetary activities, are all indicative of an emerging trend that wants to defy the misuse of the financial ecosystem.


Due to the pandemic, trends in financial fraud and identity theft have surged around the world. The financial ecosystem; mainly the banking institutions are at high-risk.


To counter this, global and federal monetary custodians have issued AML (Anti-money laundering) and ATF (Anti Terrorism Financing) directives, which focus on investigating the incoming profiles (individuals and entities) in accordance with the federal regulations and guidelines. This risk assessment exercise aims to create and establish a functioning and compliant relationship between a bank and its customers.


KYC (Know Your Client/Customer) and KYB (Know Your Business) processes are critical for identifying, validating, and verifying the real identities of individuals and entities in terms of assessing risk and compliance compatibility.


However, the current KYC, CIP, and due diligence procedures are painfully slow due to the comprehensiveness of the investigations and the turnaround times. And factoring in elements like sources of information, feasibility, and cost constraints, the current banking ecosystem needs an uplift to accelerate these processes and bring into action the power of real-time identity records.


Compliancely is one such identity compliance enabler that allows enterprise industries to verify millions of profiles in less time.


The following will discuss how Compliancely’s identity verification infrastructure can help banks verify and validate the identities of incoming profiles and how the time-effective solutions accelerate identity verification from days to seconds.


So, let’s get to it.


Verify Customers in Real-Time


Compliancely’s dynamic identity verification infrastructure allows you to verify millions of profiles in real-time. Since we’re connected directly with the source, your verification searches are met with accurate results in accordance with the official records of the federal agencies.


This means there are no other third parties involved, giving your searches the security, accuracy, and privacy they need.


Compliancely’s data lists are in sync with the official data lists. This means, as and when the identity records are updated in the official data lists, our data lists are automatically updated in real-time, giving you the most accurate results.


What’s more? Compliancely automatically re-screens profiles for duplicated records and historic data to ensure that your search inquiries are met with the most accurate real-time results.


Simplify Bulk Profile Checks


Compliancely is a powerhouse of identity checks that allows you to check and validate profiles in bulk. This means you can check as many as 100,000+ profiles in a minute, giving your due diligence and KYC processes the speed they need.


With customized data management integrations, you can easily import your bulk data and select from the list of KYC and KYC checks that apply for your use case. Compliancely will run the profiles by the official data lists in real-time with a turnaround time of just 1 minute or less. You can even opt for API services to expand your search bracket and outsource your bulk identity verification operations.


Compliancely is highly scalable. This means you can expand your bulk check queries by increasing the volume of search and check types.


Verify Profiles with Multiple Identity Checks


Compliancely offers a comprehensive list of identity checks, such as TIN matching, OFAC watch list, Specially Designated Nationals, FATCA, and more. With over 17+ real-time identity checks, banks can investigate and assess the risk spectrum of a profile and conclude if a certain profile can be approved.


  • 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


These consolidated identity checks allow banks to identify and validate a profile from a variety of perspectives, including but not limited to tax compliance, civil compliance, business compliance, statutory compliance, regulatory compliance, AML compliance, ATF compliance, KYC compliance, and more.


When every profile you plan on onboarding undergoes a strict set of compliance checks, your customer identification procedures are powered, which creates an intangible barrier that protects your organization from onboarding high-risk profiles.


Priority KYC/KYB Checks


KYC (Know Your Customer) and KYB (Know Your Business) checks are a set of protocol identity validation checks and processes that businesses must incorporate to assess and prevent risk. Due diligence, enhanced due diligence, customer identification processes, and other regulatory protocols now embrace the perks of KYC verification.


The fundamental job of KYC is to establish a basic relationship between the customer and the financial institution while allowing the entity to verify the incoming profile for any potential risks.


KYC verification requires you to conduct identity checks that lead you to screen a profile for potential risks. This further allows you to approve quality profiles and disprove potentially high-risk profiles.


It’s no secret that identity checks act as layers of security that protect your organization from high-risk profiles and the baggage of risk these profiles bring with them. And Compliancely’s KYC and KYB checks enable you to do just that (and then some).


Explore KYC/KYB Checks


Compliancely is a highly-scalable infrastructure. We understand that different enterprise industries have different identity validation requirements. And we want to address these growing needs with customized checks and extended solutions.


If our current list of checks does not match your search criterion, you can request a specific compliance check and Compliancely will make it happen.


Reduce Workload On Your Internal Teams


Banks deal with a high volume of incoming profiles almost every day. This calls for a dynamic identity verification infrastructure that blends into the ecosystem to accommodate the identity validation influx.


Internal compliance teams of a financial institution are often burdened with a high volume of KYC queries and managing the same in a deadline-sensitive environment can be complex. Compliancely addresses these issues with its time-effective identity verification solutions.


This dynamic identity verification infrastructure allows you to search millions of profiles in real-time, auto-generate the bulk search report, and categorize the profiles in accordance with the results. The turnaround time for results is 30 seconds or less, which speeds the painfully slow customer identification processes from days and hours to minutes and seconds.


Compliancely’s API solutions expand this search experience further by outsourcing their bulk profiles and customizing their checks per the compliance requirements.