As the pandemic elevates the threat of fraudsters and money launderers, who are becoming increasingly shrewd, RegTech AML specialist Kompli-Global has announced that it has outsourced Know your Customer (KYC) solution, Kompli-Outsource.
The launch seeks to harness the latest augmented intelligence and human expertise to provide the most up-to-date information for regulated entities during the onboarding process. Kompli-Outsource will help those companies by doing the ‘heavy lifting’, thus allowing them to focus on what they do best and generate much-needed revenue.
Martin Pashley, Chief Commercial Officer at Kompli-Global, emphasised: “In these challenging times, companies have enough on their plate ensuring they generate revenue for their businesses. Our technology and expertise in KYC due diligence will enable such organisations to remain compliant and focus on what they do best.”
He added: “By giving us some basic client information, our technology and expertise delivers comprehensive onboarding reports that mean regulated entities, whatever their sector, can be more confident that they keep criminals out and avoid fines for non-compliance.”
Marrying together the two techs will be achieved first by basic corporate KYC due diligence reports, delivering AML due diligence information relating to a company and its people.
The reports are completed via Kompli-Konnect for corporate ownership structure verification, UBO, PSC and principal officer identification and CRN, registered address and shareholder confirmation.
Additional checks include PEP, sanction & enforcement watchlists on all subjects, including adverse media search, as well as identity verification for proof of ID, proof of address and document authentication, facial recognition and liveness confirmation.
Expert Analysis: The heightened focus on KYC and harnessing tech and AI couldn’t come at a more pivotal time, as companies seek to navigate through a period that has seen the threat of fraud elevated significantly.