The 4 elements you need in your ideal KYC and AML Solution

So, you’re looking for an ideal KYC and AML solution – a platform which will help streamline your compliance processes while managing those ever-more complex regulations.

Your search is entirely understandable: KYC and AML regulations are increasing seemingly by the day, and being complaint with regulatory agencies is vital. Meanwhile, corporations that still use legacy solutions or other obsolete methods are putting themselves at huge risk of receiving fines that can – and have – terminated operations overnight!

But choosing the best solution – the software that matches the needs of your company and your staff – can be a real challenge. What elements do you absolutely require? What happens if you don’t have these elements? And where do you turn for help?

Here, our experts in digital compliance transformation give you a quick, simple guide to the 4 elements you need from your ideal KYC and AML solution.

1. Compatibility and Adaptation

First and foremost, your ideal solution should be able to adapt to any organisational structure while complementing existing software.

If the solution you’re planning to implement requires an extreme makeover of your existing compliance structure, then it simply does not reflect your actual needs. Terminating all running processes (including, perhaps, processes which may not need to change) is hugely inefficient in terms of both time and cost, and could throw your existing compliance processes and officers into total disarray.

Ensure you’re looking at a solution which is compatible with your company, and adapts to your needs. Anything else is a red flag.

2. Automation into Implementation

Since regulatory technology solutions first appeared in the mid-2010s, the compliance environment has changed drastically. And this technology has advanced so rapidly over the last decade, it would be foolhardy (and risky) for any business to ignore.

Automation is the key here, and the solution that will work for your compliance office should always feature advanced rules enhanced by machine learning. With automation at your fingertips, those resource-intensive tasks (such as risk management, compliance checks, identity management, transaction monitoring and regulatory reporting) will become mere routine – effortlessly implemented by automated technology.

3. Impeccable Transaction Monitoring

With the variety and complexity of transactions on the rise, monitoring your clients’ transactions can be extremely frustrating.

Add to that the fact that the leading cause of AML fines is a lack of transaction monitoring, and you should be looking for a solution which effortlessly monitors all transactions with perfect accuracy.

Machine-learning, which offers effortless automation and impeccable real-time transaction monitoring, is a prerequisite here: you need a solution that can analyse the transactional behaviours of your clients and distantly deliver comments and alerts.

4. Globalised Identity and Document Verification

With a plethora of identity verification and screening software on the market, securing a platform with advanced liveness detection and video identification is no longer a trial. But many companies fail to look beyond the basics, and suffer in consequence…

What really sets your document and identity verification solution apart is its access to data. If your verification capabilities restrict you from onboarding clients based in certain jurisdictions, your market is instantly reduced – a limitation you do not need in this digitised, globalised era.

Instead, your optimal regtech software must provide access to international governmental databases and utility lists, allowing your business to be conducted on a multi-jurisdictional scale.

At iSPIRAL we help hundreds of financial institutions enhance their compliance processes via our state-of-the-art KYC & AML solutions, such as RegTek+.

Our robust onboarding, KYC & AML solution is enhanced with the latest technologies such as advanced analytics and machine learning, so it delivers seamless automation, accuracy and time efficiency, and can access global databases to verify 4.5 billion identities and 6 billion people via video identification.

Offered as both an on-premise and SaaS solution, this innovative software has been designed to fit seamlessly into any organisational structure.

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