Business cyber intelligence specialist EverCompliant has introduced a new tool called eKYC Discovery to address loopholes in the Bank Secrecy Act and Know Your Customer (KYC) processes often overlooked by financial institutions.

The new tool is developed to mitigate the threats of money laundering and terror financing that slip into the banking system through the loopholes.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Additionally, it will also help banking institutions to avoid fines and regulatory action associated with such frauds, the company said.

Conventional KYC procedures enable the banks and other financial institutions to assess the financial dealings of the customers. Accordingly they manage both regulatory and brand risk to their business.

However, the firms do not consider the customers’ online presence thereby ignoring key risk factors. The eKYC Discovery solution enables the financial institutions to understand the customer’s complete profile by analysing potentially hidden connections to sanctioned countries, illegal businesses and risky businesses.

An API-driven data-query tool, the eKYC Discovery utilises existing KYC investments and infrastructure to work.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

EverCompliant founder and CEO Ron Teicher said: “The current KYC solutions on the market don’t offer the capability to evaluate the online presence of an organisation, leaving gaps for bad actors to exploit.

“Our technology helps make the world safer by enabling our customers to easily identify high-risk entities through online verification and prevent dangerous criminals from entering our financial system.”