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.
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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.
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By GlobalDataEverCompliant 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.”
