EverCompliant rolls out new tool to address KYC gaps

Thus, the new tool addresses potential gaps in the Bank Secrecy Act and Anti-Money Laundering-mandated Know Your Customer (KYC) processes that could leave financial institutions exposed to criminal activity. The KYC gap allows money laundering, terror financing and many other types of illegal activity and fraud to slip into the banking system, unnoticed, according to the official press release.

To illustrate the magnitude of the issues associated with insufficient online KYC programs, EverCompliant used its AI-powered technology and was able to identify over one million sites that appear to be engaged in improper and potentially illegal activity, while collecting money through seemingly legitimate “front” websites.

EverCompliants eKYC Discovery solution allows for financial institutions, money service providers, and government officials to gain a deeper insight into a corporate customer’s complete profile by analysing the Internet for hard-to-find, potentially hidden connections to sanctioned countries, illegal businesses, and risky business associations. The technology was built to leverage existing KYC investments and infrastructure to keep operations running smoothly, and to help financial institutions prevent fines, regulatory action, and brand damage associated with fraud. eKYC Discovery is an API-driven, data-query tool designed to work instantly and seamlessly with existing KYC solutions and processes.

EverCompliant is demonstrating the capabilities of eKYC DiscoveryTM at booth #708 during ACAMS AML & Financial Crime Conference 2018, October 3-5 in Las Vegas, NV.