In today’s constantly changing regulatory environment, staying on top of current requirements and knowing exactly who you're dealing with at the end of each transaction is key. Key to fighting fraud, avoiding findings, fines from regulators, and potential risks to your reputation. Your primary focus should always be on growing your business—not just on shielding your institution from bad actors and the regulatory labyrinth. But proper Know Your Customer (KYC) and Anti-Money laundering (AML) programs need to be in place to ensure that your institution is not enabling illicit activities such as money laundering, fraud, terrorist financing, human, and drug trafficking. Digital Identities and partnership ecosystems can severely reduce these risks, and more importantly, help you stay in business and focus on thriving.
As part of a strong AML program, you need a solid KYC process. The IdentityMind process is designed around answering 4 critical questions:
1. Is it a real user?
2. Is it authorized to use the data it presented?
3. Can you do business with it?
4. What is the risk of doing business with it?
Only through IdentityMind’s platform and market-leading partnership ecosystem can you capture various data attributes in one easy to view place for real time risk analysis and assessments for operational efficiency and institutional soundness. Protect your institution from bad actors and the fear of regulatory scrutiny. IdentityMind can be your peace of mind. Find out how: