Identity verification firm Socure and Baker Tilly completed an audit of Socure’s Intelligent KYC solution aiming to verify its product accuracy verification and regulatory compliance.
The audit evaluated how the solution works, verified its accuracy and assessed it against the model risk management supervisory framework.
After careful evaluation, the audit said that Socure’s Intelligent KYC product met the CIP requirements and model risk management expectations required by financial institutions. Furthermore, it satisfied regulatory compliance therefore creating additional assurance for clients held to the USA PATRIOT Act’s requirements.
Commenting on Baker Tilly’s audit, Socure senior director of product management Josh Linn said, “There was a recurring question asked by our customers and prospects that clearly needed to be answered, ‘How could we ensure that Socure’s RegTech solutions will satisfactorily support their AML compliance?’
“Baker Tilly’s holistic assessment of the entire customer journey — combined with regulatory clarity and rigorous testing — now certifies how we do exactly that.”
Highlighting the importance of regulatory compliance for financial companies, Baker Tilly partner Mark Boettcher said, “It has become imperative that the technology companies entering into the financial services sector are able to demonstrate assurance that their financial technologies are delivering on their commitments and that their internal control processes are sufficient for risk mitigation.”
According to Socure founder and CEO Johnny Ayers, the solution had to be held to the highest standards through third-party verification. “Now, our customers can be confident that our products are meeting their compliance requirements. It’s not just about Socure delivering the most accurate and comprehensive solution on the market, it’s also about being fully compliant and auditable to our client’s regulators,” Ayers said.
To ensure the Intelligent KYC solution is able to incorporate millions of mainstream and hard-to-identify populations, Socure’s used diverse and inclusive data sources and intelligent-rank decision outputs. This methodology allows Socure’s customers to increase auto-enrolment rates, reduce manual reviews and maintain compliance.
Copyright © 2018 RegTech Analyst
