EverCompliant, a transaction laundering detection and prevention startup, has released a new eKYC Discovery tool.
This new service will help address the potential gaps in the Bank Secrecy Act and Anti-Money Laundering-mandated Know Your Customer (KYC) processes, according to the company.
EverCompliant investigated the market to illustrate the scale of the issue around lacking online KYC programs. Through an AI-powered study, the company reportedly found more than one million sites which seem to be engaged in improper and potentially illegal activity, while collecting money through a ‘front’ website.
According to EverCompliant, these sites can thrive because criminals can covertly enter the financial ecosystem and have financial transactions processed due to limitations of KYC solutions.
Through its new eKYC Discovery tool, financial institutions, money service providers, and government officials will be able to access deeper insight to a corporate customer’s complete profile. The solution can analyse the internet for ‘hard-to-find, potentially hidden connections to sanctioned countries, illegal businesses, and risky business associations.’
The technology is an API-driven, data-query tool which can work with existing KYC services.
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 organization, 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.”
EverCompliant helps to tackle transaction laundering where fraudsters are taking advantage of payment ecosystems by funnelling transactions through legitimate merchant accounts.
The process is based on the same principle as money laundering by obscuring the true origins of funds and/or transactions.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
