This quarter we're vibing on Operational Resilience as UK financial services regulators are sharing policy statements designed to help the industry protect customers, the FinTech ecosystem and the wider market from unforeseen factors.
If you are currently in the process of deciding whether to buy or build your compliance solution to help manage and automate KYC and AML processes, let PassFort give you a few things to consider.
Automatically verifying someone's ID is the first building block in digital KYC & AML due diligence. So, what should you look for in the tech you use and why is it important?
Electronic identity checks verify an individual's identity, address, or tax status by matching them in online sources to establish a digital paper trail. And it leads to better KYC processes for compliance teams and new customers.
Financial services firms have to define, implement and manage their approach to AML. Firms need to be able to detect and report money laundering or suspicious activity. This duty starts when onboarding new customers, but it doesn’t end there. So, what does constitute a solid approach to AML throughout a customer's lifecycle?
Using automation to complete your customer onboarding journeys means processing more applications more quickly, while complying with any form of regulation in any jurisdiction for any product. Smart!
PassFort Connect is our latest solution that offers a world of data providers to build into your workflow of onboarding checks through a single integration. A first step on the path to digital KYC.
5years ago, Donald Gillies, PassFort's co-founder & CEO, wanted to transform the way trust and compliance were managed online. From that vision to the realities for our regulated customers today, PassFort is changing and growing CLM one process at a time.