Product Overview of KYC2020
KYC2020 is a cutting-edge compliance solution designed to help organizations of all sizes, particularly Small and Medium Size Enterprises (SMEs) and emerging FinTech companies, manage their Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements efficiently.
What KYC2020 Does
KYC2020 aggregates, cleans, and standardizes global data sources, including sanction lists, regulatory enforcement lists, Politically Exposed Persons (PEP) lists, criminal lists, and open government data lists. This comprehensive data aggregation is powered by next-generation technology, aimed at reducing false positives and automating manual workflows, thereby speeding up the customer onboarding process.
Key Features and Functionality
Advanced Screening and Scoring
KYC2020’s flagship product, DecisionIQ™, employs AI technology to dynamically assess search rules, risk thresholds, and watchlist criteria. This ensures robust sanction screening, PEP identification, and adverse media checks, all backed by verifiable and transparent “proof of decision”.
Real-Time Updates and Monitoring
The platform provides real-time updates on sanctions, PEPs, and adverse media data, ensuring that businesses stay ahead of ever-changing regulations. It also features persistent monitoring, allowing for the creation of encrypted customer whitelists that are continuously monitored against daily data changes.
Customizable and Cost-Effective Solutions
KYC2020 offers modular pricing and customizable plans tailored to the specific needs of various industries, including insurance companies and payment providers. This approach ensures that businesses can access a robust, compliant KYC solution without facing escalating costs as their requirements expand.
Seamless Integration and Automation
The platform is designed for seamless integration with existing systems through APIs, automating onboarding processes and enhancing workflows. This automation simplifies compliance tasks, making them efficient and streamlined.
Data Security and Compliance
KYC2020 is ISO27001 certified for information security, ensuring that sensitive data is handled with utmost care and protection. The platform is also fully GDPR compliant, meeting the highest standards of data protection. Additionally, it provides full audit trail transparency, recording every step of compliance processes in real-time.
User-Friendly Interface and Productivity Tools
The interface is stable, user-friendly, and designed to enhance productivity. Features include pattern-based filters, information centralization, bulk clearing and annotation, and segregated user roles, all aimed at improving case review speed and productivity at scale.
Industry-Specific Solutions
KYC2020 caters to various industries, including:
- Insurance Companies: Enables easy compliance with AML regulations through robust sanctions, PEP, and adverse media screening.
- Payment Providers: Streamlines searchability for businesses and beneficial owners, ensuring compliance without compromising on speed or accuracy.
In summary, KYC2020 is an all-in-one platform that leverages advanced technology to simplify AML/KYC compliance, reduce costs, and enhance the efficiency of customer onboarding processes, making it an invaluable tool for businesses across different sectors.