KYC / AML - Fraud.net

KYC & AML

$2.1 Trillion

is illegally laundered annually, according to the IMF

90%

of Europe’s biggest banks have been sanctioned for money laundering

31%

of the participating financial institutions use a centralized source of information to collect and analyze KYC information

Enhanced due diligence

Learn More

A strong KYC / AML program – the process to confirm your customer’s identity and accurately predict the potential risk of that customer conducting illegal activities, including money laundering through their account – is critical for all organizations making or receiving payments over the internet, not limited to banks, crypto exchanges, and digital merchants.

KYC and AML laws were enacted in the US almost 20 years ago, and in most other countries, over a decade ago. Since then, there have been enormous shifts in how data is captured, organized and analyzed. Don’t be left behind.

KYC & AML Non-Compliance is Getting Very Expensive

A KYC program generally includes 4 components: 1) customer acceptance, 2) customer identification, 3) monitoring of transactions, and 4) risk management. Fines for non-compliance have reached existential levels (i.e. $8.9 billon for BNP).

Fraud.net’s unified new application service, bringing together proprietary data, 3rd party vendor data and artificial intelligence to make sense of a completed application. You set the policies, and we can help with the rest. Your team can continue to use business rules to manage workflows, but with an ‘augmented intelligence’ assist, you won’t spend as much time on each anomalous application, you will see fewer of them, and you will have more time for bigger issues that only human intelligence can solve.

Unlock Extraordinary Opportunities

Deep in the terabytes of data your organization produces every day, there are hidden, potentially game-changing, insights.

Unifying data and extracting intelligence is now possible using modern technology. Deep dive into your business with more granularity than you thought possible. Innovations will become clearer and strategies will become more obvious.