Intelitruth LLC has announced the release ofAML•VerifyMe!™, a free Know Your Customer/Anti-Money Laundering(KYC/AML) compliance verification report for individuals and Small and Midsize Businesses (SMB).
On May 11, 2018, the United States Financial Crimes Enforcement Network (FinCEN) implemented the Customer Due Diligence (CDD) rule, which requires every ultimate beneficial owner (UBO) of a United States business to maintain AML certification.
Further, the CDD Rule has four core mandates, which are as follows:
- identify and verify the identity of customers;
- identify and verify the identity of the beneficial owners of companies opening accounts;
- understand the nature and purpose of customer relationships to develop customer risk profiles; and
- conduct ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information.
While these new regulations are a crucial step towards financial transparency, they represent a challenge to individuals and SMBs. Within the current market of service providers, entities like Thomson Reuters —the "gold standard" of AML/KYC services— are very large and quite successful, but not sufficiently nimble to accommodate most new markets for Know Your Customer/Anti-Money Laundering diligence, scoring and reporting.
"From my own experience as an entrepreneur in the financial service space, the ‘legacy’ market of KYC/AML compliance service providers was built to service enterprise and institutions," explainedPouyaMoghavem, co-founder and COO of Intelitruth. "The internet has created a global marketplace of millions of SMBs and independent professionals that currently have no way to responsibly maintain KYC/AMLcompliance."
This is where AML•VerifyMe!™ steps in. Using face biometric and other best of industry technologies, Intelitruth’s app (also available via Desktop) quickly collects all necessary KYC-compliance documents and processes these incoming profiles against all essential worldwide AML-compliance databases for possible risk flags.
Most markedly, the service is free. The AML Verification Report (providing an AML-compliance "score" for any person or business) are emailed back to the user in under 10 minutes, and updated reports are delivered via email every 90 days at no additional cost to the user.
"AML•VerifyMe!™ is a typical ‘REG-TECH’ service—this is why it’s able to deliver for free where competing legacy providers charge thousands of dollars to simply open an account," said Shea Writer, co-founder, and CTO.
By delivering a free, fast and easy KYC/AMLcompliance service, AML•VerifyMe!™ hopes to save individuals and SMBs billions of dollars in exorbitant regulations fees, striking a much-needed balance between cost and compliance.
The AML•VerifyMe!™ App is free and available online as a desktop app, and for mobile devices in the Amazon App Store, Google Play Store, and Apple iTunes App store.
More information about Intelitruth and its products can be found at , and all questions and media queries can be directed to +1 213 210 2515 and [email protected].
About Intelitruth LLC:
Headquartered in Las Vegas, Nevada, USA, Intelitruth LLC are an AI-driven REGTECH company specializing in Know Your Customer (KYC) and Anti-Money Laundering (AML) solutions for financial services, human resources, healthcare, and several other industries and government agencies.
With innovative technologies focused on remote identity authentication, remote identity verification, and remote data management, Intelitruth’s mission is toimprove everyday lives by transforming anonymous disparity into trusted relationships.