In Partnership with IBM-backed Intelitruth LLC (USA), KYC-AML.com.au™. has announced the deployment of Essential On•Boarding™ 2.0, a streamlined and cost-efficient, Know Your Customer/Anti-Money Laundering (KYC/AML) compliance verification platform for individuals and Small and Midsize Businesses (SMB).
AUSTRAC recently published an amendment to the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act to include Digital Currency Exchange (DCE), providers. And where it is already standard practice for many small and medium-sized enterprises in various Australian business sectors to facilitate to100-point checks against the ultimate beneficial owner (UBO), DCE’s are now also responsible for maintaining similar 100-PointCustomer Due Diligence (CDD) records.
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 recent regulations are a crucial step towards financial transparency, they represent a challenge to individuals and SME/SMB offices. Within the current market of service providers, entities like LexisNexis and Thomson Reuters are very large and successful, but not priced 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 services sector, the ‘legacy’ market of KYC/AML compliance service providers was built and priced for very large enterprise and institutions," explains Peter Malliaras, co-founder of KYC-AML.com.au™. "The internet is growing our markets, but the internet is also presenting new identity management complications for thousands of SMEs and independent professionals."
KYC-AML.com.au™ delivers a professional and cost-cutting alternative to the legacy identity diligence providers. Using face biometric and other "best of industry" technologies, the KYC-AML.com.au™ solution seamlessly delivers white-label branded onboarding solutions that quickly collect all necessary KYC-compliance documents via white label-branded Desktop and native Mobile Apps. and processes these incoming profiles against worldwide AML-compliance sanction and watchlists — including 300,000 licensed articles per day — for possible associations with "negative news" and other risk flags.
Markedly, KYC-AML.com.au™ Essential On•Boarding™ services delivers unlimited profile scans via API and/or a visual Administrative Dashboard for just AUD 0.05 per profile per month. The AML Verification Report (providing an AML-compliance "score" for any person or business) are delivered via a PCI-compliant visual dashboard in real-time, with persistent monthly, weekly or daily scans to efficiently alert administrators to emerging profile risks.
"KYC-AML.com.au™ is a typical ‘REG-TECH’ service with a uniquely disruptive business model –this is why able to deliver for cents where competing legacy providers charge thousands of dollars to simply open an account," said Shea Writer, co-founder and CTO at Intelitruth LLC.
By delivering a fast and easy KYC/AML compliance service that is seamlessly coupled with a PCI-compliant, white label document collection platform, KYC-AML.com.au™ Essential KYC/AML On•Boarding™ hopes to save individuals and SMBs millions of dollars in exorbitant regulation fees, striking a much-needed balance between cost and compliance.
KYC-AML.com.au™ Essential KYC/AML On•Boarding™ is free to register and try.
More information about KYC-AML.com.au and its comprehensive suite of remote identity onboarding products can be found at https://KYC-AML.com.au
About KYC-AML.com.au:
With its main office in Melbourne, VIC, Australia,KYC-AML.com.au™operates in partnership with Intelitruth LLC (USA). Focused on cost-efficient, automated services, premium KYC/AML consulting is available from certified ACAMS staff in dedicated service of the Australia and New Zealand business communities.
EMAIL (Australia): [email protected]
TEL (Australia): +61 2 8011 4406
About Intelitruth LLC:
Headquartered in Las Vegas, Nevada, USA, Intelitruth LLC is 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.
EMAIL (USA): [email protected]
TEL (USA): +1 8774206354
Intelitruth’s Essential On•Boarding™ has been proven to improve new customer registration conversions by more than 300% and reduce the cost of KYC/AML compliance by orders of magnitude compared to legacy solutions.
With innovative technologies focused on remote identity authentication, remote identity verification, and remote data management, Intelitruth’s mission is to improve everyday lives by transforming anonymous disparity into trusted relationships.
HOMEPAGE URL: https://www.KYC-AML.com.au
REGISTRATION URL: https://register.KYC-AML.com.au