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How KYC-Chain can help Compliance Service Providers

Compliance service providers offer their clients a range of services and strategies for securely navigating high-risk sectors fraught with regulatory complexities and challenges. By using KYC-Chain’s end-to-end compliance tech stack, our compliance service provider clients can provide their end-clients with both compliance-focused information – as well as the tools to effectively implement a KYC/AML onboarding process.

As the virtual asset space continues to grow and reach ever-wider mainstream adoption, many retail and institutional investors are seeking ways to responsibly access this diverse asset class. 

In response, many compliance service providers have emerged, offering investors a range of compliance services and strategies for securely navigating what can often be a high-risk sector fraught with regulatory risks. 

Compliance service providers typically offer their end clients a broad suite of compliance-related services and solutions. 

These can range from:

  • Expert knowledge on the multi-layered and evolving regulatory requirements for investing in a wide range of asset classes in global markets;
  • Developing robust Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) frameworks that investors can implement when engaging with the virtual asset market;
  • Compliance service providers also work as outsourcing agents for fund managers, carrying out Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) on prospective clients or investment targets.

The Challenges of Manual KYC

While many compliance service providers are made up of skilled and experienced consultants and experts who can develop dynamic and bespoke compliance solutions for their various clients, they also often have a need to develop technical frameworks that can implement their clients’ compliance strategies.

The problem is, many compliance service providers often carry out their KYC/AML tasks on their clients’ prospective clients and investment targets manually

Although they may sometimes employ standalone compliance technology – such as for AML or Sanctions Screening – they usually do not have a full KYC/AML compliance technology stack to carry out more broad and comprehensive checks. 

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The Benefits of Automated KYC

KYC-Chain’s end-to-end onboarding technology is designed to be fully flexible and adaptable to the diverse needs of our clients. Compliance service providers can use our digital onboarding tech stack to create a seamless and transparent onboarding process.

Our full compliance stack can streamline KYC process, allowing clients to carry out unified, automated digital onboarding – as opposed to manually collecting documents via emails, submitted forms and other disjointed, non-uniform data sets. 

This allows our compliance service provider clients to offer their end clients turnkey onboarding solutions that they can implement on their own platforms, ensuring they effectively meet the requirements and challenges of diverse and constantly-evolving global regulations. 

KYC-Chain’s single, integrated platform can be used to effectively manage all compliance needs and to keep consistent records of compliance processes. 

Most compliance service providers have various different clients. Using KYC-Chain’s integrated platform can allow them to manage all of their individual client scopes in one place. Through our platform, compliance providers can view all of their individual clients’ KYC applications within different client modules, allowing for a highly manageable and integrated compliance approach and experience. 

Marker and checker processes are also available. For instance, on the end-client’s side, a junior compliance officer can approve a submitted KYC application, which is then forwarded to the compliance service provider for a final, higher-level approval. This provides added security and reliability that onboarding applications are being properly evaluated and approved.

KYC-Chain’s onboarding platform also provides unparalleled flexibility for our compliance service provider clients. For example, if a compliance provider has a crypto client in the mix of their other traditional financial institution clients, then they can easily switch on the Crypto Wallet Screening tool for the crypto client’s compliance process. 

Compliance service providers often design KYC/AML compliance architecture and risk matrix framing/development for their clients. By using KYC-Chain they can actually implement these procedures and automate risk scoring for consistent, effortless KYC/AML. 

How does it work?

KYC-Chain builds bespoke and highly customizable onboarding tech stacks that can be fully integrated with our clients’ or their end-clients’ APIs. 

This allows compliance service providers to offer their clients a full technical toolkit for carrying out necessary Know Your Customer (KYC) and AML/CTF checks. This is a powerful product offering that can rationally complement a compliance service providers’ conventional offering of legal and regulatory expertise for their end clients. 

In effect, it allows our compliance service provider clients to not only offer their clients the information on how to reach compliance, but the tools to actually implement end-to-end compliance, even if they are working with large volumes of customers. 

KYC-Chain as your compliance partner 

KYC-Chain has extensive domain expertise working with the virtual asset and traditional finance spaces to provide cloud-based solutions that align with our clients’ risk policies and reduce the burden of manual, laborious and inefficient processes.

Our end-to-end onboarding technology provides ultimate transparency and visibility for end-clients to manage onboarding journeys. 

Backed by dynamic and comprehensive global data sources, KYC-Chain’s onboarding solution also offers ongoing/continuous monitoring for corporate and individual customers that have already been onboarded. 

This allows end clients to have a clear view of changes in a counter-party or customer’s risk profile after they have been onboarded, ensuring internal compliance teams are aware of any important updates. 

Are you looking for an end-to-end tech stack and onboarding solution to manage all of your clients’ compliance challenges? Get in touch and we can tell you more about how KYC-Chain can be your solution.